Dallas-based Tenet Healthcare made more than $1 billion in proceeds from the divestiture of hospitals and other facilities in roughly one year.
In 2017, Tenet announced plans to sell eight U.S. hospitals and nine facilities in the United Kingdom. The company completed the divestiture plan in 2018, according to a recent Securities and Exchange Commission filing.
In addition, Tenet completed the sale of three hospitals in the Chicago area in January.
The sale of the 20 hospitals and other facilities generated proceeds of more than $1 billion, including cash and the elimination of capital lease debt, Ronald A. Rittenmeyer, executive chairman and CEO of Tenet, said on an earnings call Feb. 26.
In the SEC filing, Tenet said it plans to continue to refine its hospital portfolio. However, the company is focused on expanding its ambulatory care segment. In 2018, Tenet opened eight new outpatient centers and acquired 10 outpatient businesses, including two surgical hospitals.
Tenet ended 2018 with net income of $108 million on revenues of $18.3 billion. The company posted a net loss of $704 million on revenues of $19.2 billion in 2017.
More articles on healthcare finance:
Vanderbilt University Medical Center's operating income more than doubles
Nurses go months without pay after staffing company loses Medicare funding
10 hospitals seeking CFOs