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March 5, 2024

Parent company of Saint Vincent sells two more California hospitals

A large hospital building in an urban setting Photo | Grant Welker Saint Vincent Hospital in Worcester

Tenet Healthcare, the Texas-based corporation that owns Saint Vincent Hospital in Worcester and MetroWest Medical Center in Framingham, is offloading more California-based hospitals.

The sale, announced in a press release issued Thursday, will see the company sell Sierra Vista Regional Medical Center in San Luis Obispo and Twin Cities Community Hospital in Templeton to Adventist Health, a faith-based nonprofit healthcare provider based in California with facilities in California, Oregon, and Hawaii. The deal will see affiliated physician practices and other related operations to Sierra Vista and Twin Cities sold to Adventist. 

As part of the $550-million transaction, Conifer Health Solutions, a Texas-based subsidiary of Tenet, will provide revenue cycle services for Adventist, a process used by healthcare systems to track revenue gained from patients.

This transaction comes after a February deal which saw Tenet offload four other California hospitals to UCI Health, the clinical enterprise of the University of California, Irvine. Tenet also sold three North Carolina-based hospitals in November.

The two hospitals included in the Adventist deal generated approximately $337 million in revenue during 2023, according to Tenet. The company expects the sale to be finalized sometime in the spring, pending regulatory approvals.

Tenet operates 480 surgery centers and surgical hospitals, 61 hospitals and approximately 110 additional outpatient centers and other healthcare facilities, according to the company’s website.

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