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Home > Fortune 500 Companies > Tenet Healthcare
Tenet Healthcare
Tenet Healthcare is a publicly traded company having a good stock performance result. Tenet Healthcare is a fortune 500 stock listed company trading under THC.
Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals and related health care services. The company hospitals aim to provide the best possible care to every patient who comes through their doors, with a clear focus on quality and service. The company operating strategy is to create market-leading integrated delivery networks in specific regions of the country.
These networks consist of clusters of acute care hospitals offering a large variety of medical services, augmented by ancillary health care services. In several cases, these networks are anchored by prestigious academic medical centers that offer the highest level of acute care services. Tenet currently operates integrated regional networks in South Florida, and Greater New Orleans.
Tenet Healthcare Corporation announced today that, based on results of a previously disclosed special investigation regarding contractual allowances for managed care contracts that the company’s audit committee commissioned in mid-2005 at the request of the Securities and Exchange Commission, the audit committee has determined that the company will restate its financial results for fiscal years 2000, 2001 and 2002.
The company said that, as a percentage of total net income or loss as originally reported, the restatements would likely result in an increase or decrease range from 3 percent to 9 percent in 2000-2003. The impact on fully diluted earnings or loss per share would likely range from 3 percent to 9 percent.
Tenet said the anticipated adjustments result primarily from contractual allowances and other reserves that lacked adequate supporting documentation or were otherwise inappropriate, as well as certain revenues and expenses that should have been recognized in these same earlier periods. The 47 million dollars income tax charge, equal to 10 cents per share, to be taken for the year ended Dec. 31, 2004, relates solely to the impact of the restatements on a valuation allowance for deferred tax assets previously established by the company.
Tenet's name and logo reflect its core business philosophy, the importance of shared values between partners in providing a full spectrum of quality, cost-efficient health care. Tenet will distinguish itself as a leader in redefining health care delivery and will be recognized for the passion of its people and partners in providing quality, innovative care to the patients it serves in each community.
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