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Dallas-based Tenet Healthcare, a healthcare system of 61 hospitals, said it expects to exceed the midpoint of its updated FY22 adjusted EBITDA guidance range included in its third quarter 2022 earnings call. . The system also announced significant leadership updates aimed at supporting long-term business performance.
While Tenet’s financial statement closing process is not yet fully complete, the company said Adjusted EBITDA, excluding pandemic-related stimulus grant income in the fourth quarter, was at We expect to slightly exceed the midpoint of our EBITDA guidance of $3.425 billion. March 31, 2022.
Dr. Saum Sutaria, CEO of Tenet, said: “All three of our business units are expected to produce Adjusted EBITDA excluding grant income, which was at or slightly above the midpoint of our guidance, to support our success in 2023. We look forward to sharing our plans and providing more details in the coming weeks.”
what is the impact
Tenet also announced a number of leadership updates.
This includes the retirement of Executive Vice President and Chief Financial Officer Daniel Cancelmi at the end of the year. A nationwide search is underway to identify a high-performance successor, Tenet said. Successors will be mentored and onboarded directly by Cancelmi as part of the transition process.
“Dan has been instrumental in the recent change in Tenet’s performance and improvement in its balance sheet,” said Stallia. “Dan is a long-proven and inspirational leader at Tenet, starting as his CFO of the hospital and becoming his CFO of the enterprise.”
Tenet also announced the retirement of Brett Brodnax, president and CEO of Tenet-owned United Surgical Partners International. Andy Johnston has returned to USPI as Chief Administrative Officer as the company has nearly doubled in size in recent years. If Brodnax resigns, Johnston is expected to be promoted.
“Brett has actively shaped not just the USPI, but the ambulatory surgery industry as a whole,” said Sutaria. “He has always been a distinguished alumni of the company and a supporter of the USPI team, the physician community and our partners in the health system.”
The announcement also included the retirement of Roger Davis, president and CEO of Tenet-owned Conifer Health Solutions, at the end of the first quarter. A national survey is underway.
the bigger trend
Tenet Healthcare Corporation provides 61 hospitals, over 460 other healthcare facilities, and Conifer Health Solutions, which provides revenue cycle management and value-based care services to hospitals, healthcare systems, physician practices, employers, and other clients. We operate.
In late 2021, Tenet and its subsidiary USPI announced they would expand their ambulatory surgery center ownership by purchasing 92 from SurgCenter Development.
The $1.2 billion deal expanded USPI’s reach into high-growth regions of Arizona, Florida and Texas and included a range of service lines including musculoskeletal care for comprehensive joint and spine care.
Twitter: @JELagasse
Email the writer: Jeff.Lagasse@himssmedia.com
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