June 26, 2008
New Agreement With MultiPlan and PHCS Includes All Tenet Hospitals
Tenet Healthcare Corporation (NYSE:THC) today announced that it has signed a multi-year agreement with MultiPlan, Inc., which includes participation in both the MultiPlan and PHCS (formerly Private Healthcare Systems) networks. The agreement includes all Tenet hospitals, outpatient and ambulatory care centers beginning July 1, 2008. Contracts for employed physicians will be finalized in the coming weeks.
The following hospitals will be added to the MultiPlan and/or PHCS networks:
-- Doctors Medical Center, Modesto, Calif., 465 beds (PHCS Network)
-- Fountain Valley Regional Hospital and Medical Center, Fountain Valley, Calif., 400 beds (PHCS Network)
-- Frye Regional Medical Center, Hickory, N.C., 355 beds (PHCS Network)
-- St. Christopher's Hospital for Children, Philadelphia, Pa., 170 beds (PHCS Network)
-- Sierra Vista Regional Medical Center, San Luis Obispo, Calif., 165 beds (PHCS Network)
-- Central Carolina Hospital, Sanford, N.C., 137 beds (PHCS Network)
-- Placentia-Linda Hospital, Placentia, Calif., 114 beds (PHCS Network)
-- Twin Cities Community Hospital, Templeton, Calif., 114 beds (PHCS Network)
-- Sierra Providence East Medical Center, El Paso, Texas, 110 beds (MultiPlan and PHCS networks)
-- Coastal Carolina Medical Center, Hardeeville, S.C., 41 beds (MultiPlan Network)
-- Sylvan Grove Hospital, Jackson, Ga., 25 beds (PHCS Network)
"We are pleased that the MultiPlan and PHCS networks will add all of our hospitals and outpatient services to create nationwide coverage," said Stephen L. Newman, M.D., Tenet's chief operating officer. "This agreement continues our goal of securing the full participation of all our facilities at market competitive rates."
Clint Hailey, Tenet's chief managed care officer, said, "National contracts with comprehensive managed care plans like this one allow us to simplify the payment methodology across all of our facilities. This agreement is significant because the MultiPlan/PHCS networks together represent one of Tenet's top 10 largest health plans when ranked by revenue."
Finally, Michael Ferrante, MultiPlan's chief of operations, added, "Tenet delivers key hospitals in many markets for our clients, and we are very pleased to offer expanded access to these high-quality facilities through both our primary and complementary PPO networks. We look forward to a continued strong partnership between our companies."
Tenet has announced several national contracts with major payors for all its hospitals and outpatient facilities in the past year including UnitedHealthcare, Aetna and CIGNA. The company also successfully negotiated regional contracts including Independence Blue Cross in Philadelphia; Blue Cross Blue Shield of Texas; Blue Cross of California; Great-West Healthcare in Florida, Memphis, and Philadelphia; Coventry Healthcare in Texas and California; and Blue Cross and Blue Shield of North Carolina.
Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals and related ancillary health care businesses, which include ambulatory surgery centers and diagnostic imaging centers. Tenet is committed to providing high-quality care to patients in the communities we serve. Tenet can be found on the World Wide Web at www.tenethealth.com.
Some of the statements in this release may constitute forward-looking statements. Such statements are based on our current expectations and could be affected by numerous factors and are subject to various risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended Dec. 31, 2007, our quarterly reports on Form 10-Q and periodic reports on Form 8-K. Do not rely on any forward-looking statement, as we cannot predict or control many of the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.