Tenet Healthcare Corporation (THC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la atención médica, Tenet Healthcare Corporation (THC) surge como un jugador fundamental, navegando estratégicamente el complejo ecosistema de salud a través de su innovador lienzo de modelo de negocio. Con una red robusta que abarca 65+ hospitales Y un enfoque integral de los servicios médicos, el THC transforma la prestación de atención médica tradicional mediante la combinación de tecnología de punta, soluciones centradas en el paciente y colaboraciones estratégicas. Este intrincado modelo de negocio no solo aborda los desafíos multifacéticos de la atención médica moderna, sino que también posiciona a la corporación como una fuerza transformadora para proporcionar servicios médicos accesibles de alta calidad en múltiples especialidades y segmentos de pacientes.

Tenet Healthcare Corporation (THC) - Modelo de negocios: asociaciones clave

Sistemas hospitalarios y grupos médicos para colaboraciones estratégicas

A partir de 2024, Tenet Healthcare mantiene asociaciones estratégicas con 47 hospitales en múltiples estados. Las redes de colaboración clave incluyen:

Región	Número de socios hospitalarios	Tipo de asociación
California	12	Red de atención médica integrada
Florida	8	Colaboración regional
Texas	15	Red de cuidados integrales

Proveedores de seguros para la participación de la red

Tenet Healthcare colabora con $ 1.2 billones En cobertura de la red de seguros total:

• UnitedHealthcare: cobertura de red de $ 450 mil millones
• Aetna: cobertura de red de $ 350 mil millones
• Cigna: cobertura de red de $ 250 mil millones
• Blue Cross Blue Shield: cobertura de red de $ 150 mil millones

Proveedores de equipos médicos y tecnología

Proveedor	Valor anual del contrato	Equipo principal
Saludos de Siemens	$ 175 millones	Sistemas de imágenes de diagnóstico
GE Healthcare	$ 125 millones	Equipo de monitoreo médico
Philips Healthcare	$ 100 millones	Tecnologías quirúrgicas

Empresas farmacéuticas para servicios clínicos

Cartera de asociaciones farmacéuticas valorada en $ 225 millones anualmente:

• Pfizer: colaboración de investigación clínica de $ 85 millones
• Johnson & Johnson: Asociación de ensayos clínicos de $ 70 millones
• Moderna: red de investigación de vacunas de $ 40 millones
• AstraZeneca: Acuerdo de servicio clínico de $ 30 millones

Centros médicos académicos para investigación y capacitación

Institución académica	Financiación de la investigación	Área de enfoque
Universidad de Texas Southwestern	$ 35 millones	Investigación oncológica
Centro Médico de Stanford	$ 28 millones	Innovación de salud digital
Universidad de Johns Hopkins	$ 22 millones	Medicina de precisión

Tenet Healthcare Corporation (THC) - Modelo de negocio: actividades clave

Gestión del hospital de cuidados agudos

Tenet Healthcare opera 61 hospitales en 10 estados a partir de 2023. Camas totales de hospital: 14,322. Admisiones anuales al paciente: 1.2 millones. Ingresos operativos de los servicios hospitalarios: $ 19.3 mil millones en 2022.

Métrica del hospital	Cantidad
Hospitales totales	61
Estados de operación	10
Camas de hospital totales	14,322
Admisiones anuales al paciente	1,200,000

Servicios médicos quirúrgicos y de emergencia

Volumen de procedimientos quirúrgicos: 425,000 cirugías anuales. Visitas del departamento de emergencias: 3.6 millones por año.

• Especialidades quirúrgicas: ortopédica, cardiovascular, neurocirugía
• Servicios de emergencia disponibles: 24/7 en todas las instalaciones

Prestación de atención clínica ambulatoria

Red clínica ambulatoria: 470 Centros y clínicas de cirugía ambulatoria. Visitas anuales para pacientes ambulatorios: 8.2 millones. Ingresos ambulatorios: $ 6.7 mil millones en 2022.

Métrico de servicio ambulatorio	Cantidad
Centros de cirugía ambulatoria	470
Visitas para pacientes ambulatorios anuales	8,200,000
Ingresos por pacientes ambulatorios	$ 6.7 mil millones

Implementación de tecnología médica

Inversión tecnológica anual: $ 312 millones. Cobertura del sistema de registro de salud electrónica (EHR): 100% de las instalaciones. Plataformas de telemedicina: Disponible en 58 hospitales.

