Tenet Healthcare 1st Quarter Income Drops by 51% Compared to Same Quarter in 2009
Posted May 04 2010 10:31pm
The one eye catching issue here is that admissions are down and the link below from February of this year somewhat tells the story as a light flu season, combined with people that can’t afford healthcare today with uninsured leading the way to more debt.
Also from last year a new contract with United Healthcare was on the mark and those don’t seem to be rising these days. As the quarter ended up, admissions went from being down from 5% in February to over 7%.
If you work for a Tenet facility not already setup with medical records, it looks like Cerner is coming to town soon and I am guessing the MED3000 business intelligence software will be working it’s way through the system to fine tune and analyze how to operate better at each facility.
Also of note, Tenet has sold quite a few hospitals in the last couple of years, several here in southern California. BD
Shares of Tenet Healthcare Corp . tumbled Tuesday after the hospital operator said its first-quarter net income dropped 51 percent compared to last year.
The Dallas company said it earned $88 million, or 17 cents per share, in the three months that ended March 31. That compares to a profit of $178 million, or 37 cents per share, in the first quarter of 2009, when Tenet recorded a $134 million gain from the early extinguishment of some debt.
Without that gain, Tenet had a profit of $44 million, or 9 cents per share, in the first quarter of 2009