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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