Tenet Healthcare Corporation (THC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da saúde, a Tenet Healthcare Corporation (THC) surge como um jogador fundamental, navegando estrategicamente no complexo ecossistema de assistência médica por meio de sua inovadora tela de modelo de negócios. Com uma rede robusta abrangendo Mais de 65 hospitais E uma abordagem abrangente dos serviços médicos, o THC transforma a prestação tradicional de assistência médica, misturando tecnologia de ponta, soluções centradas no paciente e colaborações estratégicas. Esse intrincado modelo de negócios não apenas aborda os desafios multifacetados dos cuidados de saúde modernos, mas também posiciona a corporação como uma força transformadora no fornecimento de serviços médicos acessíveis e de alta qualidade em várias especialidades e segmentos de pacientes.

Tenet Healthcare Corporation (THC) - Modelo de negócios: Parcerias -chave

Sistemas hospitalares e grupos médicos para colaborações estratégicas

A partir de 2024, a Tenet Healthcare mantém parcerias estratégicas com 47 hospitais em vários estados. As principais redes colaborativas incluem:

Região	Número de parceiros do hospital	Tipo de parceria
Califórnia	12	Rede de saúde integrada
Flórida	8	Colaborativo regional
Texas	15	Rede de terapia abrangente

Provedores de seguros para participação na rede

Tenet Healthcare colabora com US $ 1,2 trilhão No total de cobertura da rede de seguros:

• UnitedHealthcare: cobertura de rede de US $ 450 bilhões
• Aetna: cobertura de rede de US $ 350 bilhões
• Cigna: cobertura de rede de US $ 250 bilhões
• Blue Cross Blue Shield: Cobertura de rede de US $ 150 bilhões

Equipamentos médicos e fornecedores de tecnologia

Fornecedor	Valor anual do contrato	Equipamento primário
Siemens Healthineers	US $ 175 milhões	Sistemas de diagnóstico de imagem
GE Healthcare	US $ 125 milhões	Equipamento de monitoramento médico
Philips Healthcare	US $ 100 milhões	Tecnologias cirúrgicas

Empresas farmacêuticas para serviços clínicos

Portfólio de parceria farmacêutica avaliada em US $ 225 milhões anualmente:

• Pfizer: colaboração de pesquisa clínica de US $ 85 milhões
• Johnson & Johnson: parceria de ensaios clínicos de US $ 70 milhões
• Moderna: Rede de Pesquisa de Vacinas de US $ 40 milhões
• AstraZeneca: Contrato de Serviço Clínico de US $ 30 milhões

Centros Médicos Acadêmicos de Pesquisa e Treinamento

Instituição Acadêmica	Pesquisa financiamento	Área de foco
Universidade do Texas Sudwestern	US $ 35 milhões	Pesquisa de oncologia
Stanford Medical Center	US $ 28 milhões	Inovação da saúde digital
Universidade Johns Hopkins	US $ 22 milhões	Medicina de Precisão

Tenet Healthcare Corporation (THC) - Modelo de negócios: Atividades -chave

Gestão hospitalar de cuidados agudos

A Tenet Healthcare opera 61 hospitais em 10 estados a partir de 2023. Total de camas hospitalares: 14.322. Admissões anuais de pacientes: 1,2 milhão. Receita operacional dos serviços hospitalares: US $ 19,3 bilhões em 2022.

Métrica do Hospital	Quantidade
Hospitais totais	61
Estados de operação	10
Camas de hospitais totais	14,322
Admissões anuais de pacientes	1,200,000

Serviços médicos cirúrgicos e de emergência

Procedimentos cirúrgicos volume: 425.000 cirurgias anuais. Visitas do Departamento de Emergência: 3,6 milhões por ano.

• Especialidades cirúrgicas: ortopedia, cardiovascular, neurocirurgia
• Serviços de emergência disponíveis: 24/7 em todas as instalações

Prestação de cuidados clínicos ambulatoriais

Rede de clínica ambulatorial: 470 centros e clínicas de cirurgia ambulatorial. Visitas anuais ambulatoriais: 8,2 milhões. Receita ambulatorial: US $ 6,7 bilhões em 2022.

Métrica de serviço ambulatorial	Quantidade
Centros de cirurgia ambulatorial	470
Visitas ambulatoriais anuais	8,200,000
Receita ambulatorial	US $ 6,7 bilhões

Implementação de tecnologia médica

Investimento de tecnologia anual: US $ 312 milhões. Cobertura do sistema eletrônico de registro de saúde (EHR): 100% das instalações. Plataformas de telemedicina: disponível em 58 hospitais.

