HCA Posts Strong, Tenet 'Solid' 3Q Earnings
Also this week, Dallas-based Tenet Healthcare Corp . [PDF] reported an 8.4% increase in net operating revenues for the third quarter 2013, fueled in part by a 3.5% increase in outpatient visits, and a 3.1% growth in emergency department visits, that helped offset a 0.5% decrease in admissions.
Total net patient revenue per adjusted admission was $11,928, an increase of 3%. Tenet reported adjusted EBITDA of $288 million, an increase of $19 million, or 7.1%, as compared to $269 million in 3Q 2012.
"We achieved another solid earnings increase in the third quarter as we continued to control costs and drive significant revenue growth," Tenet CEO/President Trevor Fetter said in prepared remarks. "We delivered strong growth in outpatient visits, emergency department volumes, and total surgeries in the quarter, all of which are areas of strategic focus."
Fetter noted that Tenet's Conifer Health Services consultant arm reported a 50% increase in EBITDA compared to 3Q 2012. Conifer recorded revenues of $225 million, an increase of 84%.
"On Oct. 1 we completed our acquisition of Vanguard Health Systems, which further strengthens our competitive position for future growth. The integration of Vanguard's operations is proceeding smoothly and we are excited about the additional strengths this acquisition brings to our Company," Fetter said.
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