Dallas-based Tenet Healthcare reported a first-quarter loss of $88 million, compared with a $58 million net profit in the first quarter of 2012, due mostly to lagging patient admissions.
Same-hospital admissions, adjusted admissions and net inpatient revenue per admission were all down in the first three months of 2013 — 4 percent, 2.5 percent and 0.4 percent, respectively. Saving graces for Tenet were total surgeries and outpatient business, both of which were up. Tenet's total surgeries increased 8.8 percent in the first quarter of this year compared with the same period in 2012, while outpatient visits climbed 2.2 percent.
Overall, Tenet's net revenue climbed 3.7 percent, from $2.30 billion in the first quarter of 2012 to $2.39 billion this year. Adjusted EBITDA decreased $36 million from last year to $274 million.
Tenet's first-quarter financials, like other for-profit hospital companies such as Brentwood, Tenn.-based LifePoint Hospitals, were impacted by a big nonrecurring line item — last year's "rural floor settlement" with HHS and CMS, in which Tenet received $84 million due to underpayments from Medicare's inpatient prospective payment system.
Despite the poor quarter, Tenet officials confirmed its outlook of $1.33 billion to $1.43 billion for adjusted EBITDA.
Same-hospital admissions, adjusted admissions and net inpatient revenue per admission were all down in the first three months of 2013 — 4 percent, 2.5 percent and 0.4 percent, respectively. Saving graces for Tenet were total surgeries and outpatient business, both of which were up. Tenet's total surgeries increased 8.8 percent in the first quarter of this year compared with the same period in 2012, while outpatient visits climbed 2.2 percent.Overall, Tenet's net revenue climbed 3.7 percent, from $2.30 billion in the first quarter of 2012 to $2.39 billion this year. Adjusted EBITDA decreased $36 million from last year to $274 million.
Tenet's first-quarter financials, like other for-profit hospital companies such as Brentwood, Tenn.-based LifePoint Hospitals, were impacted by a big nonrecurring line item — last year's "rural floor settlement" with HHS and CMS, in which Tenet received $84 million due to underpayments from Medicare's inpatient prospective payment system.
Despite the poor quarter, Tenet officials confirmed its outlook of $1.33 billion to $1.43 billion for adjusted EBITDA.
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