As Tenet Healthcare reported its third-quarter earnings on Tuesday, CEO Ronald A. Rittenmeyer mentioned it formed as much as be “in some ways tougher than the second, with COVID optimistic inpatient census surging by roughly 64% in our markets in late July and August.”
The Dallas-based well being system large reported working revenues had been $3.eight billion within the third quarter which ended Sept. 30, down 1.2% from the identical quarter in 2019. The drop was attributed to decrease affected person volumes because of COVID, which was considerably offset by larger affected person acuity and negotiated charge will increase.
Nonetheless, Tenet reported it narrowed its internet loss from persevering with operations attributable to frequent shareholders to $197 million from losses of $227 million in the identical quarter of 2019.
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“Our operators executed exceptionally all through our total system, making certain they cared for the surge in COVID sufferers and continued the protected return of non-COVID affected person volumes nearer to normalized ranges,” Rittenmeyer mentioned in a press release.
As of October 19, Tenet had about $3.Three billion of money readily available and no borrowings below its $1.9 billion line-of-credit facility, officers mentioned in a press release.
The corporate has obtained about $1.5 billion of Medicare advance funds from the Facilities for Medicare and Medicaid Companies (CMS) up to now. Tenet additionally obtained about $890 million of grant help from federal stimulus reduction funds and acknowledged roughly $453 million of grant help as revenue within the third quarter with grants obtained being evaluated primarily based on just lately up to date steering from the Division of Well being and Human Companies.
“With the issuance of revised steering on grant revenue from HHS late within the quarter, we, together with different suppliers, are dealing with new challenges by way of federal help,” Rittnemeyer mentioned. “We imagine our hospitals’ concentrate on additions of strategic service strains, coupled with continued optimistic development and effectivity at USPI and Conifer, has positioned us effectively this quarter and gives the premise for continued stable efficiency going ahead.”
Tenet will maintain a name with traders on Wednesday at 10 a.m. by way of webcast.