Tenet Health reports lower $410M profit in 2022, predicts higher revenues in 2023

Dallas-based Tenet Health reported net income of $102 million for the fourth quarter of 2022 and $410 million for the year.

Those figures compare with $250 million and $915 million net income in 2021 for the quarter and full year, respectively.

The fourth quarter 2022 included $100 million less in COVID-19-related stimulus grants compared to the same period in 2021, but it also included acquisition-related costs of $129 million versus $30 million equivalent costs in 2021.

"We closed the year with a strong fourth quarter and demonstrated operating discipline in a dynamic environment while providing patient-centered high quality care," CEO Saum Sutaria, MD, said in a statement. "Our momentum going into 2023 positions us for continued growth as we remain focused on expanding our industry-leading ambulatory business and investing in technology, innovation, and talent." 

In its hospital sector, Tenet reported net operating revenue of $3.8 billion for the fourth quarter and $15 billion for the year. Net operating revenue for its ambulatory business, United Surgical Partners International, totaled $933 million for the quarter and $3.2 billion for the year, both up significantly from 2021 figures.

The system's revenue cycle management business, Conifer, saw net operating revenues of $326 million for the fourth quarter and $1.3 billion for the year.

Tenet, which reported no outstanding borrowings on its $1.5 billion line of credit as of December 31, 2022, is predicting net operating revenues of between $19.7 billion and $20.1 billion for full year 2023. That compares with 2022 revenues of $19.2 billion.

Tenet operates 61 acute care hospitals and 465 ambulatory surgery centers as well as the Conifer business and approximately 100 other outpatient facilities.

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