Tenet CEO: COVID surge made Q3 harder than Q2

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, Tenet CEO: COVID surge made Q3 harder than Q2

Tenet Healthcare Corp.’s CEO mentioned Tuesday the third quarter was in some ways tougher than the second, with COVID-19 sufferers surging about 64% throughout its hospitals in late July and August.

A few of Dallas-based Tenet’s quantity metrics ticked again down in September after making robust recoveries earlier in the summertime. Admissions, for instance, have been 90% of prior-year ranges in July. By September, that had declined to 88%.

“Our operators executed exceptionally all through our whole system, making certain they cared for the surge in COVID sufferers and continued the secure return of non-COVID affected person volumes nearer to normalized ranges,” Tenet CEO Ron Rittenmeyer mentioned in an announcement accompanying the corporate’s third quarter outcomes.

Tenet reported a web loss from persevering with operations attributable to shareholders of $197 million within the third quarter of 2020, down from a $227 million web loss within the prior-year interval.

For-profit Tenet’s $four.6 billion in web working income within the quarter was successfully flat year-over-year. Bills declined by slightly below 1% year-over-year to $four.three billion within the recently-ended quarter.

Tenet’s adjusted earnings earlier than curiosity, taxes, depreciation and amortization was $551 million within the third quarter of 2020, down from $639 million within the prior-year interval.

Tenet mentioned it has acknowledged $453 million of its $890 million in COVID-19 aid grants from the federal authorities by means of the third quarter year-to-date.

Via October, Tenet mentioned it had acquired about $1.5 billion in accelerated Medicare funds, cash the corporate might want to repay in levels starting one 12 months from when it was acquired.

Tenet’s hospitals had seen important quantity over the summer time, with slight declines in some areas as COVID instances resurged in some areas. Outpatient visits have been 86% of their prior-year ranges in July, however all the way down to 83% in September. Emergency division visits, which have been the slowest to return for hospitals, have been 80% recovered in July, however all the way down to 74% in September.

Surgical instances throughout Tenet’s United Surgical Companions Worldwide have been again to 96% of their prior-year ranges in September.

Like HCA, Tenet’s web income per adjusted admission was up considerably within the third quarter to 17% on a same-hospital foundation. That is in contrast with HCA’s 15%.


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