TENET HEALTHCARE CORPORATION (NYSE:THC) Files An 8-K Results of Operations and Financial Condition

The information contained herein is being furnished to Item 5.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On October 27, 2017, Tenet Healthcare Corporation (the “Company”) issued a press release reporting, among other things, certain information regarding the Company’s preliminary results of operations for the quarter ended September 30, 2017. A copy of the press release is attached to this report as Exhibit 99.1 and incorporated herein by reference.

On October 27, 2017, the Company also announced that it has begun the implementation of a $150 million enterprise-wide cost reduction initiative, which includes the elimination of a regional management layer and streamlining corporate overhead and centralized support functions. In total, the Company anticipates it will eliminate approximately 1,300 positions, including contractors. In conjunction with this initiative, the Company expects to recognize a pre-tax restructuring charge of approximately $40 million in the fourth quarter of 2017. Substantially all of these costs relate to employee severance payments that will begin in the fourth quarter of 2017 and will continue into 2019.

On October 26, 2017, the Company's Board of Directors appointed James L. Bierman as an independent member of the Board. He has not yet been appointed to serve on any committees of the Board. Mr. Bierman will stand for election as an independent director at the Company’s 2018 annual meeting of shareholders.

Mr. Bierman will participate in the non-employee director compensation programs described under “Director Compensation” in the Company’s proxy statement filed with the SEC on March 24, 2017. There is no arrangement or understanding between Mr. Bierman and any other persons to which he was selected as a director. In addition, Mr. Bierman is not a party to any transaction with the Company reportable under Item 404(a) of Regulation S-K under the Securities Act.

(d)Exhibits

TENET HEALTHCARE CORP ExhibitEX-99.1 2 thc-20170930ex991prerelease.htm EXHIBIT 99.1 Exhibit Tenet Releases Preliminary Results for the Third Quarter of 2017,…To view the full exhibit click here
About TENET HEALTHCARE CORPORATION (NYSE:THC)
Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company operates through three segments: Hospital Operations and other, Ambulatory Care and Conifer. With its networks, including acute care and specialty hospitals, which are engaged in providing outpatient facilities and related businesses, the Company provides a range of healthcare services in the communities it serve. It operates approximately 90 hospitals, 20 short-stay surgical hospitals, 475 outpatient centers, nine facilities in the United Kingdom and six health plans through its subsidiaries, partnerships and joint ventures. In addition, its Conifer Holdings, Inc. (Conifer) subsidiary provide healthcare business process services in the areas of revenue cycle management and technology-enabled performance improvement and health management solutions to health systems.