Topic - Tenet Healthcare Corp.

Tenet Healthcare Corporation, an investor-owned health-care delivery systems company based in Dallas, Texas. THC owns and operates 49 acute-care hospitals in 11 states and 59 outpatient centers in 12 states, with a majority of these hospitals (32) in California, Florida and Texas. Headquartered in downtown Dallas, Tenet has more than 13,000 licensed beds and 57,000 employees. The company’s hospitals offer acute care, radiology and respiratory therapy services, as well as operating and recovery rooms, clinical laboratories and pharmacies. In addition, Tenet hospitals offer intensive care, critical care and coronary care units; physical therapy; orthopedic, oncology, outpatient, organ transplant and surgical services.==History==Tenet was founded in 1967 by three lawyers: Richard Eamer, Leonard Cohen and John Bedrosian and originally named National Medical Enterprises (NME) and originally headquartered in Santa Monica, California. The company spent its first decade building and acquiring medical facilities and related services. The company began seven construction projects in 1971, tripling in size within a year. In the mid-1980s, NME shifted its focus to specialty hospitals. After some scandals in the early 1990s (see below), NME unloaded its specialty facilities, reconfiguring itself as Tenet Healthcare Corporation in 1995, and again turned its focus to acute care. Tenet dominated the southern California market, and sought a foothold in south Florida, Louisiana and Texas, as well as the Philadelphia area. Eventually, Tenet owned 111 hospitals. In 2002, however, the company became entangled in scandals, as one of its hospitals came under scrutiny for its surgical practices and another was investigated in a kickback scheme (see below). In 2003, Trevor Fetter became CEO and started the Commitment to Quality in 2003, which included improvements in data gathering and statistics. The company also hired a chief compliance officer to rebuild its ethics and compliance programs. In 2004, Tenet also moved its headquarters from California to the northern suburban areas of Dallas. To improve its reputation, Tenet retained former Florida governor Jeb Bush to its board of directors in 2007. Detailed financial reports on Tenet's patient mix, collection rates and accounts receivables that are required by the company as a condition of the 5-year corporate integrity agreement with the U.S. Department of Health & Human Services have improved the company's transparency. As of 2009, the company has begun to turn around, with an operating revenue and net profit of $9 billion and $181 million, respectively. In 2009, Tenet stock became the number 2 performer on the S&P 500 after decreasing earlier in the year because of higher than average debt. The company's largest hospital is Brookwood Medical Center located in Birmingham, Alabama with almost 600 beds. - Source: Wikipedia

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