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Profit up, EBITDA down due to the weather from Tenet Healthcare COVID-19

 


Tenet Healthcare Corp. succeeded in boost profits in the first quarter of 2020 despite the COVID-19 pandemic cutting volumes towards the end of the quarter.

Dallas-based Tenet reported net earnings of $ 94 million in the first quarter of the current year, compared to a net loss of $ 20 million in 2019. Revenues have declined 0.6% over the quarter to $ 4.5 billion. This included a 0.7% drop in the largest segment of Tenet, its hospital business, a 2.1% increase in its outpatient segment and a 4.9% drop in revenues from its revenue cycle subsidiary, Conifer Health Solutions.

Tenet investor-adjusted earnings before interest, taxes, depreciation and amortization were $ 585 million, down 6% from the same period last year.

Tenet hospital admissions fell 15.2% in March after the company stopped performing elective surgeries in the middle of the month to preserve the capacity of COVID-19 patients. Admissions decreased 4.5% during the quarter and hospital surgeries decreased 6.9%.

“Our first quarter represents results that exceeded our expectations in early March, then, in a virtual snap, hit a wall created by the COVID-19 pandemic and the rapid cessation of elective surgeries and normal traffic of patients, “Tenet CEO Ron Rittenmeyer said in a statement.

Tenet said in a statement that its 65 hospitals were not overwhelmed by COVID-19 patients. As of May 1, Tenet was treating 771 COVID-19 patients across the system. He was investigating 308 other patients for coronavirus.

Tenet has taken a number of measures to mitigate the impact of the drop in volumes and increase liquidity during the pandemic. Rittenmeyer said the company is now focusing on recovery and has started to resume certain elective procedures in accordance with national and local ordinances.



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