Health Care Industry
Industry: Email Alert RSS FeedTenet Pennsylvania to close, sell hospitals
Healthcare Financial Management, Feb, 2004
Tenet Pennsylvania (a part of Tenet Healthcare Corporation) announced its intent to close the 379-bed Medical College of Pennsylvania (MCP) Hospital on March 31, 2004. Phillip Schaengold, vice president of operations, attributes the decision in large part to a tough payer market, rising medical malpractice insurance, state budget constraints, and losses of $5 million per month.
In addition, on December 11, Tenet announced it is seeking a buyer for it's 269-bed Redding Medical Center, Redding, Calif., which is owned by a Tenet subsidiary. The sale of the hospital is part of an agreement with the HHS Office of Inspector General, which has been considering a possible exclusion o| Redding Medical Center from federal healthcare programs. The sale process is expected to be complete by mid-2004.
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To read about Tenet's hospital closing and sale, go to www.tenethealthcare.com/TenetHealth/PressCenter.>
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