“Virtually all regular operations have come to a
halt … Causing major cash flow concerns that the threaten the viability
of hospitals,” said the American Hospital Association earlier this
month. Indeed.
Tenet (NYSE:THC)
operates 65 hospitals and 500 other healthcare facilities,, including
ambulatory surgery centers. Those furloughed include administrative and
corporate office staff, as well as healthcare workers involved in
elective procedures.
“While we are concerned for the COVID-19 patients
we are caring for across our system, we are equally concerned for our
other patients who must now wait to receive medically necessary
procedures,” says CEO Ron Rittenmeyer in a letter to employees.
Shares are down 3% premarket.
In other chilling news, Quest Diagnostics earlier this week laid off about 9% of its workforce, noting a sharp drop in testing despite having performed nearly 1M tests for coronavirus.
https://seekingalpha.com/news/3560854-hospital-operators-getting-crushed-tenet-lays-off-10-of-staff
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