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Tenet Reports Adjusted EBITDA of $646 Million
for the Quarter Ended December 31, 2014
DALLAS February 23, 2015 Tenet Healthcare Corporation (NYSE:THC) reported Adjusted EBITDA of $646 million for the fourth quarter ended December 31, 2014, an increase of $202 million, or 45.5 percent, compared to $444 million in the fourth quarter of 2013.
Another quarter of robust earnings growth across our entire business capped off Tenets strongest year in a decade, said Trevor Fetter, president and chief executive officer. Our strategies to capture incremental market share, combined with an improving economy and expanded health coverage, generated admissions growth that was among the highest in the industry. Conifer also achieved record growth and continues to gain recognition as a leading provider of revenue cycle management and value-based care services. We are well-positioned to continue driving strong performance in 2015.
Discussion of Results (Percentage changes in operating metrics compare Q414 to Q413 on a same-hospital basis unless otherwise noted.)
Tenet generated same-hospital growth in admissions and adjusted admissions of 4.0 percent and 4.5 percent, respectively, compared to the fourth quarter of 2013. In addition, the company achieved one of the strongest quarterly percentage increases in same-hospital commercial volumes in more than a decade. We achieved an increase in paying admissions of 6.1 percent, driven in part by growth in commercial admissions. Surgeries increased 7.5 percent and emergency department visits increased 7.2 percent. The company estimates that approximately 70 percent of its volume growth in the quarter is related to investments in service line development, quality improvements, and enhanced physician alignment. This is independent of growth attributable to expanded insurance coverage under the Affordable Care Act (ACA).
Tenet increased outpatient visits by 9.6 percent. Approximately 92 percent of this growth was organic. At the end of 2014, Tenet operated 210 outpatient facilities, an increase of 27 facilities over the prior year.
Payer mix improved in the quarter. In the five states that expanded Medicaid, uninsured plus charity admissions declined by 2,547 admissions, or 62.4 percent, and Medicaid admissions increased by 4,355 admissions, or 20.5 percent. Uninsured plus charity outpatient visits decreased by 23,336 visits, or 34.3 percent, and Medicaid outpatient visits grew by 67,252 visits, or 25.2 percent, in these same five states. Across the entire company, uninsured plus charity admissions decreased by 3,109 admissions, or 21.9 percent, and Medicaid admissions increased by 4,555 admissions, or 9.0 percent. There was a decline in charity and uninsured outpatient visits of 18,917 visits, or 10.3 percent, and an increase in Medicaid outpatient visits of 86,891 visits, or 17.9 percent.
The following information was filed by Tenet Healthcare Corp (THC) on Monday, February 23, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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