A sharp rise in outpatient surgeries and several cost containment measures helped Dallas-based Tenet Healthcare (pdf) record a profit of $40 million in the third quarter of 2012 — more than six times its $6 million profit from the third quarter of 2011.
In the third quarter, Tenet's outpatient surgeries grew 6.3 percent, while total emergency department visits rose 4.9 percent. Adjusted admissions increased 1.4 percent. As a result, Tenet's net operating revenue in the third quarter of 2012 increased 5.8 percent from the third quarter of last year, totaling $2.22 billion.
Tenet President and CEO Trevor Fetter also said Tenet's cost control in the third quarter "was excellent," as its business services division, Conifer Health Solutions, contributed almost $24 million to Tenet's adjusted EBITDA. Tenet also received $13 million in electronic health record incentives from the government in the third quarter.
For the nine months ended Sept. 30, Tenet's profit was still down 31.3 percent, from $134 million last year to $92 million this year. In the second quarter, Tenet posted a $6 million loss due to impairment and restructuring charges associated with the sale of Creighton University Medical Center in Omaha, Neb.
In the first nine months of 2012, Tenet also recorded $6.79 billion in net operating revenue, a 4.7 percent increase from $6.48 billion in the first nine months of 2011. Tenet's adjusted EBITDA through the first nine months was $867 million, while cash and cash equivalents at the end of the nine-month period stood at $185 million.
In the third quarter, Tenet's outpatient surgeries grew 6.3 percent, while total emergency department visits rose 4.9 percent. Adjusted admissions increased 1.4 percent. As a result, Tenet's net operating revenue in the third quarter of 2012 increased 5.8 percent from the third quarter of last year, totaling $2.22 billion.Tenet President and CEO Trevor Fetter also said Tenet's cost control in the third quarter "was excellent," as its business services division, Conifer Health Solutions, contributed almost $24 million to Tenet's adjusted EBITDA. Tenet also received $13 million in electronic health record incentives from the government in the third quarter.
For the nine months ended Sept. 30, Tenet's profit was still down 31.3 percent, from $134 million last year to $92 million this year. In the second quarter, Tenet posted a $6 million loss due to impairment and restructuring charges associated with the sale of Creighton University Medical Center in Omaha, Neb.
In the first nine months of 2012, Tenet also recorded $6.79 billion in net operating revenue, a 4.7 percent increase from $6.48 billion in the first nine months of 2011. Tenet's adjusted EBITDA through the first nine months was $867 million, while cash and cash equivalents at the end of the nine-month period stood at $185 million.
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