Tenet also entered into a 5-year corporate integrity agreement with the U.S. to settle allegations of unusually high Medicare payments to Tenet hospitals in 2000 to 2002. In 2006, Tenet agreed to pay $725 million to the Justice Dept. Also in 2004, Tenet moved its headquarters from Santa Barbara, California to Dallas, Texas. In 2003, Tenet sold or closed 14 hospitals and closed more than 20 facilities in 2004 to achieve its financial performance goals. To rebuild its ethics and compliance programs, Tenet hired a chief compliance officer to report directly to the company's board of directors. In 2003, Trevor Fetter became CEO of Tenet and started Commitment to Quality, an initiative to improve the “quality, safety, service and outcomes of the care and services” provided by Tenet. Federal investigations into the company's billing practices, particularly those related to Medicare, began late in 2002, leading to a decline in Tenet's stock price of about 70%. In 2002, one of Tenet's hospitals came under scrutiny for its surgical practices and another was investigated in a kickback scheme. In 1998, Tenet purchased eight Philadelphia hospitals owned by the bankrupt Allegheny Health, Education & Research Foundation for $345 million. In 1996, Tenet CEO Jeffrey Barbakow moved Tenet's headquarters from Santa Monica, California to Santa Barbara. Following completion of the acquisition, NME changed its name to Tenet Healthcare Corporation. In 1994, NME bought American Medical Holdings for $3.35 billion, which strengthened its presence in Southern California and South Florida, and extended into New Orleans, Louisiana and Texas. Tenet possessed a dominant market share in Southern California at the time and envisaged the same prospects in South Florida, Louisiana, Texas, and the Philadelphia, Pennsylvania area. Īfter some scandals in the early 1990s (see below), NME divested its specialty facilities. By 1990, the company had 200 hospitals in its network, and was the second-largest hospital company in the U.S. In the mid-1980s, NME shifted its focus to specialty hospitals. By 1981, NME owned or managed 193 hospitals and nursing homes, and became the third-largest healthcare company in the U.S.
By 1975, NME owned, operated, and managed 23 hospitals and a home health care business. Tenet was first incorporated in 1969, by attorneys Richard Eamer, Leonard Cohen and John Bedrosian, as National Medical Enterprises, (NME) and headquartered in Los Angeles, California. The company has settled a number of multimillion settlements related to defrauding Medicare, Medicaid, and patients, which includes admitting psychiatric patients who did not need hospitalization and then charging these patients inflated prices. In 2021, the company ranked 167th in the Fortune 500. In 2015, Tenet acquired USPI, which created the largest operator of outpatient surgery centers in the United States. The acquisition created the third-largest investor-owned hospital company in the United States in terms of revenue and the third-largest in number of hospitals owned. Among other major acquisitions and formations, Tenet founded Conifer Health Solutions in 2008, MedPost Urgent Care in 2014, and in 2013 acquired Vanguard Health Systems, Inc., an investor-owned hospital company whose operations complemented Tenet's existing business. Since its founding in 1969, Tenet has expanded significantly. Tenet also operates Conifer Health Solutions, which provides healthcare support services to health systems and other clients. Through its brands, subsidiaries, joint ventures, and partnerships, including United Surgical Partners International (USPI), the company operates 65 hospitals and over 450 healthcare facilities. Tenet Healthcare Corporation is a for-profit multinational healthcare services company based in Dallas, Texas, United States.
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