Here are nine updates on Dallas-based Tenet Healthcare's finances, executive pay and cost-cutting measures reported by Becker's Hospital Review since April 1.
1. Tenet sees patient volume returning, has $2.7B cash on hand
In the first week of June, Tenet said patient admissions have recovered to 90 percent of pre-pandemic levels, hospital surgeries have recovered to 95 percent of pre-pandemic levels and USPI surgical cases have rebounded to 85 percent of pre-pandemic levels.
2. More than $2.1B in bailout funds go to CHS, Tenet, HCA and UHS
Four major for-profit hospitals operators received more than $2.1 billion from the $175 billion in emergency relief funds Congress allocated to hospitals and other healthcare providers to help cover lost revenue and expenses tied to the COVID-19 pandemic. Tenet Healthcare, a 65-hospital chain, has received about $689 million in federal grants to help offset financial losses caused by the pandemic. The company told The New York Times in May that the pandemic has suppressed its net income. In a June 16 presentation, Tenet said patient volumes are beginning to recover, but they're not yet at pre-pandemic levels.
3. DMC Sinai-Grace nurses sue Tenet, allege retaliatory firings
Four nurses and former employees of DMC Sinai-Grace Hospital in Detroit are suing their former employer and its parent company Tenet Healthcare, alleging they were terminated after speaking out about inadequate staffing and patient care during the COVID-19 patient surge.
4. Tenet Florida Physician Services names new CEO
Tenet Florida Physician Services, a Boca Raton-based multispecialty physician group, named Michael S. Davis CEO.
5. Tenet to issue $600M in new notes
Tenet Healthcare announced June 2 that it will offer $600 million of senior secured first lien notes due in 2028. The company issued the notes June 16.
6. Tenet swings to profit in Q1 despite hit from COVID-19
Tenet Healthcare said its 2020 first-quarter growth "hit a wall created by the COVID-19 pandemic," yet it managed to make a profit, according to its earnings report.
7. Tenet CEO's pay grew nearly $10M in 2019, mostly thanks to stocks
Ronald Rittenmeyer, the executive chairman and CEO of Tenet Healthcare, saw his compensation increase more than 62 percent in 2019, boosted mainly by year-over-year growth in stock awards, according to filings with the Securities and Exchange Commission.
8. Tenet furloughs 10% of staff; CEO donates to employee fund
Citing a decline in elective surgeries and other nonemergent procedures due to the COVID-19 pandemic, Tenet Healthcare furloughed about 10 percent of its workforce of more than 113,000.
9. Tenet completes $700M debt offering
Tenet Healthcare completed its $700 million debt offering April 7, according to a Securities and Exchange Commission filing.