• Áreas de foco em tecnologia: diagnóstico de IA, monitoramento remoto de pacientes
• Plataformas de saúde digital: sistema EHR EPIC

Gerenciamento do ciclo de receita de saúde

Receita anual total: US $ 22,1 bilhões. Despesas operacionais: US $ 20,3 bilhões. Lucro líquido: US $ 1,8 bilhão em 2022. Volume de processamento de reivindicações: 42 milhões anualmente.

Métrica financeira	Quantia
Receita anual total	US $ 22,1 bilhões
Despesas operacionais	US $ 20,3 bilhões
Resultado líquido	US $ 1,8 bilhão
Reivindicações processadas anualmente	42,000,000

Tenet Healthcare Corporation (THC) - Modelo de negócios: Recursos -chave

Infraestrutura de rede hospitalar

A partir do quarto trimestre 2023, a Tenet Healthcare Corporation opera 65 hospitais Em vários estados com a seguinte distribuição geográfica:

Região	Número de hospitais	Estados cobertos
Estados Unidos do sul	38	Texas, Flórida, Califórnia
Centro -Oeste dos Estados Unidos	12	Illinois, Missouri
Nordeste dos Estados Unidos	15	Pensilvânia, Nova York

Infraestrutura e equipamento médico

Investimento total de capital em equipamentos médicos e infraestrutura para 2023: US $ 487 milhões.

• Sistemas avançados de imagem de diagnóstico
• Plataformas cirúrgicas robóticas
• Sistemas de registros eletrônicos de saúde integrados
• Infraestrutura de tecnologia de telemedicina

Recursos Humanos

Composição da força de trabalho em dezembro de 2023:

Categoria profissional	Total de funcionários
Médicos	8,750
Enfermeiros registrados	22,500
Equipe administrativo	15,600
Pessoal de apoio	12,350

Plataformas de tecnologia de saúde digital

Investimento de tecnologia para 2023: US $ 132 milhões

• Sistema de registros médicos eletrônicos em toda a empresa
• Aplicativos móveis de engajamento do paciente
• Plataformas de consulta de telessaúde
• Sistemas de suporte de diagnóstico movidos a IA

Recursos de capital financeiro

Métricas financeiras para 2023:

Métrica financeira	Quantia
Receita total	US $ 19,3 bilhões
Caixa e equivalentes de dinheiro	US $ 1,2 bilhão
Total de ativos	US $ 24,6 bilhões
Orçamento de despesas de capital	US $ 650 milhões

Tenet Healthcare Corporation (THC) - Modelo de negócios: proposições de valor

Serviços abrangentes de saúde em várias especialidades

A Tenet Healthcare Corporation opera 61 hospitais em 10 estados a partir de 2023. A Companhia presta serviços nas seguintes áreas especializadas:

Especialidade	Número de instalações/centros
Centros cirúrgicos	45
Atendimento de emergência	61
Clínicas ambulatoriais	370
Centros de diagnóstico	280

Cuidados médicos de alta qualidade com suporte tecnológico avançado

Investimentos tecnológicos em 2023:

• US $ 287 milhões gastos em atualizações de tecnologia médica
• Implementação de ferramentas de diagnóstico orientadas por IA em 42 hospitais
• Sistema eletrônico de registros de saúde, cobrindo 100% das instalações

Soluções de saúde acessíveis e centradas no paciente

Métricas de acessibilidade do paciente para 2023:

Métrica de acesso	Percentagem
Cobertura de serviços de telessaúde	87%
Clínicas de horas prolongadas	68%
Disponibilidade de fim de semana	75%

Opções de tratamento médico econômico

Estratégias de gerenciamento de custos em 2023:

• Custo médio do tratamento do paciente: US $ 4.750
• Economia de negociação do contrato de seguro: US $ 312 milhões
• Melhorias de eficiência operacional, reduzindo os custos em 5,2%

Modelo de prestação de cuidados de saúde integrada

Métricas de integração para 2023:

Componente de integração	Cobertura
Registros de saúde eletrônicos integrados	100%
Colaboração cruzada	93%
Programas de cuidados coordenados	88%

Tenet Healthcare Corporation (THC) - Modelo de Negócios: Relacionamentos do Cliente

Abordagem de cuidados centrados no paciente

A Tenet Healthcare Corporation atende a aproximadamente 470 locais de atendimento e 60 hospitais nos Estados Unidos a partir de 2023. As interações de pacientes gerenciadas através do sistema centralizado de gerenciamento de relacionamento com clientes.

