.2
)% Adjusted patient admissions 308,133 320,868 (4.0 )% Paying admissions (excludes charity and uninsured) 164,793 172,490 (4.5 )% Charity and uninsured admissions 9,933 9,816 1.2 % Admissions through emergency department 126,079 125,076 0.8 % Paying admissions as a percentage of total admissions 94.3 % 94.6 % (0.3 )% * Charity and uninsured admissions as a percentage of total admissions 5.7 % 5.4 % 0.3 % * Emergency department admissions as a percentage of total admissions 72.2 % 68.6 % 3.6 % * Surgeries — inpatient 44,795 47,223 (5.1 )% Surgeries — outpatient 58,218 63,008 (7.6 )% Total surgeries 103,013 110,231 (6.5 )% Patient days — total 822,079 858,648 (4.3 )% Adjusted patient days 1,420,170 1,486,139 (4.4 )% Average length of stay (days) 4.70 4.71 (0.2 )% Licensed beds (at end of period) 17,221 18,457 (6.7 )% Average licensed beds 17,455 18,685 (6.6 )% Utilization of licensed beds 52.3 % 51.1 % 1.2 % * Outpatient Visits Total visits 1,714,392 1,842,539 (7.0 )% Paying visits (excludes charity and uninsured) 1,603,712 1,725,976 (7.1 )% Charity and uninsured visits 110,680 116,563 (5.0 )% Emergency department visits 657,449 697,001 (5.7 )% Paying visits as a percentage of total visits 93.5 % 93.7 % (0.2 )% * Charity and uninsured visits as a percentage of total visits 6.5 % 6.3 % 0.2 % * Total emergency department admissions and visits 783,528 822,077 (4.7 )% Revenues Net patient service revenues(3) $ 3,582 $ 3,643 (1.7 )% Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day Net patient service revenue(3) per adjusted patient admission $ 11,625 $ 11,354 2.4 % Net patient service revenue(3) per adjusted patient day $ 2,522 $ 2,451 2.9 % Total selected operating expenses (salaries, wages and benefits, supplies and other operating expenses) per adjusted patient admission(2) $ 10,979 $ 10,561 4.0 % Net patient service revenues(3) from: Medicare 21.2 % 21.5 % (0.3 )% * Medicaid 8.8 % 8.8 % — % * Managed care 65.7 % 65.0 % 0.7 % * Uninsured — % 1.0 % (1.0 )% * Indemnity and other 4.3 % 3.7 % 0.6 % *(1) Represents the consolidated results of Tenet’s acute care hospitals and related outpatient facilities included in the Hospital Operations and other segment.
(2) Excludes operating expenses from Tenet's health plans.
(3) Less implicit price concessions.
* This change is the difference between the 2019 and 2018 amounts shown.
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TENET HEALTHCARE CORPORATION SELECTED STATISTICS – CONTINUING SAME HOSPITALS(1) (Unaudited) |
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| (Dollars in millions except per adjusted patient day | Three Months Ended March 31, | |||||||||||
| and per adjusted patient admission amounts) | 2019 | 2018 | Change | |||||||||
| Admissions, Patient Days and Surgeries | ||||||||||||
| Number of hospitals (at end of period) | 65 | 65 | — | * | ||||||||
| Total admissions | 173,470 | 173,684 | (0.1 | )% | ||||||||
| Adjusted patient admissions | 305,871 | 304,145 | 0.6 | % | ||||||||
| Paying admissions (excludes charity and uninsured) | 163,632 | 164,239 | (0.4 | )% | ||||||||
| Charity and uninsured admissions | 9,838 | 9,445 | 4.2 | % | ||||||||
| Admissions through emergency department | 125,228 | 119,957 | 4.4 | % | ||||||||
| Paying admissions as a percentage of total admissions | 94.3 | % | 94.6 | % | (0.3 | )% | * | |||||
| Charity and uninsured admissions as a percentage of total admissions | 5.7 | % | 5.4 | % | 0.3 | % | * | |||||
| Emergency department admissions as a percentage of total admissions | 72.2 | % | 69.1 | % | 3.1 | % | * | |||||
| Surgeries — inpatient | 44,553 | 45,052 | (1.1 | )% | ||||||||
