Dallas-based Tenet Healthcare Corp. is selling two Tenet hospitals and related operations in San Luis Obispo County, California to Adventist Health in a deal valued at roughly $550 million.
Tenet said the deal will have after-tax proceeds of roughly $450 million.
For the year ended Dec. 31, the two hospitals and related operations included in the sale generated revenues of roughly $337 million. The company estimates recording a pre-tax book gain of roughly $275 million.
Tenet said the deal is expected to be completed this spring.
Tenet subsidiary to provide revenue cycle services
Tenet also said its Conifer Health Solutions subsidiary will enter into enter into a strategic partnership with Adventist Health to provide hospital and physician revenue cycle services.
“Adventist Health is a prominent healthcare system with a commitment to compassionate care and serving the communities of San Luis Obispo County,” Saum Sutaria, M.D., chairman and CEO, Tenet Healthcare, said in a statement. “Furthermore, our revenue cycle services partnership will enable our organizations to apply new innovations to optimize the patient experience.”
Tenet Healthcare’s network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates or has ownership interests in more than 480 ambulatory surgery centers and surgical hospitals.
It also operates 58 acute care and specialty hospitals, roughly 160 other outpatient facilities, a network of leading employed physicians, and a global business center in Manila, Philippines.
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