Tenet Healthcare reports $143M Q1 net income

Dallas-based Tenet Healthcare reported $143 million in net income for the first quarter of 2023 on revenue of $5 billion.

That figure compared with net income of $139 million on $4.7 billion of revenue in the same period last year. Net income was $102 million for the fourth quarter of 2022.

United Surgical Partners International, Tenet's ambulatory services arm, reported revenue of $905 million for the first quarter. The system's revenue cycle management business, Conifer, had revenues of $324 million.

Overall salaries, wages and benefits were up 3.5 percent in the quarter, compared to 2022, to total almost $2.3 billion, or 45 percent of revenues.

The health system slightly upped its net operating revenue forecast to between $19.8 billion and $20.2 billion for full-year 2023, compared with 2022 revenues of $19.2 billion.

Tenet Healthcare, which operates 61 acute care hospitals and 465 ambulatory surgery centers, as well as the Conifer business, had its default rating affirmed at "B+" March 27, according to Fitch.

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