Business
Tenet moves out of Mississippi
NEWS IN BRIEF — Posted May 8, 2006
Tenet Healthcare Corp. has announced plans to sell its only hospital in Mississippi, saying the devastating impact of last year's Hurricane Katrina has caused it to re-evaluate its operations in the area. The Dallas-based hospital operator said on April 17 that it had reached an agreement to sell the 189-bed Gulf Coast Medical Center in Biloxi, Miss., to Health Management Associates Inc.
Proceeds from the sale, to be completed by May 31, were expected to total about $16 million.
Tenet said it decided to sell the hospital to HMA because it wanted to turn it over to an operator that has a significant presence in the area.
In addition to Gulf Coast Medical Center, Tenet operated five hospitals in Louisiana that were affected by the destructive late-summer storm.
The company posted a $408 million third-quarter loss last November, blaming much of the shortfall on the effects of the hurricane.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2006/05/08/bibf0508.htm.