Trevor Fetter, who has been chief executive officer of huge Tenet Healthcare since 2003, will resign as a director and CEO by March 15, 2018, or earlier if Tenet appoints a successor before then.
Ronald A. Rittenmeyer, now the independent lead director at the organization, will become executive chairman immediately, a position that will make him Tenet’s top executive.
Mr. Fetter presumably is being forced out because of Tenet’s recent financial woes. Its stock dropped after it reported a higher-than-expected second-quarter loss and the company cut its revenue forecast.
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Roy M. Poses, M.D., writing in his Health Care Renewal site, complains that despite Tenet Healthcare’s $514 million fine by the Feds for its kickbacks and other bad behavior, that no Tenet executive is being punished. Health Care Renewal focuses on what Dr. Poses sees as increasing and severe corruption in American healthcare, mostly driven by greed.
The Tenet settlement is meant to resolve a lengthy criminal investigation and lawsuits.
Dr. Poses writes:
“As is typical of such settlements, no individual who might have authorized, directed or implemented the kickbacks suffered any consequences. While top managers of Tenet might have gotten even bigger bonuses because of the additional revenues supplied by the sorts of behavior discussed above, they would suffer no financial penalties as a result of this settlement. In fact, in 2015, the current Tenet CEO, Mr. Trevor Fetter, who was an officer of the company in 2013, the last year kickbacks covered by the settlement ocurred, received total compensation of $15,354,283, according to the company’s 2016 proxy statement.”
To read Dr. Poses’s posting, please hit this link.
Baylor Scott & White Health and Tenet Healthcare, both based in Dallas, have a joint venture to own five Texas hospitals. The parties say the mission of the venture is to improve population health.
The joint venture will own:
- Centennial Medical Center (Frisco).
- Doctors Hospital at White Rock Lake (Dallas).
- Lake Pointe Medical Center (Rowlett).
- Texas Regional Medical Center at Sunnyvale (Texas).
- Baylor Scott & White Medical Center – Garland (Texas).
Becker’s Hospital Review reported that all the hospitals “will have Baylor Scott & White Health branding as early as this spring. Additionally, physicians, advanced practice providers and other employees of Tenet’s North Texas physician group will transition to Baylor Scott & White Health’s physician group HealthTexas Provider Network.”
Tenet Chairman and CEO Trevor Fetter said: “We have already made meaningful progress in advancing population health through our physicians’ participation in the Baylor Scott & White Quality Alliance, a leading local Accountable Care Organization, and the completion of this joint venture is an important next step in coordinating top-quality, value-based care in North Texas.”