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Tenet gets $84M Medicare settlement

Houston Chronicle, April 13, 2012

Hospital operator Tenet Healthcare Corp. said Thursday that it will receive $84 million as part of an industry-wide Medicare settlement with the federal government. Dallas-based Tenet said the settlement, which it expects to receive by the end of June, will boost its earnings from continuing operations by $77 million. The settlement corrects Medicare-related underpayments over a number of prior years, the company said. Tenet said it expected some kind of favorable settlement when it raised its 2012 adjusted earnings before interest, taxes, depreciation and amortization guidance in February, but at that time only projected a boost of between $25 million and $50 million.