| Surgeries — outpatient | 57,896 | 59,720 | (3.1 | )% | ||||||||
| Total surgeries | 102,449 | 104,772 | (2.2 | )% | ||||||||
| Patient days — total | 815,329 | 817,000 | (0.2 | )% | ||||||||
| Adjusted patient days | 1,408,053 | 1,405,568 | 0.2 | % | ||||||||
| Average length of stay (days) | 4.70 | 4.70 | — | % | ||||||||
| Licensed beds (at end of period) | 17,221 | 17,246 | (0.1 | )% | ||||||||
| Average licensed beds | 17,221 | 17,246 | (0.1 | )% | ||||||||
| Utilization of licensed beds | 52.6 | % | 52.6 | % | — | % | * | |||||
| Outpatient Visits | ||||||||||||
| Total visits | 1,696,094 | 1,730,018 | (2.0 | )% | ||||||||
| Paying visits (excludes charity and uninsured) | 1,586,627 | 1,619,950 | (2.1 | )% | ||||||||
| Charity and uninsured visits | 109,467 | 110,068 | (0.5 | )% | ||||||||
| Emergency department visits | 651,852 | 663,722 | (1.8 | )% | ||||||||
| Paying visits as a percentage of total visits | 93.5 | % | 93.6 | % | (0.1 | )% | * | |||||
| Charity and uninsured visits as a percentage of total visits | 6.5 | % | 6.4 | % | 0.1 | % | * | |||||
| Total emergency department admissions and visits | 777,080 | 783,679 | (0.8 | )% | ||||||||
| Revenues | ||||||||||||
| Net patient service revenues(2) | $ | 3,559 | $ | 3,494 | 1.9 | % | ||||||
| Revenues on a Per Adjusted Patient Admission and Per Adjusted Patient Day | ||||||||||||
| Net patient service revenue(2) per adjusted patient admission | $ | 11,636 | $ | 11,488 | 1.3 | % | ||||||
| Net patient service revenue(2) per adjusted patient day | $ | 2,528 | $ | 2,486 | 1.7 | % | ||||||
| Net patient service revenues(2) from: | ||||||||||||
| Medicare | 21.0 | % | 20.9 | % | 0.1 | % | * | |||||
| Medicaid | 8.8 | % | 8.7 | % | 0.1 | % | * | |||||
| Managed care | 65.9 | % | 65.3 | % | 0.6 | % | * | |||||
| Uninsured | — | % | 1.3 | % | (1.3 | )% | * | |||||
| Indemnity and other | 4.3 | % | 3.8 | % | 0.5 | % | * | |||||
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(1) Information for our Hospital Operations and other segment is presented on a same-hospital basis, which includes the results of our same 65 hospitals operated throughout the three months ended March 31, 2019 and 2018 and associated outpatient facilities, but excludes the results of hospitals Tenet divested since January 1, 2018. |
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(2) Less implicit price concessions. |
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* This change is the difference between the 2019 and 2018 amounts shown. |
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TENET HEALTHCARE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
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| (Dollars in millions except per share amounts) | Three Months Ended | Year Ended | Three Months Ended | |||||||||||||||||||||
| 3/31/2018 | 6/30/2018 | 9/30/2018 | 12/31/2018 | 12/31/2018 | 3/31/2019 | |||||||||||||||||||
| Net operating revenues | $ | 4,699 | $ | 4,506 | $ | 4,489 | $ | 4,619 | $ | 18,313 | $ | 4,545 | ||||||||||||
| Equity in earnings of unconsolidated affiliates | 25 | 39 | 33 | 53 | 150 | 34 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| Salaries, wages and benefits | 2,227 | 2,135 | 2,116 | 2,156 | 8,634 | 2,153 | ||||||||||||||||||
| Supplies | 774 | 748 | 726 | 756 | 3,004 | 741 | ||||||||||||||||||
| Other operating expenses, net | 1,060 | 1,027 | 1,094 | 1,078 | 4,259 | 1,074 | ||||||||||||||||||
| Electronic health record incentives | (1 | ) | — | — | (2 | ) | (3 | ) | (1 | ) | ||||||||||||||
| Depreciation and amortization | 204 | 194 | 204 | 200 | 802 | 208 | ||||||||||||||||||
| Impairment and restructuring charges, and acquisition-related costs | 47 | 30 | 46 | 86 | 209 | 19 | ||||||||||||||||||
