Dallas-based Tenet Healthcare reported net losses of $366 million in its preliminary third quarter fiscal year 2017 results.
Here's what you should know:
1. The net losses are approximately $3.63 per diluted share. Tenet anticipates reporting an adjusted net loss of $17 million or $0.17 per diluted s hare.
2. Concerning ambulatory operations, revenues increased 0.9 percent, year-over-year.
3. Tenet's ambulatory caseload decreased 2.4 percent, while revenue per case increased 3.4 percent year-over-year. Hurricanes Harvey and Irma lowered case growth by 210 basis points, according to the report. With the hurricanes excluded, same-facility system-wide cases decreased 0.3 percent.
4. To lower costs, Tenet is renegotiating its supplier and vendor contracts and eliminating 1,300 positions in the company. Tenet expects to eliminate positions across its hospital, ambulatory and conifer business segments.
4. Tenet's Executive Chairman and CEO Ronald Rittenmeyer said in a release, "We are moving quickly and decisively to improve financial results and returns for our shareholders. The cost reduction program we announced today includes a number of structural changes in the way we operate, all intended to reinforce accountability, improve agility and speed decision making. We believe these changes will help us drive organic growth, expand margins and better support our hospitals and other facilities in delivering higher levels of quality and patient satisfaction.”