Like Franklin, Tenn.-based Community Health Systems, Tenet profit took a hit due to the early extinguishment of debt. Last year, Tenet paid off some debt early in order to extend other debt maturities and reduce future interest costs. Overall, those measures cost the for-profit operator $117 million on its balance sheet for the fourth quarter.
Overall in the fourth quarter, Tenet’s revenue increased 5.4 percent, from $2.1 billion in 2010 to $2.2 billion in 2011.
For the year ended Dec. 31, 2011, Tenet made a profit of $58 million, a 95 percent drop from the $1.1 billion in profit from 2010. However, revenue rose 4.6 percent on the year, from $8.47 billion to $8.85 billion. Tenet’s adjusted EBITDA for 2011 stands at $294 million, far lower than 2010’s adjusted EBITDA of $1.05 billion.
Tenet also released continuing hospital statistics for the fourth quarter and year ended Dec. 31, 2011. In the fourth quarter, adjusted patient admissions rose 1.3 percent, net inpatient revenue per admission increased 3.7 percent to a total of $12,064, and surgeries jumped 3.2 percent. For the entire 2011 fiscal year, adjusted patient admissions rose 1.7 percent, net inpatient revenue per admission increased 3.4 percent to a total of $11,951, and surgeries ticked up 2.1 percent.
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