In February, Tenet finalized the sale of three hospitals in South Carolina — Coastal Carolina Hospital in Hardeeville, Hilton Head Hospital in Hilton Head Island and East Cooper Medical Center in Mount Pleasant — to Winston-Salem, N.C.-based Novant Health for $2.4 billion.
Following the transaction, Tenet’s Pacific Coast Network entered into a definitive agreement with Orange, Calif.-based UCI Health.
The agreement brings Tenet Health Pacific Coast’s Fountain Valley Regional Hospital, Lakewood Regional Medical Center, Los Alamos Medical Center and Placentia-Linda Hospital and associated surgery centers and outpatient locations into the UCI Health network.
This includes four hospitals and three ASCs, with the transaction expected to be finalized in the spring.
Now, the company’s stock is seeing momentum due to the sell-offs, according to a Feb. 4 report from Seeking Alpha.
In 2023, Tenet posted a 1.6% decline in full-year sales to $19.2 billion. These new deals will bring billions of dollars in sales to the company, with Tenet now predicting its 2023 financial results will top the previous outlook provided.
In response to the sell-offs, Tenet’s stocks have been on the rise, increasing around $6 per share, according to the report.
As Tenet shrinks its number of facilities, it could continue to see a growth in its financial standing headed into 2024.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.