Despite working to refine its portfolio, Dallas-based Tenet Healthcare ended the second quarter of 2017 with a net loss.
Tenet recorded revenues of $4.80 billion in the second quarter of this year, a 1.4 percent decrease year-over-year. The company's hospital segment saw a 0.1 percent dip in revenue, which was attributable to a 1.4 percent decrease in adjusted admissions and the company not being able to record revenue under the California Provider Fee Program. Its ambulatory segment generated revenues of $472 million, a 6.8 percent increase year-over-year.
The company ended the second quarter with a net loss of $56 million, compared to a net loss of $44 million in the same period of the year prior.
"While we experienced a softer volume environment in the second quarter, our teams responded well with solid performance on cost control, which mitigated the impact on our results," said Trevor Fetter, chairman and CEO of Tenet.
Mr. Fetter said Tenet is continuing to invest in targeted service lines and is close to completing construction projects that will strengthen the company's position in four strategic hospital markets. He also highlighted the progress Tenet has made in refining its portfolio, including the sale of its Houston-based hospitals and their related assets to Nashville, Tenn.-based HCA Healthcare. Tenet redeployed the capital from that transaction to up its ownership position in United Surgical Partners International.
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