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Tuesday, November 03, 2009
Tenet Healthcare Reports 3Q Loss
FOXBusiness
Tenet Healthcare (THC) reported a third quarter loss due to paying down debt and absorbing bad debts owed to its hospitals. On the bright side, the hospital operator adjusted its 2009 profit prediction by $25 million to the positive, for a total of $925 million to $975 million.
Revenue increased by 5.7% to $2.26 billion, and was up by 5.2% on a same-hospital basis. Meanwhile, commercial managed-care revenue grew 4.2%. Admissions increased by 0.1%, while commercial managed care admissions dropped 4.5%.
In total, Tenet reported an operating loss of $3 million, or 1 cent per share, compared with profit from the previous year of $104 million, or 22 cents per share.
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