TURLOCK, CA Emanuel Medical Center in Turlock, CA, a non-profit Evangelical Covenant church-owned hospital who has operated in the Central Valley for 96 years since 1917, has been sold to the for-profit, stock-driven Tenet Healthcare Corporation for an undisclosed amount.
The Emanuel Medical Center of Turlock purchase will be the 50th hospital under Tenet Healthcare. Tenet has grown to become a dominant hospital in the state of California, owning 12 total hospitals. Northern California owned-hospitals include: Doctors Medical Center of Modesto, Doctors Hospital of Manteca, San Ramon Regional Medical Center, Sierra Vista Regional Medical Center in San Luis Obispo, and Twin Cities Community Hospital in Templeton. Tenet hopes to close the deal by June 2013.
According to the company’s press release, Emanuel Medical Center is expected to retain its affiliation with the Evangelical Covenant Church and its faith-based culture and practices.
Tenet’s stock price increased 74% from one-year ago. They are expected to report their fourth quarter earnings on Tuesday, February 26th. Analysts predict that revenues will be around $2.34 billion for the quarter which will put the yearly revenue to-date to be at $9.16 billion.
Tenet is an aggressive company in terms of billing, staffing, cost control and overall efficiency. It is widely believe that some of the current 1,400 employees of Emanuel will be let go. The next question that many people of the region will be asking: Will the newly for-profit hospital of Turlock consider profits over patients? Only time could tell.