Tenet Healthcare, based in Dallas, reported net income of $1 billion available to common shareholders for the third quarter, compared with $342 million a year earlier, according to its October 29 earnings release. The company said net operating revenue rose to $5.63 billion from $5.29 billion. Same-hospital admissions increased 2.8% and emergency room visits rose 4%, while hospital surgeries fell 1.1%.
The company said its Conifer Health Solutions subsidiary is completing an early transition of certain revenue-cycle services under agreements with CommonSpirit Health. Tenet said the accelerated timeline added $233 million in contract-termination revenue and $97 million in operating revenue through timing-related accounting adjustments. It reported $646 million in contract-termination revenue for the quarter in total.
Tenet raised its full-year adjusted EBITDA projection to $5.05 billion to $5.20 billion and its adjusted free-cash-flow forecast to $2.825 billion to $3.125 billion. The company said the timing adjustments do not change its full-year expectations for the affected revenue. Adjusted diluted earnings per share were $6.64, up from $3.70. Reported diluted earnings per share were $12.41.