Tenet Healthcare will promote hospitals in California to Adventist Well being
US-based healthcare firm Tenet Healthcare has agreed to promote two of its hospitals in San Luis Obispo County, California, to Adventist Well being.
The corporate will promote its Sierra Vista Regional Medical Heart and Twin Cities Neighborhood Hospital, together with affiliated doctor practices and different associated companies.
The transaction is valued at roughly $550 million and is predicted to shut within the coming weeks, topic to regulatory approvals and shutting situations.
The 2 hospitals and associated companies generated revenues of roughly $337 million and adjusted EBITDA of almost $38 million for the twelve months ended December 31, 2023, excluding depreciation and amortization bills of roughly $13 million.
Tenet expects to understand a pre-tax e-book revenue of roughly $275 million from this transaction.
As well as, the corporate's subsidiary, Conifer Well being Options, has agreed to offer income cycle companies for Adventist Well being.
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Conifer will present companies of greater than $3.5 billion in web income and leverage its superior applied sciences and AI-driven workflows to enhance money circulation efficiency and affected person engagement at Adventist Well being.
Saum Sutaria, Chairman and CEO of Tenet Healthcare, stated, “Adventist Well being is a number one healthcare system with a dedication to compassionate care and serving the communities of San Luis Obispo County.
“Moreover, our income cycle companies partnership will allow our organizations to undertake new improvements to optimize the affected person expertise.”
Tenet Healthcare, primarily based in Dallas, Texas, operates or has possession pursuits in additional than 480 ambulatory surgical procedure facilities and surgical hospitals.
Earlier this month, the corporate bought three of its hospitals, related doctor clinics and operations in South Carolina to Novant Well being.
As a part of the deal, Novant Well being acquired East Cooper Medical Heart in Mount Nice, Hilton Head Hospital and Coastal Carolina Hospital in Hardeeville, together with a number of doctor clinics and outpatient clinics.
The deal is valued at roughly $2.4 billion in money, with after-tax proceeds of $1.75 billion.
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