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North Las Vegas hospital owner’s finances improve

Thursday, April 4, 2002 | 9:50 a.m.

SANTA BARBARA, Calif. -- Tenet Healthcare Corp. said its fiscal third-quarter profit rose 45 percent as the second-biggest U.S. hospital chain charged managed-care insurers more and treated sicker patients.

Profit from operations rose to $288 million, or 86 cents a share, in the period ended Feb. 28, from net income of $198 million, or 60 cents, a year earlier, Tenet said in a statement Tuesday. Revenue rose 15 percent to $3.48 billion from $3.04 billion.

Tenet owns Lake Mead Hospital in North Las Vegas.

Tenet has attracted patients by investing in profitable services such as cardiology that are in demand as the U.S. population ages. The company, the first among U.S. hospital companies to report quarterly results, also raised prices 4 percent to 8 percent in managed-care contracts and cut expenses by using contractors for things such as cafeteria services.

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