ALSO NOTED: Study says nonprofit systems have higher quality scores; Grady gets $50 million as new board comes online; and much

Wed, 21 May 2008 06:59:50 -0400

> Ready for a conclusion that's likely to raise some hackles? A new study published in the Joint Commission Journal on Quality and Patient Safety suggests that not-for-profit health systems have higher quality scores than for-profits. Article

> Atlanta's Grady Memorial Hospital has gotten a $50 million cash infusion, the first payment of a total of $200 million, as a new nonprofit board takes over operations for the public hospital. Article

> Physicians with Tarrant County, Texas-based JPS Health Network, the county's public hospital system, are asking the county to study whether co-pays are a barrier to patient care. Article

> In an effort to cut costs by $17 million, Cleveland's MetroHealth Medical Center is laying off 73 people. This follows the hospital's first-quarter loss of $8 million. Article

And Finally... Hey, he's The Boss. How could it be too loud? Article

Tenet sees $31 million loss for Q1

Wed, 07 May 2008 06:59:57 -0400

Dogged by expenses from lawsuits, Tenet Healthcare announced a $31 million first-quarter loss. Tenet reported a net loss of $31 million for the first quarter of this year, compared with a profit of $75 million for the same quarter last year when it enjoyed a $92 million tax gain. This quarter, Tenet faced litigation costs of $47 million pre-tax, which it set aside for wage and hour lawsuits and other employment matters. On the brighter side, its facilities saw a 1 percent increase in total admissions for this quarter compared to the first quarter of last year. Tenet also saw a drop in charity admissions due to an increased number of patients qualifying for Medicaid.

The unprofitable earnings report doesn't seem to have shocked Wall Street, which actually rewarded the company with a slight gain in its stock price the day the results were released. However, it is something of a counterweight to a recent favorable report from high-profile healthcare analyst Ken Weakly of Credit Suisse Securities, who ranked the stock as "outperform" and predicted a major improvement in its fortunes.

To learn more about Tenet's results:
- read this press release

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Tenet turning around: Admissions grow, losses fall
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Quarter Loss

ALSO NOTED: Study says nonprofit systems have higher quality scores; Grady gets $50 million as new board comes online; and much

Tenet sees $31 million loss for Q1