Dallas-based Tenet Healthcare has announced plans to strengthen its hospital portfolio and expand its ambulatory network after releasing its 2016 financial records, showing a net loss of $192 million.
While Tenet reported higher operating revenue than in the previous year, growing from $18.6 billion in 2015 to $19.6 billion in 2016, the financial boost was attributed to an increase in net patient service revenue.
Tenet’s records showed it closed 2016 with $4.9 billion in revenue for its fourth quarter, a 3.3 percent decrease from the same quarter in 2015.
After accounting for investment income and other expenses, Tenet ended 2016 with a $192 million net loss. It lost $140 million the year before.
Tenet Chairman and CEO Trevor Fetter said in a statement, “Demand for higher acuity services in our hospitals drove growth in same-hospital patient revenue and revenue per adjusted admission in the fourth quarter.”