• Áreas de enfoque de tecnología: diagnóstico de IA, monitoreo remoto de pacientes
• Plataformas de salud digital: sistema EHR épico

Gestión del ciclo de ingresos de la salud

Ingresos anuales totales: $ 22.1 mil millones. Gastos operativos: $ 20.3 mil millones. Ingresos netos: $ 1.8 mil millones en 2022. Volumen de procesamiento de reclamos: 42 millones anuales.

Métrica financiera	Cantidad
Ingresos anuales totales	$ 22.1 mil millones
Gastos operativos	$ 20.3 mil millones
Lngresos netos	$ 1.8 mil millones
Reclamos procesados ​​anualmente	42,000,000

Tenet Healthcare Corporation (THC) - Modelo de negocio: recursos clave

Infraestructura de la red hospitalaria

A partir del cuarto trimestre de 2023, Higet Healthcare Corporation opera 65 hospitales En múltiples estados con la siguiente distribución geográfica:

Región	Número de hospitales	Estados cubiertos
Del sur de los Estados Unidos	38	Texas, Florida, California
Medio oeste de los Estados Unidos	12	Illinois, Missouri
Noreste de los Estados Unidos	15	Pensilvania, Nueva York

Infraestructura y equipo médico

Inversión total de capital en equipos e infraestructura médica para 2023: $ 487 millones.

• Sistemas de diagnóstico de diagnóstico avanzados
• Plataformas quirúrgicas robóticas
• Sistemas de registros de salud electrónicos integrados
• Infraestructura de tecnología de telemedicina

Recursos humanos

Composición de la fuerza laboral a diciembre de 2023:

Categoría profesional	Total de empleados
Médicos	8,750
Enfermeras registradas	22,500
Personal administrativo	15,600
Personal de apoyo	12,350

Plataformas de tecnología de salud digital

Inversión tecnológica para 2023: $ 132 millones

• Sistema de registros médicos electrónicos de toda la empresa
• Aplicaciones móviles de participación del paciente
• Plataformas de consulta de telesalud
• Sistemas de soporte de diagnóstico con IA

Recursos de capital financiero

Métricas financieras para 2023:

Métrica financiera	Cantidad
Ingresos totales	$ 19.3 mil millones
Equivalentes de efectivo y efectivo	$ 1.2 mil millones
Activos totales	$ 24.6 mil millones
Presupuesto de gastos de capital	$ 650 millones

Tenet Healthcare Corporation (THC) - Modelo de negocio: propuestas de valor

Servicios de atención médica integrales en múltiples especialidades

Tenet Healthcare Corporation opera 61 hospitales en 10 estados a partir de 2023. La compañía brinda servicios en las siguientes áreas especializadas:

Especialidad	Número de instalaciones/centros
Centros quirúrgicos	45
Atención de emergencia	61
Clínicas ambulatorias	370
Centros de diagnóstico	280

Atención médica de alta calidad con apoyo tecnológico avanzado

Inversiones tecnológicas en 2023:

• $ 287 millones gastados en actualizaciones de tecnología médica
• Implementación de herramientas de diagnóstico impulsadas por la IA en 42 hospitales
• Sistema de registros de salud electrónicos que cubre el 100% de las instalaciones

Soluciones de salud accesibles y centradas en el paciente

Métricas de accesibilidad del paciente para 2023:

Métrico de acceso	Porcentaje
Cobertura de servicios de telesalud	87%
Clínicas de horas extendidas	68%
Disponibilidad de fin de semana	75%

Opciones de tratamiento médico rentable

Estrategias de gestión de costos en 2023:

• Costo promedio de tratamiento del paciente: $ 4,750
• Ahorro de negociación de contratos de seguro: $ 312 millones
• Mejoras de eficiencia operativa Reducción de costos en un 5.2%

Modelo integrado de prestación de atención médica

Métricas de integración para 2023:

Componente de integración	Cobertura
Registros de salud electrónicos integrados	100%
Colaboración de especialidad cruzada	93%
Programas de atención coordinada	88%

Tenet Healthcare Corporation (THC) - Modelo de negocios: relaciones con los clientes

Enfoque de atención centrada en el paciente

Tenet Healthcare Corporation atiende aproximadamente 470 sitios de atención y 60 hospitales en los Estados Unidos a partir de 2023. Interacciones del paciente administradas a través del sistema centralizado de gestión de relaciones con el cliente.

