Tenet Healthcare Corporation is a multinational investor-owned healthcare company based in Dallas, Texas. Through its brands, subsidiaries, joint ventures and partnerships, as of October 2016 Tenet operates nine facilities in the UK and approximately 470 outpatient centers in 16 American states. Also in the US, Tenet operates 20 "short-lived" surgical hospitals and 79 general acute care hospitals in 14 states, mainly in California, Florida, Michigan and Texas. Tenet has more than 20,000 licensed beds and 130,000 employees, and the company's hospitals offer acute, coronary and critical care; operating room and recovery; clinical laboratories and pharmacies; and radiology, respiration, oncology, orthopedics, physical therapy and organ transplant services. Tenet also operates six health plans and 12 responsible care networks.
Since its founding in 1967, Tenet has launched a number of brands and acquired several major health care companies. In 2008, Tenet founded Conifer Health Solutions, which serves more than 700 clients in the health care industry, including nearly 300 hospitals. Tenet launched MedPost Urgent Care in May 2014, which is a network of urgent care centers based in the lower United States. In 2013, Tenet completed the acquisition of Vanguard Health Systems, Inc., an investor-owned hospital company whose operations complement the existing Tenet business. The acquisition creates the third largest US owned investor in the US in terms of revenue and the third largest in a number of hospitals owned. In June 2015, Tenet acquired United Surgical Partners International (USPI), which makes Tenet the largest operator of an outpatient operation center in the United States. Shortly thereafter, Tenet moved from No. No. 229 to No. 170 at Fortune 500.
Video Tenet Healthcare
Histori
Awal tahun (1967-99)
Tenet was founded in 1967 by lawyers Richard Eamer, Leonard Cohen and John Bedrosian as National Medical Enterprises (NME) and is headquartered in Los Angeles, California. In 1975, NME owned, operated, and managed 23 hospitals and home health care businesses. In the 1970s, NME expanded hospital construction and purchased five Florida hospitals. In 1981, NME owned or managed 193 hospitals and nursing homes, and became the third largest healthcare company in the United States. In the mid-1980s, NME shifted its focus to specialized hospitals. In 1990, the company has 200 hospitals in its network and is the second largest hospital company in the US.
After several scandals in the early 1990s (see below), NME relinquished its special facilities. Tenet had the dominant market share in Southern California at the time and envisioned the same prospects in South Florida, Louisiana, Texas, and Philadelphia, PA. In 1994, NME bought American Medical Holdings for $ 3.35 billion, which strengthened its presence in Southern California and South Florida, and extended its reach to New Orleans, LA, and Texas. Upon completion of the acquisition, NME changed its name to Tenet Healthcare Corporation. In 1996, Tenet CEO Jeffrey Barbakow moved Tenet headquarters from Santa Monica, CA to Santa Barbara, CA. In 1998 Tenet bought eight Philadelphia hospitals owned by Allegheny Health, Education & amp; Research Foundation for $ 345 million.
The turn of the century (2000-13)
In 2002, one of the Tenet hospitals was under surveillance because of his surgical practice and the other was investigated in a bribery scheme (see below). The federal investigation of corporate billing practices, particularly those related to Medicare, began in late 2002, which resulted in a decline in Tenet's stock price by about 70%. In 2003, Trevor Fetter became CEO of Tenet and started a Commitment to Quality, an initiative to improve the "quality, safety, service, and results of care and services" provided by Tenet. To rebuild its ethics and compliance program, Tenet employed a key compliance official to report directly to the company's board of directors. In 2003, Tenet sold or closed 14 hospitals and closed more than 20 facilities in 2004 to achieve its financial performance goals. Also in 2004, Tenet moved its headquarters from Santa Barbara, CA to Dallas, TX. In 2006 Tenet agreed to pay $ 725 million to the Department of Justice to settle the allegedly high Medicare payments to Tenet hospitals from 2000 to 2002. Tenet also signed a 5-year corporate integrity agreement with the US Department of Health & Human Services that require the company to provide detailed financial statements about the patient's mix, billing rate, and receivables. In 2007 Tenet appointed former Florida governor Jeb Bush to the board of directors to improve his reputation.
In 2008, Tenet launched Conifer Health Solutions, a health care services company. Currently Conifer serves nearly 300 hospitals across the US and processes $ 25 billion in net revenue annually. In early 2009, Tenet's stock price fell below $ 4 per share after hitting above $ 200 per share in 2002. At the end of 2009, the company rebounded to become an S & P 500 at number 2, with operating income and net profit of $ 9 billion and $ 181 million, respectively.
