Shares of Dallas-based Tenet Healthcare closed July 24 at $20.13, up 14.6 percent from the day prior.
The for-profit hospital operator's shares climbed after Tenet announced plans to spin off its revenue cycle management subsidiary, Conifer Health Solutions, by the end of the second quarter of 2021, according to nasdaq.com.
The decision came after Tenet began a strategic review nearly two years ago to evaluate options for Conifer, including a sale, merger or tax-efficient spinoff.
Conifer, which provides outsourced revenue cycle services, manages more than 17 million unique patient interactions and about $25 billion in net patient revenue each year.
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