Tenet sells off health plan

Dallas-based Tenet Healthcare has sold Golden State Medicare Health Plan to a holding company affiliated with Connected Care Group in California.

Golden State, an HMO Medicare Advantage plan, has approximately 9,800 members across six counties in California.

Tenet began exploring the sale of the health plan several months ago, and the transaction closed within the timeline provided by Tenet Executive Chairman and CEO Ronald A. Rittenmeyer during the company's third-quarter earnings call in November.

Tenet ended the third quarter of 2018 with a net loss of $9 million on revenues of $4.49 billion. That was an improvement from the third quarter of 2017, when the company reported a net loss of $367 million on revenues of $4.59 billion.

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