The lower profit figures come as Tenet recorded higher continuing-hospital statistics in several categories — a 2.1 percent increase in net inpatient revenue per patient day, 2.8 percent increase in adjusted admissions, 6.6 percent increase in total surgeries, 4.1 percent increase in outpatient visits and 5.2 percent jump in emergency department visits.
“It is especially encouraging that much of our volume growth is concentrated in the service lines we targeted for growth, including orthopedic and spinal surgeries, major trauma and gastrointestinal disorders,” Tenet President and CEO Trevor Fetter said.
Tenet’s net operating revenue in the quarter ended March 31, 2012, rose 2.2 percent to $2.35 billion compared with $2.3 billion in the first quarter of 2011. Bad debt increased 6 percent to a total of $193 million.
Tenet’s adjusted EBITDA in the first quarter of 2012 was $314 million and factored in the $77 million of continuing operations revenue it received from the industry-wide settlement with HHS and CMS.
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