Dallas-based Tenet Healthcare saw its revenue and net income increase year over year in the first quarter of this year.
The for-profit hospital operator ended the first quarter of 2021 with revenue of $4.78 billion, up from $4.52 billion in the same period a year earlier. Net operating revenue for Tenet's hospital segment was $3.9 billion in the first quarter of this year, up from $3.8 billion in the same quarter of 2020. The company said net patient service revenue per adjusted admission was up 19.3 percent year over year on a same-hospital basis.
"The increase in revenues was primarily due to higher patient acuity and commercial payer mix, which more than offset lower patient volumes as a result of COVID," Tenet said.
After factoring in expenses, Tenet reported operating income of $520 million in the first quarter of this year, up from $327 million a year earlier.
"The results in Q1 were driven by our continued strong business fundamentals throughout the company," Tenet Executive Chair and CEO Ronald A. Rittenmeyer said in an earnings release. He said the company delivered adjusted EBITDA of $740 million, excluding grant income received related to the Coronavirus Aid, Relief and Economic Security Act, which was above the midpoint for the company's outlook.
The company ended the first quarter with net income of $97 million, compared to the net income of $94 million it recorded in the same period a year earlier.