Tenet Healthcare Corp., a Dallas-based health care services company, today reported a 50% rise in adjusted earnings before interest, taxes, depreciation and amortization to $240 million for all its hospitals in the third quarter, compared with $160 million a year ago.

Tenet reported a net loss of $3 million for the third quarter ended Sept. 30, compared with net income of $104 million during the same period a year ago. Operating income increased 90% to $133 million, compared with $70 million last year.

The company reported same-hospital bad debt ratio of 8.5% of net revenues, an increase of 110 basis points from 7.4% in the previous quarter, and an increase of 90 basis points from 7.6% in the third quarter of last year. A basis point is one-hundredth of a percentage point.

"Our strategies drove a significant enhancement in earnings through the first three quarters of 2009, making this the second consecutive quarter in which we've generated year-over-year Adjusted EBITDA growth of 50% or better," Trevor Fetter, Tenet's president and CEO, said of the company's third-quarter performance.

"Strong revenue growth, excellent cost control and robust growth in our outpatient business were more than sufficient to offset an adverse shift in payer mix," Fetter said.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry