After evaluating strategic alternatives, Tenet Healthcare (NYSE:THC) announces its plan for a tax-free spin-off of its Conifer business by Q2 2021.
Conifer provides revenue cycle management and population health management services to health systems, physicians and employer groups, managing more than 17M unique patient interactions and ~$25B in net patient revenue each year. In 2018, it generated $1.533B in revenue and $357M in non-GAAP EBITDA (+26% yoy).
Conifer CEO Stephen Mooney has stepped down. COO Kyle Burtnett has taken over on an interim basis.
THC hosted a conference call this morning at 7:30 am ET to discuss the spin-off.
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