News Briefs: Tenet offers to extend services as part of buyout
To ease Los Angeles-area residents’ concerns about an impending buyout of two area hospitals that would convert them from not-for-profit to for-profit, Tenet Healthcare Corp. in Santa Barbara, CA, has announced that it will bolster services and follow the Ethical and Religious Directives for Catholic Health Care Services. Tenet currently follows this directive in at least eight of its hospital properties.
As part of this action, Tenet will keep emergency services at Daniel Freeman Memorial for at least five years; at the Inglewood hospital, Tenet has agreed to continue providing obstetrical and neonatal intensive care services for at least five years. These promises are up from a minimum guarantee of two years and three years, respectively, from when Tenet first proffered its offer. The company also agreed to invest $50 million in the two hospitals during the next 10 years.
Tenet has offered $55 million for two Daniel Freeman Hospitals — the 360-bed Daniel Freeman Memorial Hospital, in Inglewood, CA, and the 138-bed Daniel Freeman Marina Hospital in Marina del Rey, CA. They lost $23.9 million on operations for the year ended June 30, 2001, on $183.8 million in revenue.
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