Métricas de interacción del paciente	Volumen anual
Encuentros de pacientes totales	8.3 millones
Visitas del departamento de emergencias	2.1 millones
Procedimientos quirúrgicos	420,000

Plataformas de compromiso de pacientes digitales

Plataformas de salud digital utilizadas en la red de Tenet con las siguientes capacidades tecnológicas:

• Aplicaciones de salud móvil
• Integración de registros médicos electrónicos
• Programación de citas en línea
• Servicios de consulta virtual

Programas de gestión de salud personalizados

Tenet implementa programas especializados de manejo de pacientes con 87% de tasa de compromiso del paciente.

Categoría de programa	Tasa de inscripción
Manejo de enfermedades crónicas	62%
Programas de atención preventiva	53%
Seguimiento posquirúrgico	72%

Comunicación continua a través de servicios de telesalud

Estadísticas de plataforma de telesalud para 2023:

• Consultas mensuales de telesalud: 145,000
• Duración de consulta promedio: 22 minutos
• Tasa de satisfacción del paciente: 93%

Monitoreo de comentarios y satisfacción del paciente

Mecanismo integral de seguimiento de la experiencia del paciente con las siguientes métricas:

Métrico de retroalimentación	Puntaje de rendimiento
Satisfacción general del paciente	89%
Puntuación del promotor neto	72
Tasa de resolución de quejas	95%

Tenet Healthcare Corporation (THC) - Modelo de negocios: canales

Hospital físico y ubicaciones de los centros médicos

A partir de 2024, Higet Healthcare Corporation opera 65 hospitales en 10 estados. Número total de instalaciones médicas propias y operadas: 470.

Estado	Número de hospitales	Camas para pacientes hospitalizados totales
Texas	21	3,850
California	15	2,750
Florida	12	2,300

Plataformas de telesalud y consulta virtual

Uso de la plataforma de consulta virtual: 2.3 millones Interacciones del paciente en 2023.

• Duración promedio de consulta de telesalud: 22 minutos
• Tasa de satisfacción de la plataforma digital: 87%
• Ingresos anuales de telesalud: $ 124 millones

Aplicaciones de atención médica móvil

Descargas de aplicaciones móviles: 1.7 millones A partir del cuarto trimestre 2023.

Característica de la aplicación	Compromiso de usuario
Programación de citas	62% de los usuarios de aplicaciones móviles
Acceso a registros médicos	48% de los usuarios de aplicaciones móviles

Redes directas de referencia de pacientes

Tamaño de la red de referencia del médico: 12,500 profesionales de la salud.

• Referencias promedio por mes: 45,000
• Cobertura de red: 10 estados
• Tasa de conversión de referencia: 63%

Portales de pacientes y sistemas de programación en línea

Portal de pacientes en línea Usuarios registrados: 3.6 millones en 2024.

Función portal	Porcentaje de uso
Reserva de citas	72%
Recipientes de receta	58%
Revisión de registros médicos	45%

Tenet Healthcare Corporation (THC) - Modelo de negocio: segmentos de clientes

Pacientes de cuidados agudos

A partir del cuarto trimestre de 2023, Tenet Healthcare opera 61 hospitales de atención aguda en los Estados Unidos.

Métricas de segmento de pacientes	Volumen anual
Admisiones totales de cuidados agudos	1,375,000
Duración promedio de estadía	4.6 días
Ingresos anuales del paciente	$ 8.3 mil millones

Usuarios de servicios médicos de emergencia

Los departamentos de emergencias de Tenet Healthcare manejan volúmenes significativos de pacientes.

• Visitas totales del departamento de emergencias: 2.1 millones anuales
• Visitas promedio del departamento de emergencias por hospital: 34,426
• Ingresos del servicio de emergencia: $ 1.7 mil millones

Buscadores de tratamiento ambulatorios

Los servicios ambulatorios representan un segmento sustancial de la prestación de salud de Tenet.

Métricas de servicio ambulatorios	Volumen anual
Visitas para pacientes ambulatorios totales	4.8 millones
Ingresos por pacientes ambulatorios	$ 3.6 mil millones
Centros de cirugía ambulatoria	47 instalaciones

Procedimiento quirúrgico pacientes

Los servicios quirúrgicos son un componente central del modelo de atención al paciente de Tenet.

• Procedimientos quirúrgicos anuales: 625,000
• Ingresos quirúrgicos: $ 2.9 mil millones
• Centros quirúrgicos especializados: 22

Suscriptores de seguro de atención administrada

Tenet Healthcare mantiene extensas asociaciones de redes de atención administrada.

Métricas de redes de seguros	Detalles
Contratos de atención administrada totales	287
Volumen de paciente asegurado	68% del total de pacientes
Ingresos anuales de atención administrada	$ 6.5 mil millones

Tenet Healthcare Corporation (THC) - Modelo de negocio: Estructura de costos

Salarios y beneficios del personal médico

A partir del año fiscal 2023, los gastos totales de compensación para empleados de Tenet Healthcare fueron de $ 7.48 mil millones. Desglose salarial anual promedio:

Categoría de empleado	Salario anual promedio
Enfermeras registradas	$82,750
Médicos	$313,000
Personal administrativo	$68,500

Mantenimiento de infraestructura hospitalaria

Los costos anuales de mantenimiento de la infraestructura para Tenet Healthcare en 2023 totalizaron $ 456 millones, lo que incluye:

• Reparación y renovación de las instalaciones: $ 212 millones
• Servicios públicos y gestión de energía: $ 94 millones
• Contratos de mantenimiento de edificios: $ 150 millones

Equipos médicos e inversiones en tecnología

Gastos de tecnología y equipos médicos para 2023:

Categoría de equipo	Monto de la inversión
Equipo de diagnóstico de imágenes	$ 187 millones
Tecnologías quirúrgicas	$ 142 millones
Sistemas de registros de salud electrónicos	$ 98 millones

Gastos operativos y administrativos

Costos operativos para Tenet Healthcare en 2023:

• Gastos administrativos generales: $ 612 millones
• Marketing y adquisición de pacientes: $ 87 millones
• Cadena de suministro y adquisiciones: $ 423 millones

Cumplimiento de la salud y costos regulatorios

Gastos relacionados con el cumplimiento para 2023:

Categoría de cumplimiento	Monto del gasto
Informes regulatorios	$ 45 millones
Personal legal y de cumplimiento	$ 32 millones
Capacitación de cumplimiento	$ 8 millones

Tenet Healthcare Corporation (THC) - Modelo de negocios: flujos de ingresos

Servicios hospitalarios para pacientes hospitalizados

Para el año fiscal 2023, Tenet Healthcare reportó ingresos totales de servicios hospitalarios de hospitalización de $ 8,4 mil millones. El desglose de los servicios para pacientes hospitalizados incluye:

Categoría de servicio	Ingresos ($ M)
Atención médica/quirúrgica para pacientes hospitalizados	5,620
Servicios de unidad de cuidados intensivos	1,890
Unidades de pacientes hospitalizados especializados	890

Tarifas de procedimiento quirúrgico

Los ingresos del procedimiento quirúrgico para Tenet Healthcare en 2023 totalizaron $ 3.6 mil millones, con la siguiente distribución:

• Cirugías ortopédicas: $ 1,250 millones
• Procedimientos cardiovasculares: $ 980 millones
• Cirugías neurológicas: $ 580 millones
• Procedimientos quirúrgicos generales: $ 790 millones

Cargos de tratamiento ambulatorio

Los ingresos del tratamiento ambulatorio alcanzaron los $ 6.2 mil millones en 2023, segmentados de la siguiente manera:

Servicio ambulatorio	Ingresos ($ M)
Departamento de emergencias	1,740
Centros de cirugía ambulatoria	1,560
Imágenes de diagnóstico	1,200
Servicios de rehabilitación	700

Reembolsos de seguro médico

Los reembolsos de seguro médico para Tenet Healthcare en 2023 ascendieron a $ 11.3 mil millones, con el siguiente desglose:

• Reembolsos de seguro privado: $ 7,650 millones
• Reembolsos de Medicare: $ 2,890 millones
• Reembolsos de Medicaid: $ 760 millones

Ingresos de diagnóstico y servicio de laboratorio

Los ingresos por el servicio de diagnóstico y de laboratorio para 2023 fueron de $ 2.1 mil millones, distribuidos de la siguiente manera:

Servicio de laboratorio	Ingresos ($ M)
Pruebas de laboratorio clínico	1,250
Servicios de patología	480
Pruebas de diagnóstico especializadas	370

Tenet Healthcare Corporation (THC) - Canvas Business Model: Value Propositions

Lower-cost, convenient outpatient care via the USPI ambulatory platform.

• USPI Q3 2025 adjusted EBITDA margin reached 38.6%.
• Total joint replacements in USPI centers grew 11.1% in Q3 2025.
• USPI same-facility revenue growth assumption for full year 2025 is in the range of 4% to 7%.
• USPI 2025 adjusted EBITDA guidance was raised to $1.99 billion to $2.05 billion.

Comprehensive, high-acuity care for complex procedures in acute hospitals.

The hospital segment is focusing capital on high-acuity service lines, like cardiac care and intensive care, to drive revenue per case.

Hospital Segment Metric	Data Point (Late 2025)
Q3 2025 Adjusted EBITDA Margin	15.1%
Q3 2025 Same-Store Adjusted Admissions Growth	1.5%
Q3 2025 Net Patient Service Revenue per Adjusted Admission Growth	5.9%
Additional Capital Expenditure for High-Acuity Growth (2025)	$150 million

Improved financial performance for clients through Conifer's revenue cycle management.

• Conifer Health Solutions announced a collaboration with Google Cloud in November 2025 to embed advanced artificial intelligence across its RCM platform.
• Conifer has improved its adjusted EBITDA margin by more than 1,000 basis points since 2017.

Enhanced patient experience and reduced wait times through technology investments.

• Tenet Healthcare Corporation is putting meaningful capital behind AI-powered clinical and administrative tools intended to reduce patient wait times.
• USPI reported high patient satisfaction scores of 96.6 in 2024.
• Technology deployment, including advanced analytical tools, was cited as a key contributor to USPI performance improvements.

A defintely diversified care network across multiple US states.

Tenet Healthcare Corporation maintains a broad operational footprint across its Hospital Operations and Ambulatory Care segments.

Network Component	Count/Detail (As of Late 2025)
USPI Ambulatory Surgery Centers (As of Sep 30, 2025)	530
USPI Surgical Hospitals (As of Sep 30, 2025)	26
Acute Care and Specialty Hospitals (As of Mar 31, 2025)	49
Total Facilities (ASCs, Surgical Hospitals, Other Outpatient) (As of Mar 31, 2025)	Over 535 ASCs/Surgical Hospitals and roughly 160 other outpatient facilities

Tenet Healthcare Corporation (THC) - Canvas Business Model: Customer Relationships

You're looking at how Tenet Healthcare Corporation manages its complex web of relationships with the entities that pay for care and the providers who deliver it. It's a balancing act between large payers, individual patients, and the affiliated physician community.

The contractual relationships with commercial and government payers form the financial backbone. For the nine months ended September 30, 2025, the payer mix across net patient service revenues showed Managed Care as the largest component, representing 68.6% of the mix, up from 68.9% in the prior-year period. Government payers are significant too; Medicare held steady at 14.6% for both periods, while Medicaid saw a notable increase to 11.9% in Q3 2025 from 10.0% in Q3 2024. This shift toward Medicaid, alongside a focus on higher acuity, drove a 5.9% year-over-year increase in same-hospital net patient service revenue per adjusted admission for the third quarter of 2025. To further bolster this, Tenet Healthcare is securing enterprise-wide commercial rate increases projected to be between 3% and 5%.

Payer Category	Q3 2025 Net Patient Service Revenue Mix	Q3 2024 Net Patient Service Revenue Mix
Managed Care	68.6%	70.6%
Medicare	14.6%	14.6%
Medicaid	11.9%	10.0%
Uninsured	0.4%	0.4%

For high-touch, collaborative relationships with affiliated physicians, Tenet Healthcare relies heavily on its employed network and its ambulatory arm, United Surgical Partners International (USPI). As of December 31, 2024, the Hospital Operations segment included a network of employed physicians. USPI, which is sharpening its focus on orthopedic-driven centers, had interests in 518 ambulatory surgery centers (with 375 consolidated) as of the end of 2024. The strategy involves partnering with physicians to grow high-acuity procedures; for instance, joint replacements in ASCs were up 19% year-over-year in Q4 2024. The company plans to invest at least $250 million annually in ambulatory mergers and acquisitions in 2025, indicating a commitment to expanding these physician-aligned facilities.

Patient-centric care delivery centers on quality, safety, and acuity. The CEO noted a continued focus on expanding access to high-quality specialty care. The growth in revenue per case is explicitly driven by a favorable case mix and increases in higher acuity volumes. For example, the surgical business saw net revenue per case increase by 6.1% in Q3 2025, supported by this acuity shift. The overall organization, as of December 31, 2024, employed approximately 98,000 people to deliver and support care.

Dedicated account management, historically a key function of Conifer Health Solutions, supports external clients. Although Conifer Health Solutions has been organizationally combined with hospital operations into a single operating segment as of early 2024, its historical function remains relevant to external relationships. Prior to this consolidation, Conifer managed $25 billion in net patient revenue annually and provided care management support for 5.9 million people. Tenet Healthcare projects total fiscal year 2025 revenues to be between $21.15 billion and $21.35 billion, with the trailing twelve months revenue reported at $20.85 Billion USD.

• Conifer historically managed care for 5.9 million people.
• Conifer historically managed $25 billion in net patient revenue annually.
• FY 2025 projected total revenue range: $21.15 billion to $21.35 billion.
• USPI interests in consolidated ambulatory surgery centers as of year-end 2024: 375.

Finance: draft 13-week cash view by Friday.

Tenet Healthcare Corporation (THC) - Canvas Business Model: Channels

You're looking at how Tenet Healthcare Corporation gets its services-from the hospital bed to the back-office support-to the people who need them, so let's lay out the hard numbers on their distribution points.

The physical footprint is anchored by the hospital network, which has been strategically refined through divestitures, focusing on core markets.

Channel Component	Metric	Latest Reported Number (as of late 2025/Q3 2025)
Acute Care and Specialty Hospitals	Number of Hospitals Operated	50
United Surgical Partners International (USPI)	Total ASC Interests (as of Q2 2025)	521
United Surgical Partners International (USPI)	Total Surgical Hospital Interests (as of Q2 2025)	26
United Surgical Partners International (USPI)	Total Outpatient Facilities (as of late 2025)	Approximately 640
Employed Physician Practices	Practices Owned (as of end of 2024)	Over 650

The scale of the Ambulatory Care segment, driven by USPI, shows a clear channel focus, with growth continuing through de novo centers and M&A; for instance, Tenet planned 10-12 de novo centers for 2025.

The physician enterprise serves as a direct channel for patient volume into the Tenet system and for specialized service delivery.

• Employed or affiliated physicians: Nearly 1,135 as of December 31, 2024.
• Physician practices owned: Over 650 as of December 31, 2024.

Digital channels support patient interaction and service delivery across the enterprise.

• Digital patient engagement and communication platforms are used, with Conifer providing patient communications support.

For the B2B side, Conifer Health Solutions uses direct teams to push its revenue cycle management and value-based care services externally.

• Conifer serves approximately 650 Tenet and non-Tenet hospitals and other clients nationwide.
• Some hospital divestitures included long-term service contracts, such as a 15-year MSA for revenue cycle management.

Finance: draft 13-week cash view by Friday.

Tenet Healthcare Corporation (THC) - Canvas Business Model: Customer Segments

You're looking at the core groups Tenet Healthcare Corporation serves, which is really the engine driving their financial results as of late 2025. The customer base splits clearly between direct care recipients and the entities that pay for that care, plus the external partners they support.

Patients requiring acute, complex, and specialty inpatient care form the base of the Hospital Operations segment. For the nine months ended September 30, 2025, this segment generated net operating revenues of $8,030 million. In the third quarter of 2025 alone, net operating revenues for the hospital segment were $4,001 million. Same-hospital adjusted admissions showed growth of 1.5% year-over-year in Q3 2025. That same-hospital metric for net patient service revenue per adjusted admission increased by 5.9% in Q3 2025, largely due to a favorable payer mix and focus on higher acuity services. The full-year 2025 guidance for hospital adjusted admissions growth is between 2% and 3%, though the latest reported growth is lower.

The second major group is patients seeking convenient, lower-cost outpatient surgical procedures, primarily served by United Surgical Partners International (USPI). As of September 30, 2025, USPI held interests in 530 ambulatory surgery centers (with 398 consolidated) and 26 surgical hospitals (with eight consolidated) across 37 states. USPI's Q3 2025 net operating revenues rose 11.9% year-over-year, reaching $1.28 billion. Same-facility net patient service revenues for USPI grew 8.3% in Q3 2025, while surgical case volume increased by 2.1%. Net revenue per case for USPI in Q3 2025 was up 6.1%. Tenet Healthcare Corporation raised its full-year 2025 adjusted EBITDA guidance for USPI to a range between $1.99 billion and $2.05 billion.

The third segment involves the entities paying for care: commercial insurance payers and government programs (Medicare/Medicaid). Commercial rates enterprise wide for Tenet Healthcare Corporation are seeing increases between 3% and 5%. For the second quarter of 2025, revenues from health insurance exchanges grew 28% year-over-year, making up roughly 7% of total consolidated revenues. The hospital segment also recognized a $79 million favorable pre-tax impact in Q2 2025 related to additional Medicaid supplemental revenues, including a program in Tennessee.

Tenet Healthcare Corporation also serves external entities through Conifer Health Solutions, which targets external hospitals, health systems, and physician practices (Conifer clients). Conifer Health Solutions provides services to 660 clients nationwide. This subsidiary manages $25 billion in net patient revenue annually and supports care management for 5.9 million people.

Finally, there is the segment of physicians seeking partnership and facility ownership opportunities (USPI). USPI is noted as a trusted partner to over 50 not-for-profit health systems. Across the entire USPI platform, more than 11,000 physicians are affiliated.

Here's a quick look at the scale of the USPI outpatient platform as of the end of Q3 2025:

Facility Type	Total Interests	Consolidated Interests
Ambulatory Surgery Centers (ASCs)	530	398
Surgical Hospitals	26	8

And here's how the hospital segment is structured:

• Hospitals in the Hospital Operations segment: 50 acute care and specialty hospitals.
• Geographic focus: Primarily in nine states.

The payer mix strength is clearly reflected in the revenue per case growth across both major segments.

Tenet Healthcare Corporation (THC) - Canvas Business Model: Cost Structure

The Cost Structure for Tenet Healthcare Corporation is heavily weighted toward personnel and operational inputs necessary to run its acute care hospitals and the growing USPI ambulatory network. You see these costs reflected across the organization, especially as case acuity rises.

Significant investment in salaries, wages, and benefits (SWB) for clinical staff represents a major outflow. For the third quarter of 2025, salary, wages and benefit expenses totaled $\mathbf{\$2.2 \text{ billion}}$ for that quarter alone, which was a $\mathbf{0.6\%}$ decrease year over year. This expense line was $\mathbf{41.7\%}$ of net revenues in Q3 2025. Even in Q2 2025, this cost was $\mathbf{\$2.2 \text{ billion}}$ for the quarter, showing a $\mathbf{0.4\%}$ year-over-year decrease. Executives noted this spending was tamped down, with contract labor expense making up $\mathbf{1.9\%}$ of consolidated labor expenses in Q2 2025.

Medical supply costs are a direct reflection of the higher-acuity case mix Tenet Healthcare Corporation is treating. In the third quarter of 2025, supply expenses increased $\mathbf{5.7\%}$ year over year, reaching $\mathbf{\$931 \text{ million}}$. This follows a $\mathbf{2.6\%}$ increase in Q2 2025, where supply costs were $\mathbf{\$932 \text{ million}}$.

Capital deployment for growth and maintenance is another key cost area. Capital expenditures for facility upgrades and new construction are guided for the full year 2025 to be between $\mathbf{\$875 \text{ million}}$ and $\mathbf{\$975 \text{ million}}$. This was an increase from the initial Q2 2025 outlook of $\mathbf{\$725}$ to $\mathbf{\$825 \text{M}}$. This spending supports organic growth, evidenced by the announcement of a new hospital facility opening in Port St. Lucie, Florida, designed for advanced emergency and specialty care.

The growth of the USPI segment drives significant acquisition and development costs. Tenet Healthcare Corporation expected to exceed a previously set target of $\mathbf{\$250 \text{ million}}$ spent on M&A in 2025. Year-to-date as of September 30, 2025, nearly $\mathbf{\$300 \text{ million}}$ had already been spent on M&A in the USPI space. For context on Q2 2025 activity, the company acquired $\mathbf{7}$ ambulatory centers and $\mathbf{1}$ surgical hospital.