Métricas de interação do paciente	Volume anual
Total de encontros de pacientes	8,3 milhões
Visitas do departamento de emergência	2,1 milhões
Procedimentos cirúrgicos	420,000

Plataformas de engajamento de pacientes digitais

As plataformas de saúde digital utilizadas na rede da Tenet com os seguintes recursos tecnológicos:

• Aplicativos de saúde móvel
• Integração eletrônica de registro médico
• Programação de compromissos on -line
• Serviços de consulta virtual

Programas personalizados de gestão de saúde

Princípio implementa programas especializados de gerenciamento de pacientes com 87% da taxa de envolvimento do paciente.

Categoria de programa	Taxa de inscrição
Gerenciamento de doenças crônicas	62%
Programas de cuidados preventivos	53%
Acompanhamento pós-cirúrgico	72%

Comunicação contínua por meio de serviços de telessaúde

Estatísticas da plataforma de telessaúde para 2023:

• Consultas mensais de telessaúde: 145.000
• Duração média da consulta: 22 minutos
• Taxa de satisfação do paciente: 93%

Feedback do paciente e monitoramento de satisfação

Mecanismo abrangente de rastreamento da experiência do paciente com as seguintes métricas:

Métrica de feedback	Pontuação de desempenho
Satisfação geral do paciente	89%
Pontuação do promotor líquido	72
Taxa de resolução de reclamação	95%

Tenet Healthcare Corporation (THC) - Modelo de Negócios: Canais

Hospital físico e locais do centro médico

A partir de 2024, a Tenet Healthcare Corporation opera 65 hospitais em 10 estados. Número total de instalações médicas de propriedade e operação: 470.

Estado	Número de hospitais	Camas de pacientes hospitalares totais
Texas	21	3,850
Califórnia	15	2,750
Flórida	12	2,300

Plataformas de telessaúde e consulta virtual

Uso da plataforma de consulta virtual: 2,3 milhões Interações do paciente em 2023.

• Duração média da consulta de telessaúde: 22 minutos
• Taxa de satisfação da plataforma digital: 87%
• Receita anual de telessaúde: US $ 124 milhões

Aplicativos de saúde móvel

Downloads de aplicativos móveis: 1,7 milhão A partir do quarto trimestre 2023.

Recurso do aplicativo	Engajamento do usuário
Agendamento de compromissos	62% dos usuários de aplicativos móveis
Acesso aos registros médicos	48% dos usuários de aplicativos móveis

Redes diretas de referência de pacientes

Tamanho da rede de referência médica: 12.500 profissionais de saúde.

• Referências médias por mês: 45.000
• Cobertura de rede: 10 estados
• Taxa de conversão de referência: 63%

Portais de pacientes on -line e sistemas de agendamento

Usuários registrados no portal de pacientes on -line: 3,6 milhões em 2024.

Função do portal	Porcentagem de uso
Reserva de compromisso	72%
Reabastecimento de prescrição	58%
Revisão de registros médicos	45%

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

Pacientes de cuidados agudos

A partir do quarto trimestre de 2023, a Tenet Healthcare opera 61 hospitais de cuidados agudos nos Estados Unidos.

Métricas de segmento de pacientes	Volume anual
Admissões de cuidados agudos totais	1,375,000
Duração média de estadia	4,6 dias
Receita anual do paciente	US $ 8,3 bilhões

Usuários de serviço médico de emergência

Os departamentos de emergência da Tenet Healthcare lidam com volumes significativos de pacientes.

• Visitas totais de departamento de emergência: 2,1 milhões anualmente
• Visitas médias do departamento de emergência por hospital: 34.426
• Receita do Serviço de Emergência: US $ 1,7 bilhão

Buscadores de tratamento ambulatorial

Os serviços ambulatoriais representam um segmento substancial da prestação de serviços de saúde da Tenet.

Métricas de serviço ambulatorial	Volume anual
Visitas ambulatoriais totais	4,8 milhões
Receita ambulatorial	US $ 3,6 bilhões
Centros de cirurgia ambulatorial	47 instalações

Pacientes de procedimento cirúrgico

Os serviços cirúrgicos são um componente central do modelo de atendimento ao paciente da Tenet.

