Tenet CEO: COVID surge made Q3 harder than Q2

Tenet Healthcare Corp. ‘s CEO said Tuesday the 3rd quarter was in many ways more difficult than the second, with COVID-19 sufferers surging about 64% across the hospitals in late July and Aug.

Some of Dallas-based Tenet’s volume metrics ticked down again in September after making solid recoveries earlier in the summer. Admissions, for instance , were 90% of prior-year amounts in July. By September, that will had declined to 88%.

“Our operators performed exceptionally throughout our entire program, ensuring they cared for the rise in COVID patients and ongoing the safe return of non-COVID patient volumes closer to normalized ranges, ” Tenet CEO Ron Rittenmeyer said in a statement accompanying you can actually third quarter results .

Tenet reported the net loss from continuing procedures attributable to shareholders of $197 mil in the third quarter of 2020, down from a $227 million internet loss in the prior-year period.

For-profit Tenet’s $4. 6 billion in net working revenue in the quarter was successfully flat year-over-year. Expenses declined by simply under 1% year-over-year to $4. 3 billion in the recently-ended one fourth.

Tenet’s modified earnings before interest, taxes, devaluation and amortization was $551 mil in the third quarter of 2020, down from $639 million within the prior-year period.

Tenet said it has recognized $453 million of its $890 million within COVID-19 relief grants from the government through the third quarter year-to-date.

Through October, Tenet said it had received regarding $1. 5 billion in more rapid Medicare payments, money the company will have to repay in stages beginning twelve months from when it was received.

Tenet’s hospitals acquired seen significant volume over the summer season, with slight declines in some places as COVID cases resurged in certain areas. Outpatient visits were 86% of their prior-year levels in Come july 1st, but down to 83% in Sept. Emergency department visits, which have been the particular slowest to return for hospitals, had been 80% recovered in July, yet down to 74% in September.

Surgical cases throughout Tenet’s United Surgical Partners Worldwide were back to 96% of their prior-year levels in September.

Like HCA, Tenet’s internet revenue per adjusted admission has been up significantly in the third one fourth to 17% on a same-hospital foundation. That’s compared with HCA’s 15% .