In May 2011, Tenet's board rejected a $ 7.3 billion takeover bid from Community Health Systems, Inc. The deal will create the largest hospital company in the US. In April 2012, Tenet agreed to pay $ 42.75 million to settle allegations that the bill was billed incorrectly. Medicare between 2005 and 2007. Tenet's internal investigation revealed Medicare billing irregularities, and the company reported itself to the US government. In May 2012, Tenet sold Diagnostic Imaging Services, Inc., a former diagnostic imaging business in Louisiana. In August 2012, Tenet sold the Creighton University Medical Center in Nebraska. In 2013, Tenet acquired Vanguard Health Systems, based in Nashville, TN, in a $ 4.3 billion deal. Through the acquisition of Vanguard, Tenet acquired 28 hospitals and 39 outpatient centers serving communities in Arizona, California, Illinois, Massachusetts, Michigan and Texas. This acquisition creates the third largest US hospital chain in the US, in terms of revenue and the third largest number of hospitals owned. By the end of 2013, Tenet's share price increased 816 percent, from $ 4.60 to $ 42.12, for the previous five years. Through the acquisition of Vanguard Health Systems, Tenet also acquired Abrazo Community Health Network, an associated hospital located in Arizona.
Acquisitions and other operations (2014)
In 2014, Tenet was ranked # 229 in the Fortune 500 annual list of the largest American companies. In March 2014, Tenet established a partnership with Yale New Haven Health System to create a health care delivery network in Connecticut. Then in May 2014, Tenet announced plans to partner with Texas Tech University Health Sciences Center in El Paso to develop a new 140-bed educational hospital on the west side of the city. Tenet launched MedPost Urgent Care in May 2014, which is a network of national urgent care centers based in the lower United States. In June 2014, Tenet acquired a majority at Texas Regional Medical Center, a 70-bed community hospital in Sunnyvale, Texas, east of downtown Dallas. Also that month, Tenet opened the Resolute Health Hospital in New Braunfels, Texas. This 128-bed hospital is located on a 56-acre "health" campus near San Antonio, Texas, and the 79th and 19th Hospital of Tenet in Texas.
In July 2014, Tenet announced that Saint Mary's Hospital in Waterbury, Connecticut would be acquired by a subsidiary company, with the hospital's directives of religion and a compensation-free treatment policy intact. This continues Tenet's trend of enabling a joint ownership model, in which each of the acquired hospitals has its own terms of agreement. This deal, and three more that Tenet has planned in the state, unravels when Tenet expressed concern about conditions on sales set by the state of Connecticut. Waterbury Hospital was eventually purchased by Trinity Health
In late July 2014, Tenet signed a letter of intent to form a joint venture that will acquire and operate three hospitals in southern Arizona, two in Tucson and one in Nogales. Under the agreement Tenet will become the majority owner and the only hospital operator.
On August 1, 2014, Tenet acquired Emanuel Medical Center, a 209-bed hospital operated by the Evangelical Evangelical Church of Sweden located in Turlock, Calif., Which took a number of Tenet hospitals at that time to 80 countries. Tenet announced in December 2014 that it had signed a letter of intent with the Baptist hospital system in Birmingham, Alabama to form a joint venture to own and operate four Baptist hospitals plus Brookwood Medical Center, already owned by Tenet. Tenet will become the majority owner of the joint venture.
In May 2014, Tenet was renamed a diverse urgent care center into a wholly owned subsidiary, MedPost Urgent Care. Earlier, Tenet's urgent treatment location often took the name of the nearby Tenet hospital. Alan Cason, VP of Tenet outpatient service, was named MedPost CEO. At the time, MedPost had 23 facilities, with six facilities in Texas, and the other in Arizona, California, Florida, Georgia, Mississippi, Missouri, and Tennessee.
In the fourth quarter of 2014, Tenet has generated profits, explained by higher receipts and revenues (revenues through Medicaid increased by 20.5% after the Affordable Care Act). Hospital receipts also saw an increase during the last quarter of 2014, while the ratio of the company's bad debt burden decreased. At the same time, full year financial projections confirmed $ 1.32 to $ 2.4 per share with revenues of $ 17.4 to $ 17.7 billion, with revenues of $ 1.95 billion. On May 7, 2015, Tenet's board of directors appointed Trevor Fetter, Tenet's president and CEO, as chairman of the board. In 2015, the company moved out of No. No. 229 to No. 170 at Fortune 500.
Recent developments (2015-current)
In March 2015, Tenet announced an agreement to acquire a majority stake in United Surgical Partners International (USPI), which will make Tenet the largest operator of an outpatient operation center in the United States. Tenet also announced an agreement to acquire Aspen Healthcare in the United Kingdom. On June 16, Tenet completes their acquisition of Aspen Healthcare Ltd. and USPI. The USPI transactions increase the number of outpatient centers operated by Tenet to more than 400, more than double what they previously operated. It also makes Tenet a multinational corporation, as Tenet acquires nine UK health care facilities. Bill Wilcox remains CEO of USPI, with Kyle Burtnett of Tenet joining USPI as chief integration officer, among other roles. Through the agreement, USPI will maintain its independent branding.
