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Tenet beats estimates as PPACA boosts coverage

Tenet Healthcare Corp. reported earnings that beat analysts estimates as the hospital company saw increased revenue from higher admissions and fewer uninsured patients under Obamacare.

By Shannon Pettypiece | Updated on November 04, 2014
(AP Photo/LM Otero, file)
Nov. 3 (Bloomberg) — Tenet Healthcare Corp. reported earnings that beat analysts estimates as the hospital company saw increased revenue from higher admissions and fewer uninsured patients under Obamacare.

Tenet’s net income fell to $9 million after tax, or 9 cents a share, from $28 million, or 27 cents a share, in the third quarter a year earlier, the Dallas-based company said today in a statement. Earnings were hurt by a $95 million increase in pretax interest expense related to the financing of its 2013 acquisition of Vanguard Health Systems and share repurchases.

Revenue rose 6 percent to $4.18 billion compared with Tenet and Vanguard legacy hospitals from a year earlier. The hospital chain benefited from the Patient Protection and Affordable Care Act, spending less on charity care for uninsured patients in states that have expanded Medicaid, the joint state-federal health program for the poor. About a quarter of Tenet’s patient beds are in states that have expanded Medicaid.

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