Tenet Enters into New National Agreement with UnitedHealthcare
All Tenet acute care hospitals covered for two years
DALLAS.– Tenet Healthcare Corporation (NYSE: THC) announced today that it has signed a new two-year national agreement with UnitedHealthcare, a business of UnitedHealth Group (NYSE: UNH). Financial terms were not disclosed.
Under the agreement, UnitedHealthcare members will have access to all acute care hospitals in Tenet’s portfolio.
“This contract is a meaningful part of Tenet’s overall managed care strategy. We are pleased to have reached a new two-year agreement with UnitedHealthcare,” said Stephen L. Newman, M.D., Tenet’s chief operating officer. “We look forward to continuing to provide high quality patient care to even more of UnitedHealthcare’s members.”
“Our relationship with Tenet Healthcare will provide UnitedHealthcare customers with continued access to one of the most comprehensive health care systems in the country,” said Ken Burdick, chief executive officer of UnitedHealthcare. “The new agreement reinforces our commitment to working together to provide consumers with predictable and stable access to affordable, quality health care. This is exciting news for our customers.”
A total of 17 Tenet hospitals have met UnitedHealthcare’s quality standards in order to receive recognition from UnitedHealthcare’s Premium® Designation Program, which is six times the national average for all hospitals contracted with UnitedHealthcare. These centers of excellence designations are given to hospitals that meet or exceed UnitedHealthcare’s criteria based on major complication rates, mortality rates and patient safety processes for more than 50 procedures. Each Tenet hospital has the potential to earn incremental financial returns by achieving certain quality metrics under this new agreement.
Clint Hailey, Tenet’s chief managed care officer said, “This national agreement recognizes Tenet’s achievements in clinical quality. Tenet is well positioned through our clinical quality program to excel as the pay-for-performance environment continues to gain momentum.”
In 2007, Tenet has successfully renegotiated much of its portfolio of commercial managed care for 2008. Recently, Tenet announced a multi-year national agreement with Aetna (NYSE: AET) as well as additional regional contracts including Blue Cross Blue Shield of Texas and Great-West Healthcare in Florida, Tennessee and Pennsylvania.
Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals and related health care services. Tenet’s hospitals aim to provide the best possible care to every patient who comes through their doors, with a clear focus on quality and service. Tenet can be found on the World Wide Web at www.tenethealth.com.
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