In early September 2015, Tenet acquired a majority stake in three hospitals in Tucson, Arizona, when Tenet, Health and Health Dignity Ascension established a joint venture to own and operate Carondelet Health Network. The three hospital names' remain unchanged, with nearly 1,000 new beds added to the Tenet health system as a result. The acquisition of the Carondelet Health Network raised the number of Tenet general hospital hospitals to 83, and the number of short-term surgical hospitals to 19. On May 11, 2015, it was announced that Tenet-managed Abrazo Health, obtained in 2013, had been renamed the Abrazo Community Health Network.
After first announcing the deal in March 2015, in January 2016 Tenet Healthcare concluded an agreement to form a joint venture with the nonprofit organization Baylor Scott and White Health, with plans for a joint venture to own and operate hospitals in North Texas. The hospital, all renamed under the Baylor name over the coming months, followed by Baylor Scott & White Medical Center - Centennial, Baylor Scott & amp; White Medical Center - White Rock, Baylor Scott & amp; White Medical Center - Lake Pointe, and Baylor Scott & amp; White Medical Center - Sunnyvale. On October 3, 2016, it was announced that Tenet had agreed to pay $ 514 million settlement in an agreement with the Department of Justice. According to the lawsuit filed in 2014, four hospitals at that time owned by Tenet have collaborated on a kickback scheme with Clinica de la Mama to improve hospital referrals of Medicaid patients, with two Tenet subsidiaries claiming to "conspire to deceive Medicaid. " According to Modern Health as part of the agreement, "the federal government recognizes that people in hospitals withhold information from Tenet about the agreement and violate Tenet's policies and procedures to prevent such illegal behavior."
Tenet's announced the sale of three Texas hospitals and other facilities to HCA Healthcare completed in August 2017. The transaction was reported for $ 750 million in proceeds. Hospital outpatient centers and doctors will "gradually return" to the Humana Inc network between June and October.
Maps Tenet Healthcare
Operation
As of October 2016, Tenet Healthcare Corporate employs approximately 130,000 people. In June 2015, Tenet operates six health care plans as well as Konifer Health Solutions, LLC, which provides healthcare business process services in the areas of revenue cycle management, value-based care, and patient communications. Through brands, subsidiaries, joint ventures, and partnerships with companies such as United Surgical Partners International (USPI), Tenet operates nine facilities in the UK. Tenet also operates 470 outpatient centers in the United States, after the USPI acquisition in June 2015 nearly doubled the previous Tenet number from 210 outpatient centers. Also in the United States, Tenet operates 20 "short-stay" surgical hospitals and 79 general acute care hospitals. Tenet-operated hospitals include four academic medical centers, two children's hospitals, three special hospitals (one temporarily closed for repair) and critical access hospitals, totaling 20,814 licensed beds by early 2015, serving mainly urban areas and community suburbs in 14 states. In addition, Tenet's subsidiaries own or lease and operate a number of medical office buildings, all located on or near the Tenet hospital campus. Tenet subsidiaries also operate independent and provider-based outpatient centers in 16 states, including diagnostic imaging centers, outpatient surgeries, satellite emergency departments and emergency care centers. Tenet has over 500 doctor's practices as well.
Primary brand
MedPost Urgent Care
In May 2014, Tenet launched MedPost Urgent Care, a network of national emergency care centers. The launch was the result of Tenet transforming various urgent care centers into one company. Earlier, Tenet's urgent treatment location often took the name of the nearby Tenet hospital. At rebranding, MedPost equals 23 facilities, with six in Texas, and others in Arizona, California, Florida, Georgia, Mississippi, Missouri, and Tennessee. According to Dr. Melissa Molina, medical director of MedPost, the most common injuries that clinicians see are on the arms and ankles, many through falls and minor accidents.
Awards and acknowledgments
Tenet Healthcare has received numerous awards for executive and hospital leadership, nursing excellence, clinical quality, and recognition from insurance companies. In 2013, the American Heart Association recognized Tenet as a "Platinum Fit-Friendly Company." Tenet board of directors are named after the Board of Directors of Public Companies by the Dallas Business Journal in September 2014.
CEO of the company Trevor Fetter has appeared several times on the list of "100 Most Influential People in Health Care" compiled by Modern Health , ranked No. 1. 13 by 2014. In 2011, Audrey Andrews, chief compliance officer at Tenet, is recognized as one of the "Top 25 Health Care Women" by Modern Health. Likewise, in 2014, their SVP and chief clinical officer, Dr. Kelvin Baggett, mentioned in the magazine list "50 Most Influential Doctors from Executives & Leaders." Tenet's CFO Dan Cancelmi was named CFO of the Year by Dallas Business Journal in October 2014.
