Dallas-based Tenet Healthcare Corp. reported a $52 million net loss in its first quarter of 2017, a $3 million improvement from the first-quarter 2016 loss of $55 million.
Tenet said part of the loss was due to the sale of its hospitals in April 2016, and not being able to record revenue under the California Provider Fee Program, since using this program has not been approved yet by the Centers for Medicaid and Medicare Services.
Tenet said it has entered “several strategic agreements” in order to improve its financial standing. In addition to its recent venture with Humana and Nashville, Tenn.-based HCA Holdings, it has signed a definitive agreement with Addison-based United Surgical Parters International.
In this transaction, Tenet will accelerate its purchase of ambulatory surgery chain United Surgical Partners International for an undisclosed amount. The company plans to increase its ownership interest up to 80 percent.
Trevor Fetter, chairman and CEO of Tenet, said in a statement the new investments are “part of a strategic effort to reduce complexity across the enterprise and enhance returns for our shareholders.”