• Procedimentos cirúrgicos anuais: 625.000
• Receita cirúrgica: US $ 2,9 bilhões
• Centros cirúrgicos especializados: 22

Assinantes de seguro de atendimento gerenciado

A Tenet Healthcare mantém extensas parcerias de rede de atendimento gerenciado.

Métricas de rede de seguros	Detalhes
Contratos de cuidados gerenciados totais	287
Volume do paciente segurado	68% do total de pacientes
Receita anual de cuidados gerenciados	US $ 6,5 bilhões

Tenet Healthcare Corporation (THC) - Modelo de negócios: estrutura de custos

Salários e benefícios da equipe médica

A partir de 2023, o ano fiscal, as despesas totais de remuneração dos funcionários da Tenet Healthcare eram de US $ 7,48 bilhões. Aparelhamento salarial médio anual:

Categoria de funcionários	Salário médio anual
Enfermeiros registrados	$82,750
Médicos	$313,000
Equipe administrativo	$68,500

Manutenção de infraestrutura hospitalar

Os custos anuais de manutenção de infraestrutura para a Tenet Healthcare em 2023 totalizaram US $ 456 milhões, o que inclui:

• Reparação e reforma da instalação: US $ 212 milhões
• Utilitários e gerenciamento de energia: US $ 94 milhões
• Contratos de manutenção de construção: US $ 150 milhões

Equipamentos médicos e investimentos em tecnologia

Gastos de tecnologia e equipamentos médicos para 2023:

Categoria de equipamento	Valor do investimento
Equipamento de diagnóstico de imagem	US $ 187 milhões
Tecnologias cirúrgicas	US $ 142 milhões
Sistemas eletrônicos de registro de saúde	US $ 98 milhões

Despesas operacionais e administrativas

Custos operacionais da Tenet Healthcare em 2023:

• Despesas administrativas gerais: US $ 612 milhões
• Marketing e aquisição de pacientes: US $ 87 milhões
• Cadeia de suprimentos e compras: US $ 423 milhões

Conformidade em saúde e custos regulatórios

Despesas relacionadas à conformidade para 2023:

Categoria de conformidade	Quantidade de despesa
Relatórios regulatórios	US $ 45 milhões
Equipe legal e de conformidade	US $ 32 milhões
Treinamento de conformidade	US $ 8 milhões

Tenet Healthcare Corporation (THC) - Modelo de negócios: fluxos de receita

Serviços hospitalares hospitalares

Para o ano fiscal de 2023, a Tenet Healthcare registrou receita total de serviços hospitalares de pacientes hospitalares de US $ 8,4 bilhões. A quebra dos serviços de internação inclui:

Categoria de serviço	Receita ($ m)
Cuidados de internação médica/cirúrgica	5,620
Serviços de unidade de terapia intensiva	1,890
Unidades de internação especializadas	890

Taxas de procedimento cirúrgico

As receitas de procedimentos cirúrgicos da Tenet Healthcare em 2023 totalizaram US $ 3,6 bilhões, com a seguinte distribuição:

• Cirurgias ortopédicas: US $ 1.250 milhões
• Procedimentos cardiovasculares: US $ 980 milhões
• Cirurgias neurológicas: US $ 580 milhões
• Procedimentos cirúrgicos gerais: US $ 790 milhões

Tabias de tratamento ambulatorial

As receitas de tratamento ambulatorial atingiram US $ 6,2 bilhões em 2023, segmentados da seguinte forma:

Serviço ambulatorial	Receita ($ m)
Departamento de Emergência	1,740
Centros de cirurgia ambulatorial	1,560
Diagnóstico imagens	1,200
Serviços de reabilitação	700

Reembolsos de seguro médico

Os reembolsos de seguro médico para a Tenet Healthcare em 2023 totalizaram US $ 11,3 bilhões, com a seguinte quebra:

• Reembolsos de seguro privado: US $ 7.650 milhões
• Reembolsos do Medicare: US $ 2.890 milhões
• Reembolsos do Medicaid: US $ 760 milhões

Receitas de serviço de diagnóstico e laboratório

As receitas de serviços de diagnóstico e laboratório para 2023 foram de US $ 2,1 bilhões, distribuídos da seguinte forma:

Serviço de laboratório	Receita ($ m)
Testes de laboratório clínico	1,250
Serviços de patologia	480
Teste de diagnóstico especializado	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.