Philanthropy
In 2002, the Tenet Healthcare Foundation awarded a $ 1 million grant to provide financial support to Latin nursing students. In 2004, the Tenet Healthcare Foundation, Tenet's charity branch, provided $ 2.78 million to support accelerated undergraduate and graduate nursing programs at five nursing academies in Southern California, South Florida, Georgia and Texas. In 2012, Tenet joins GE and Verizon in support of the launch of the Clinton Health Matters Initiative, created by William J. Clinton Foundation to build his work on global health and childhood obesity. In Tenet's "Sustainability Report 2013: Tenet Cares," the company stated that its support for the local community that year amounted to $ 545 million in care without compensation and $ 158 million in charity care. In 2014, Tenet Healthcare is a sponsor of the third annual Clinton Health Foundation Conference in La Quinta, California.
Controversy
Psychiatric cheating
In the early 1990s as a National Medical Company, the company was accused of fraud by admitting thousands of psychiatric patients who did not require hospitalization and then charged the prices inflated by this patient. In 1991, the federal government investigated the company for fraud and conspiracy. In 1993, law enforcers raided the corporate office in an attempt to show that the company was cheating patients and insurance companies. In 1994, the company paid $ 2.5 million to settle lawsuits from 23 patients at its psychiatrist hospital. Once again in 1994, National Medical Enterprises completed fraud charges with the United States and 28 countries involving a $ 380 million payment at the time and a federal plea for eight criminal counts by two of its units. The Company also approved a 5-year corporate integrity agreement with the US Department of Health and Human Services.
Unnecessary cardiac surgery
In the late 1990s and early 2000s, the Redding Medical Center (at that time, Tenet's hospital) was investigated for unnecessary cardiac surgery in over 600 patients. To resolve this allegation, Tenet agreed to pay a $ 54 million fine to the federal and state governments of California, without admitting a mistake. This settlement does not rule out civil or criminal charges against individual companies. In order for the hospital to continue to receive Medicare reimbursements, Tenet was forced by federal regulators to sell hospitals later renamed to Shasta Regional Medical Center. In 2004, Tenet paid an additional $ 395 million to 769 patients to settle litigation for unnecessary operations. The scandals and federal investigations are further described in the book of Coroner: The True Story of a Drug Disappeared by author Stephen Klaidman.
Medicare scams
In June 2006 Tenet agreed to pay $ 725 million in cash and provide $ 175 million Medicare payments totaling $ 900 million in fees to settle alleged federal claims for Medicare claims that were overcharged during the 1990s. To finance the settlements, they sold 11 hospitals in four states including Memorial Medical Center (see below). In September of that year, Tenet signed a 5-year corporate integrity agreement with the US Department of Health and Human Services. The agreement expires on 27 September 2011.
Hurricane Katrina
In July 2006, after Hurricane Katrina in August 2005, Dr. Anna Pou and nurses Lori Budo and Cheri Landry, employees at Tenet Memorial Health Center in New Orleans, LA, were arrested after being indicted by Attorney General Louisiana Charles. Foti killing level two in the death of four patients. In August 2007, a New Orleans jury refused to indict three women and a New Orleans judge to abolish their arrest records. In July 2007, Dr. Pou sued Foti for defamation and ruined his career. In June 2006, Tenet announced plans to sell Memorial Medical Center and three other hospitals in the greater New Orleans area. In July 2009, Governor Bobby Jindal approved a bill passed by the Louisiana Legislature to reimburse Pou's legal fees, which amounts to more than $ 450,000.
Tax evasion and lobbying
In December 2011, the Non-Partisan Public Campaign criticized Tenet Healthcare for spending $ 3.43 million to lobby and did not pay any taxes during 2008-2010, instead of earning $ 48 million in tax breaks, despite making a profit of $ 415 million , and increased executive salaries by 19% to $ 24 million in 2010 for the top 5 executives.
Florida child's cardiac surgery standard
In 2015, CNN reported that Tenet had lobbied Florida Governor Rick Scott and Florida Republican legislators to abolish standard hospital rules for cardiac surgery, after one of his hospitals failed to meet the standards. Both officials and Tenet denied wrongdoing, with Tenet telling the press that "we have never discussed pediatric heart standards with the governor or his office, or with elected officials or anyone else on their staff... our opinion is neither looking for standards nor do we state positions on possible revocation of standards or the role of the Cardiac Technical Advisory Panel. "Florida Health released a statement indicating that the legal basis for the abolition of child operating standards was revoked in 2001. This revocation canceled the standard and it was a mistake that they were not officially stricken from the record until 2015.
See also
- Hospital Corporation of America
- List of companies in United States
References
External links
- TenetHealth.com
Source of the article : Wikipedia
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