Tenet Healthcare Corp. says a number of factors contributed to its net loss in the first quarter of 2004.
Net operating revenues slipped 3 percent to $2.67 billion, compared with $2.75 billion in the first quarter of 2003. Tenet also reported a net loss of $122 million, compared with a net loss of $20 million in the year-ago quarter.
Tenet President and CEO Trevor Fetter said that while the hospital chain was "encouraged by the progress evidenced in our first quarter results, particularly our ability to control costs in a difficult revenue environment," the company's facilities "are having to provide uncompensated care for an increasing number of uninsured patients."
He added that Tenet is "working hard to improve pricing and grow volumes, but these efforts by their nature will take more time to visibly impact our results. We've still got a long road ahead, but I am confident we are moving in the right direction."