Tenet announced more furloughs and additional measures to control costs amid the COVID-19 crisis, according to Reuters.
Six things to know:
1. Tenet has furloughed around 10 percent of its workforce of more than 113,000 employees. About 3 percent of the furloughs affect hospital staff and are occurring this week. The furloughed employees primarily work in administrative support roles, corporate office jobs and elective care, including joint replacements and routine colonoscopies.
2. Earlier this month, the company said it only planned to furlough 500 employees. The number increased as elective surgeries remain suspended.
3. Tenet ASCs and surgical hospitals not needed to care for COVID-19 patients have been shut down.
4. CEO and Chairman Ron Rittenmeyer plans to donate 50 percent of his salary from April to June to a fund for employees who are financially affected by the coronavirus. Other executives plan to devote 10 percent to 20 percent of their salaries to the fund.
5. Tenet withdrew its full-year guidance for 2020. The company plans to release its first quarter results in May and provide additional insights at that time.
6. The company completed a debt offering of $700 million to pay off debts and spend on other capital needs. It is also working to boost borrowing capacity of its revolving line of credit to $2 billion.