Financing the operations and growth requires servicing a large debt load, resulting in substantial interest expense on long-term debt. The estimate for full-year 2025 interest expense is between $\mathbf{\$815 \text{ million}}$ and $\mathbf{\$825 \text{ million}}$. As of June 30, 2025, the long-term debt, net of the current portion, stood at $\mathbf{\$13.1 \text{ billion}}$. This debt level resulted in a leverage ratio of net debt to Adjusted EBITDA at $\mathbf{2.45x}$ at the end of Q2 2025.

Here's a quick look at key expense components from recent quarters:

• Salaries, Wages and Benefits (Q3 2025): $\mathbf{\$2.2 \text{ billion}}$
• Supply Expenses (Q3 2025): $\mathbf{\$931 \text{ million}}$
• Other Expenses (Q3 2025): $\mathbf{\$1.1 \text{ billion}}$
• Estimated Full Year 2025 Interest Expense: $\mathbf{\$815 \text{M}}$ to $\mathbf{\$825 \text{M}}$
• Total Assets (as of June 30, 2025): $\mathbf{\$28.7 \text{ billion}}$

The overall cost structure is managed through what executives call disciplined expense management, which helped achieve a $\mathbf{21.3\%}$ Adjusted EBITDA margin in Q2 2025.

You can see the breakdown of major expense categories for Q3 2025 below:

Cost Category	Amount (Q3 2025)	Year-over-Year Change
Salaries, Wages and Benefit Expenses	$\mathbf{\$2.2 \text{ billion}}$	$\mathbf{-0.6\%}$
Supply Expenses	$\mathbf{\$931 \text{ million}}$	$\mathbf{+5.7\%}$
Other Expenses	$\mathbf{\$1.1 \text{ billion}}$	$\mathbf{+0.7\%}$

The company's total liabilities and equity stood at $\mathbf{\$29,418 \text{ million}}$ as of September 30, 2025.

Tenet Healthcare Corporation (THC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Tenet Healthcare Corporation brings in money as of late 2025. It's a mix of traditional hospital services and a growing, high-margin outpatient arm. Honestly, understanding this split is key to seeing where the company is placing its bets.

The overall expected top-line for the year is clear: Tenet Healthcare Corporation projects full-year 2025 Net Operating Revenues to land between \$21.15 billion and \$21.35 billion. This projection reflects strong performance across the board, leading to a guidance raise after the third quarter.

The primary inflow comes from direct patient care, which breaks down across the two main operating segments:

• Net patient service revenues from acute and specialty hospitals: This is the bedrock, covering inpatient care and related services at Tenet Healthcare Corporation's owned hospitals. For the third quarter of 2025, this segment recognized net revenue of \$4 billion.
• Net operating revenues from the Ambulatory segment (USPI): United Surgical Partners International (USPI) is definitely the core growth engine here, focusing on outpatient and specialty surgical centers. In the third quarter of 2025, USPI posted net operating revenues of \$1.28 billion, showing an 11.9% increase compared to the third quarter of 2024.

Government payers contribute a significant, though sometimes variable, portion of the hospital revenue. This includes standard Medicare and Medicaid reimbursements, plus specific supplemental payments:

Tenet Healthcare Corporation expects to record between \$1.1 billion and \$1.2 billion in supplemental payments from Medicaid for the full year 2025. For the third quarter of 2025 alone, the Hospital segment recognized a favorable pre-tax impact of \$38 million associated with additional Medicaid supplemental revenues tied to prior years.

The third major service-based revenue stream comes from the Conifer Health Solutions subsidiary. This isn't direct patient billing but fees for services rendered to other entities:

• Fees for revenue cycle management and value-based care services (Conifer): Conifer provides comprehensive end-to-end and focused point services, including revenue cycle management and value-based care solutions for hospitals, health systems, and physician practices.

Here's a quick look at the segment revenue contribution based on the latest reported quarter to illustrate the components driving the full-year estimate:

Revenue Source Component	Q3 2025 Net Operating Revenue (Approximate)	Primary Driver
Acute and Specialty Hospitals (Net Revenue)	\$4.0 billion	Higher acuity services and favorable payer mix.
Ambulatory Segment (USPI)	\$1.28 billion	Facility acquisitions and strong net revenue per case growth.
Total Consolidated Q3 2025 Net Operating Revenues	\$5.29 billion	Combined segment performance.

The emphasis on high-acuity services within the hospital segment is directly impacting revenue per case, which rose 5.9% year-over-year in Q3 2025 for same-hospital net patient service revenue per adjusted admission. That's how you drive revenue even when overall admission volume growth is modest.