Tenet’s 2025 Outlook and 2024 Breakdown: All-in on USPI

Hospitalogy February 14, 2025
Blake Madden

Today I’m diving into Tenet’s Q4 after they reported earnings earlier this week. Hopefully it’s helpful to you and your organizations given Tenet’s heavy focus on building out USPI – its ambulatory division.

TL;DR

• Tenet had a strong 2024, exceeding expectations across all key metrics in a year of intense hospital divestiture and portfolio realignment around USPI and core markets. Tenet reported $20.7 billion in net operating revenues and $4.0 billion in adjusted EBITDA, a 13% YoY increase, with margin expansion of 200 bps to 19.3%.
• Margins expanded due to cost discipline, particularly in contract labor. Both hospital and ambulatory businesses saw strong volume and revenue per case growth, driven by higher acuity procedures and a favorable payor mix.
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