| Litigation and investigation costs | 6 | 13 | 9 | 10 | 38 | 13 | ||||||||||||||||||
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Net losses (gains) on sales, consolidation and deconsolidation of facilities
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(110 | ) | (8 | ) | 7 | (16 | ) | (127 | ) | 1 | ||||||||||||||
| Operating income | 517 | 406 | 320 | 404 | 1,647 | 371 | ||||||||||||||||||
| Interest expense | (255 | ) | (254 | ) | (249 | ) | (246 | ) | (1,004 | ) | (251 | ) | ||||||||||||
| Other non-operating income (expense), net | (1 | ) | (1 | ) | — | (3 | ) | (5 | ) | 1 | ||||||||||||||
| Gain (loss) from early extinguishment of debt | (1 | ) | (1 | ) | — | 3 | 1 | (47 | ) | |||||||||||||||
| Income from continuing operations, before income taxes | 260 | 150 | 71 | 158 | 639 | 74 | ||||||||||||||||||
| Income tax expense | (70 | ) | (44 | ) | (6 | ) | (56 | ) | (176 | ) | (17 | ) | ||||||||||||
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Income from continuing operations, before discontinued operations |
190 | 106 | 65 | 102 | 463 | 57 | ||||||||||||||||||
| Discontinued operations: | ||||||||||||||||||||||||
| Income (loss) from operations | 1 | 2 | — | 1 | 4 | 10 | ||||||||||||||||||
| Income tax benefit (expense) | — | — | — | (1 | ) | (1 | ) | (2 | ) | |||||||||||||||
| Income (loss) from discontinued operations | 1 | 2 | — | — | 3 | 8 | ||||||||||||||||||
| Net income | 191 | 108 | 65 | 102 | 466 | 65 | ||||||||||||||||||
| Less: Net income available to noncontrolling interests | 92 | 82 | 74 | 107 | 355 | 84 | ||||||||||||||||||
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Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders |
$ | 99 | $ | 26 | $ | (9 | ) | $ | (5 | ) | $ | 111 | $ | (19 | ) | |||||||||
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Amounts available (attributable) to Tenet Healthcare Corporation common shareholders |
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| Income (loss) from continuing operations, net of tax | $ | 98 | $ | 24 | $ | (9 | ) | $ | (5 | ) | $ | 108 | $ | (27 | ) | |||||||||
| Income (loss) from discontinued operations, net of tax | 1 | 2 | — | — | 3 | 8 | ||||||||||||||||||
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Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders |
$ | 99 | $ | 26 | $ | (9 | ) | $ | (5 | ) | $ | 111 | $ | (19 | ) | |||||||||
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Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders: |
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| Basic | ||||||||||||||||||||||||
| Continuing operations | $ | 0.97 | $ | 0.23 | $ | (0.09 | ) | $ | (0.05 | ) | $ | 1.06 | $ | (0.26 | ) | |||||||||
| Discontinued operations | 0.01 | 0.02 | — | $ | — | 0.03 | 0.08 | |||||||||||||||||
| $ | 0.98 | $ | 0.25 | $ | (0.09 | ) | $ | (0.05 | ) | $ | 1.09 | $ | (0.18 | ) | ||||||||||
| Diluted | ||||||||||||||||||||||||
| Continuing operations | $ | 0.95 | $ | 0.23 | $ | (0.09 | ) | $ | (0.05 | ) | $ | 1.04 | $ | (0.26 | ) | |||||||||
| Discontinued operations | 0.01 | 0.02 | 0.00 | 0.00 | 0.03 | 0.08 | ||||||||||||||||||
| $ | 0.96 | $ | 0.25 | $ | (0.09 | ) | $ | (0.05 | ) | $ | 1.07 | $ | (0.18 | ) | ||||||||||
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Weighted average shares and dilutive securities outstanding (in thousands): |
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| Basic | 101,392 | 102,147 | 102,402 | 102,501 | 102,110 | 102,788 | ||||||||||||||||||
| Diluted | 102,656 | 104,177 | 102,402 | 102,501 | 103,881 | 102,788 | ||||||||||||||||||
