Tenet reports $197M loss in Q3

Dallas-based Tenet Healthcare saw its income decline in the third quarter of this year, however its bottom line narrowed year over year..

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After considering business expenses, Tenet reported operating earnings of $271 million in the third quarter of this year, below $302 million a year earlier..

” The 3rd quarter of 2020 was in lots of ways more difficult than the 2nd, with COVID positive inpatient census surging by approximately 64 percent in our markets in late July and August,” Tenet Executive Chair and CEO Ronald A. Rittenmeyer stated in an incomes release. “Our operators executed incredibly throughout our whole system, ensuring they took care of the surge in COVID patients and continued the safe return of non-COVID patient volumes more detailed to stabilized levels.”.

Tenet said it has actually received federal grants and loans to assist balance out financial strain connected to the COVID-19 pandemic. The company has actually gotten about $1.5 billion in Medicare advance payments, which should be paid back beginning one year after they were released. Tenet also received about $890 million in federal grants, $453 million of which it recognized in the very first 3 quarters of this year..

The for-profit medical facility operator ended the third quarter of 2020 with revenues of $4.56 billion, down somewhat from $4.57 billion in the exact same duration a year previously. Net operating profits for Tenets healthcare facility section were $3.8 billion in the 3rd quarter of this year, down 1.2 percent from the exact same quarter of 2019. The business has actually gotten about $1.5 billion in Medicare advance payments, which must be repaid beginning one year after they were provided.

Since Oct. 19, Tenet had about $3.3 billion of cash on hand and no loanings under its $1.9 billion line-of-credit center..

The for-profit medical facility operator ended the 3rd quarter of 2020 with earnings of $4.56 billion, down a little from $4.57 billion in the exact same period a year earlier. Net operating profits for Tenets medical facility segment were $3.8 billion in the third quarter of this year, down 1.2 percent from the same quarter of 2019. The business attributed the decrease to lower patient volumes as an outcome of COVID-19. The company stated net client service profits per adjusted admission was up 17 percent year over year..

The business ended the 3rd quarter with a net loss attributable to investors of $197 million, compared to the $227 million loss it tape-recorded in the same duration a year earlier..

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