Tenet posts $120M profit in Q2

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Dallas-based Tenet Healthcare saw its revenue and net income increase year over year in the second quarter of this year. 

The for-profit hospital operator ended the second quarter of 2021 with revenue of $4.95 billion, up from $3.65 billion in the same period a year earlier. Tenet attributed the increase to several factors, including higher patient volumes. Same-hospital adjusted admissions were up 23.9 percent year over year in the second quarter. 

After factoring in expenses, Tenet reported net income of $120 million in the second quarter of this year, up from $88 million in the same period of 2020. 

"Our second quarter results continue to reflect our long-term strategy and transformation progress, resulting in our ability to adapt and perform on a consistent and sustainable trajectory," Tenet Executive Chair and CEO Ron Rittenmeyer said in an earnings release

Mr. Rittenmeyer said the company took steps to evolve its operating model in the second quarter by selling its urgent care business for $80 million and agreeing to sell five Florida hospitals to Dallas-based Steward Health Care. The deal with Steward is expected to close in the third quarter of this year. 

Revenue for Conifer, Tenet's revenue cycle management business, grew 4.6 percent year over year in the second quarter. Tenet said it is working on spinning off the Conifer segment.

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