Tenet reported $230 million in net losses last year, and has embarked on a journey to refocus the company and "reinvigorate growth," according to CEO Ronald Rittenmeyer.
"We are continuing to develop a network to be where the patient is and to provide access to the right level of care with the right level of resources at the right time," said Mr. Rittenmeyer in the company's fourth quarter earnings call, as reported by Seeking Alpha. "Beyond our access points, we are very focused on attracting and retaining an appropriate number of quality physicians in the specialties required to support our service lines."
While the company sustained losses in the hospital arena, the ambulatory segment of United Surgical Partners International reported 14 percent net operating revenue growth last year, hitting $545 million. USPI's same-facility systemwide revenue grew 6.9 percent in the quarter while same-facility cases increased 4.6 percent.
"The performance of USPI continues to exceed our expectations and I was very pleased particularly with the strong results in imaging and urgent care visits," Mr. Rittenmeyer said. "In addition, opportunities are ripe on the development side thanks to the hard work of the USPI team, and we completed five new health system joint ventures last year."
The company also entered into a partnership with New York City-based Hospital for Special Surgery to build an orthopedic facility in West Palm Beach, Fla. "Looking ahead, we have a robust pipeline and are in discussions with multiple health systems about additional opportunities in 2018 and beyond."
According to Forbes, Tenet is also looking to partner with community health systems on outpatient care. The company also hopes to build a more competitive outpatient care franchise, with outpatient surgery centers and urgent care being an opportunity in the coming years.