Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Life Health > Health Insurance

Tenet clinical chief said to step down as hospital reorganizes

X
Your article was successfully shared with the contacts you provided.

(Bloomberg) — Tenet Healthcare Corp.’s senior vice president for clinical operations and chief clinical officer Kelvin Baggett will step down on April 30, according to a person familiar with the matter, as part of what the hospital chain called a broader realignment of its clinical operations.

In addition, Tenet (NYSE:THC) recently fired eight of its 40 regional chief medical officers who serve as managers for medical services for the chain, the person said. Tenet operates more than 500 hospitals, surgical centers and outpatient clinics, according to its website. The person spoke on condition of anonymity because the matter isn’t yet public.

See also: Bad debt is the pain hospitals can’t heal as patients don’t pay

Baggett’s departure was announced in a memo, a copy of which was obtained by Bloomberg. Baggett came to Dallas-based Tenet, the third-biggest U.S. chain of for-profit hospitals, from rival HCA Holdings Inc. in 2009, when he was hired as chief medical officer. He started in his current role in 2013.

Baggett didn’t respond to an e-mail message asking for comment.

Baggett is leaving as Tenet combines its clinical operations department under its hospital operations unit, which is headed by Britt Reynolds, according to the memo. The company is taking a “natural step in our efforts to enhance clinical excellence across the Tenet enterprise by bringing closer alignment between our clinical and hospital functions,” Chief Executive Officer Trevor Fetter said in the memo.

Hospital chains have seen their shares decline over the past few months as the benefits of Obamacare plateaued and a mild flu season hurt admissions. Tenet’s stock is down 46 percent in the last 12 months. In January, Tenet expanded its board to 12 members from 10 and added two directors from its biggest shareholder, Glenview Capital Management.

See also:

Hospitals feel pain as UnitedHealth eyes PPACA exit door

Hospital chains tumble after Community Health warns on earnings

  

Are you following us on Facebook?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.