Tenet Healthcare Plans Spinoff of Its Payment Services Business

Story will updated throughout the day.Tenet Healthcare Corp. is spinning off its payments business, Conifer Health Solutions. The deal will turn Frisco-based Conifer into a separate publicly traded corporation. The move comes after an 18-month review by Tenet, which was considering options including a sale and merger. In February, Tenet said it was in talks with a potential buyer. Conifer helps health care providers handle patient payments. It counted 800 clients and handled $25 billion in patient payments in 2018.The company reported $1.5 billion in revenue in 2018. That was a fraction of Tenet's $18.3 billion in revenue.“Pursuing a tax-free spinoff is an important step forward in Conifer’s evolution, and we believe the business is well-positioned to capitalize on its growth opportunities as a standalone company,” Tenet CEO Ron A. Rittenmeyer said in a statement. Tenet is the third largest investor-owned health care company nationwide. It operates 65 hospitals in eight states.Conifer CEO Stephen M. Mooney has stepped down, the company said. Mooney helped launch Conifer in 2008. Kyle Burtnett will take the post temporarily. The health care firm is launching a search for a permanent chief executive. In June, the company moved its headquarters from downtown Dallas to Farmers Branch to cut costs. The move was part of Tenet’s $200 million expense reduction plan. Shares of Tenet rose 10.3% on the news, up to $19.37.  Continue reading...

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