Dallas-based Tenet Healthcare's hospital operations revenue dropped 2.7 percent as Addison, Texas-based United Surgical Partners International revenue grew 7.3 percent during the third quarter of 2018.
Here are eight takeaways:
1. USPI delivered net operating revenues of $502 million in this year's third quarter, up from $468 million in the third quarter of 2017.
2. Meanwhile, net operating revenues in Tenet's hospital operations and other segment decreased to about $3.7 billion. The company attributed the setback to hospital divestitures and said it was partially offset by same-hospital revenue growth.
3. Same-facility, systemwide ambulatory revenue grew 6.7 percent, with cases increasing 5 percent and revenue per case increasing 1.6 percent.
4. For the surgical business, which represents the majority of USPI's revenue, same-facility systemwide revenue increased 6.6 percent, cases grew 4 percent and revenue per case grew 2.5 percent.
5. In the non-surgical business, same-facility systemwide revenue was up 9.4 percent, visits increased 6.6 percent and revenue per visit grew 2.5 percent.
6. Overall, Tenet reported a net loss of $9 million for the quarter, compared to a $366 million loss in the third quarter of 2017. That comes out to $0.09 per diluted share for this quarter, compared to $3.63 per diluted share last year.
7. For its hospital operations segment, the company reduced its adjusted EBITDA midpoint outlook by $60 million, to around $1.4 billion. In contrast, the adjusted EBITDA midpoint outlook for the USPI segment increased by $10 million to between $790 million and $800 million.
8. The company projects full-year revenue of $18.1 billion to $18.3 billion and fourth-quarter revenue of $4.4 billion to $4.6 billion.
Tenet Executive Chairman and CEO Ronald A. Rittenmeyer said, "We had a solid quarter of results at both USPI and Conifer. Our hospitals did not meet our expectations and we are focusing on specific areas to address those gaps. Strengthening enterprise operations remains our primary focus – and we will continue moving with urgency to implement targeted growth initiatives, achieve operational efficiencies, make further enhancements to our facility portfolio and instill culture changes to drive accountability."