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TENET HEALTHCARE CORPORATION SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS(1) (Unaudited) |
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(Dollars in millions except per adjusted patient day and per adjusted patient admission amounts) |
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| Three Months Ended | Year Ended | Three Months Ended | ||||||||||||||||||||||
| 3/31/2018 | 6/30/2018 | 9/30/2018 | 12/31/2018 | 12/31/2018 | 3/31/2019 | |||||||||||||||||||
| Admissions, Patient Days and Surgeries | ||||||||||||||||||||||||
| Number of hospitals (at end of period) | 69 | 68 | 68 | 68 | 68 | 65 | ||||||||||||||||||
| Total admissions | 182,306 | 168,453 | 168,201 | 170,407 | 689,367 | 174,726 | ||||||||||||||||||
| Adjusted patient admissions | 320,868 | 306,063 | 306,197 | 308,113 | 1,241,241 | 308,133 | ||||||||||||||||||
| Paying admissions (excludes charity and uninsured) | 172,490 | 158,216 | 157,193 | 160,172 | 648,071 | 164,793 | ||||||||||||||||||
| Charity and uninsured admissions | 9,816 | 10,237 | 11,008 | 10,235 | 41,296 | 9,933 | ||||||||||||||||||
| Admissions through emergency department | 125,076 | 115,036 | 116,727 | 120,012 | 476,851 | 126,079 | ||||||||||||||||||
| Paying admissions as a percentage of total admissions | 94.6 | % | 93.9 | % | 93.5 | % | 94.0 | % | 94.0 | % | 94.3 | % | ||||||||||||
| Charity and uninsured admissions as a percentage of total admissions | 5.4 | % | 6.1 | % | 6.5 | % | 6.0 | % | 6.0 | % | 5.7 | % | ||||||||||||
| Emergency department admissions as a percentage of total admissions | 68.6 | % | 68.3 | % | 69.4 | % | 70.4 | % | 69.2 | % | 72.2 | % | ||||||||||||
| Surgeries — inpatient | 47,223 | 46,274 | 45,626 | 45,897 | 185,020 | 44,795 | ||||||||||||||||||
| Surgeries — outpatient | 63,008 | 63,805 | 61,468 | 62,638 | 250,919 | 58,218 | ||||||||||||||||||
| Total surgeries | 110,231 | 110,079 | 107,094 | 108,535 | 435,939 | 103,013 | ||||||||||||||||||
| Patient days — total | 858,648 | 766,519 | 761,920 | 779,728 | 3,166,815 | 822,079 | ||||||||||||||||||
| Adjusted patient days | 1,486,139 | 1,373,480 | 1,365,662 | 1,383,372 | 5,608,653 | 1,420,170 | ||||||||||||||||||
| Average length of stay (days) | 4.71 | 4.55 | 4.53 | 4.58 | 4.59 | 4.70 | ||||||||||||||||||
| Licensed beds (at end of period) | 18,457 | 18,314 | 18,302 | 17,937 | 17,937 | 17,221 | ||||||||||||||||||
| Average licensed beds | 18,685 | 18,362 | 18,302 | 17,935 | 18,321 | 17,455 | ||||||||||||||||||
| Utilization of licensed beds | 51.1 | % | 45.9 | % | 45.3 | % | 47.3 | % | 47.4 | % | 52.3 | % | ||||||||||||
| Outpatient Visits | ||||||||||||||||||||||||
| Total visits | 1,842,539 | 1,749,847 | 1,722,292 | 1,734,523 | 7,049,201 | 1,714,392 | ||||||||||||||||||
| Paying visits (excludes charity and uninsured) | 1,725,976 | 1,633,372 | 1,607,184 | 1,617,970 | 6,584,502 | 1,603,712 | ||||||||||||||||||
| Charity and uninsured visits | 116,563 | 116,475 | 115,108 | 116,553 | 464,699 | 110,680 | ||||||||||||||||||
| Emergency department visits | 697,001 | 643,036 | 638,248 | 649,544 | 2,627,829 | 657,449 | ||||||||||||||||||
| Paying visits as a percentage of total visits | 93.7 | % | 93.3 | % | 93.3 | % | 93.3 | % | 93.4 | % | 93.5 | % | ||||||||||||
| Charity and uninsured visits as a percentage of total visits | 6.3 | % | 6.7 | % | 6.7 | % | 6.7 | % | 6.6 | % | 6.5 | % | ||||||||||||
| Total emergency department admissions and visits | 822,077 | 758,072 | 754,975 | 769,556 | 3,104,680 | 783,528 | ||||||||||||||||||
| Revenues | ||||||||||||||||||||||||
| Net patient service revenues(3) | $ | 3,643 | $ | 3,443 | $ | 3,434 | $ | 3,561 | $ | 14,081 ... | ||||||||||||||