Dallas-based Tenet Healthcare will work to strengthen its hospital portfolio and expand its ambulatory network this year after ending 2016 with a net loss.
Tenet recorded operating revenues of $4.9 billion in the fourth quarter of 2016, down 3.3 percent from revenues of $5 billion in the same period of the year prior. The company's net loss narrowed from $97 million in the fourth quarter of 2015 to $79 million in the fourth quarter of last year.
"Demand for higher acuity services in our hospitals drove growth in same-hospital patient revenue and revenue per adjusted admission in the fourth quarter," said Tenet Chairman and CEO Trevor Fetter.
Looking at full-year 2016 results, Tenet reported operating revenues of $19.6 billion, up 5.3 percent from revenues of $18.6 billion in 2015. The financial boost was largely attributable to an increase in net patient service revenue.
After factoring in investment income as well as operating, interest and income tax expenses, Tenet ended 2016 with a net loss of $192 million, compared with a net loss of $140 million in 2015.
After missing earnings expectations, Tenet shares fell 10 percent in late trading Monday.
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