Tenet Healthcare to Sell Three South Carolina Hospitals to Novant Health
17 Noviembre 2023 - 5:45AM
Business Wire
Tenet Healthcare Corporation (NYSE: THC) has entered into a
definitive agreement with Novant Health for the sale of three Tenet
hospitals and related operations in South Carolina for
approximately $2.4 billion in cash (after-tax proceeds of
approximately $1.750 billion).
The transaction will include Coastal Carolina Hospital in Jasper
County, Hilton Head Hospital in Beaufort County, East Cooper
Medical Center in Charleston County, affiliated physician practices
and other related hospital operations. Tenet’s ambulatory
facilities operated by United Surgical Partners International
(USPI) in these markets will remain with Tenet.
Under the purchase agreement, Tenet's Conifer Health Solutions
subsidiary will enter into a new and expanded fifteen-year contract
to provide revenue cycle management services for the South Carolina
hospitals and related operations.
Furthermore, Novant Health and USPI will be enhancing their
ambulatory surgery partnership to increase access to high-quality,
ambulatory surgical services for communities across the
Carolinas.
“Our three hospitals on the coast in South Carolina are well
regarded by the communities they serve for the high-quality
specialty services they deliver,” said Saum Sutaria, M.D., Chairman
and CEO, Tenet Healthcare. “Novant is an innovative healthcare
organization with a deep commitment to patient-centric care.
Integration of these three hospitals into their network will bring
benefits for generations to come. Our new partnership in revenue
cycle management and expanded collaboration in ambulatory surgical
services will support consumer-centric healthcare.”
For the last 12 months ended September 30, 2023, the three
hospitals and related operations included in the sale generated
revenues of approximately $552 million, pre-tax income of
approximately $126 million and Adjusted EBITDA of approximately
$150 million, excluding interest expense of approximately $1
million, litigation and investigation costs of approximately $3
million, and depreciation and amortization expense of approximately
$20 million. The Company estimates recording a pre-tax book gain of
approximately $1.6 billion as a result of this anticipated
transaction. Tenet anticipates utilizing the proceeds from the
transaction primarily for debt retirement.
The transaction is expected to be completed in the first quarter
of 2024, subject to customary regulatory approvals, clearances, and
closing conditions.
Cautionary Statement
This release contains “forward-looking statements” - that is,
statements that relate to future, not past, events. In this
context, forward-looking statements often address the Company’s
expected future business and financial performance and financial
condition, and often contain words such as “expect,” “anticipate,”
“assume,” “believe,” “budget,” “estimate,” “forecast,” “intend,”
“plan,” “predict,” “project,” “seek,” “see,” “target,” or “will.”
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, especially with regards to
developments related to COVID-19. Particular uncertainties that
could cause the Company’s actual results to be materially different
than those expressed in the Company’s forward-looking statements
include, but are not limited to, the impact of the COVID-19
pandemic, and other factors disclosed under “Forward-Looking
Statements” and “Risk Factors” in our Form 10-K for the year ended
December 31, 2022, and other filings with the Securities and
Exchange Commission.
About Tenet Healthcare
Tenet Healthcare Corporation (NYSE: THC) is a diversified
healthcare services company headquartered in Dallas. Our care
delivery network includes United Surgical Partners International,
the largest ambulatory platform in the country, which operates or
has ownership interests in more than 480 ambulatory surgery centers
and surgical hospitals. We also operate 61 acute care and specialty
hospitals, approximately 110 other outpatient facilities, a network
of leading employed physicians and a global business center in
Manila, Philippines. Our Conifer Health Solutions subsidiary
provides revenue cycle management and value-based care services to
hospitals, health systems, physician practices, employers, and
other clients. Across the Tenet enterprise, we are united by our
mission to deliver quality, compassionate care in the communities
we serve. For more information, please visit
www.tenethealth.com.
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Media Contact Robert Dyer 469-893-2640
mediarelations@tenethealth.com
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