LOS ANGELES--(BUSINESS WIRE)--Tenet California (NYSE:THC) and Health Net (NYSE:HNT) announced today
that the two companies have signed a new two-year agreement that will
assure continued access to care for Health Net of California's 2.4
million members at Tenet California's 18 hospitals through 2006.
"This new contract means continuing access to care for Health Net
members and a strong, ongoing relationship between our two companies,"
said Stephen Newman, M.D., chief executive officer of Tenet California.
"It also gives our hospitals predictable and timely payment for services
to our patients, and insures Health Net predictable expenses and access
to Tenet's large statewide network of hospitals."
"Our new Tenet contract establishes a cooperative, mutually beneficial
relationship with one of California's largest hospital providers and
assures our members continued, stable access to quality care going
forward," said Jay Gellert, president and chief executive officer of
Contract details were not disclosed.
Tenet California, part of Tenet Healthcare Corporation (NYSE:THC),
through its subsidiaries, owns and operates 18 acute care hospitals in
the state, which employ approximately 17,500 people. Tenet's hospitals
aim to provide the best possible care to every patient who comes through
their doors, with a clear focus on quality and service. Tenet can be
found on the World Wide Web at www.tenethealth.com.
Health Net, Inc. is among the nation's largest publicly traded managed
health care companies. Its mission is to help people be healthy, secure
and comfortable. The company's HMO, POS, insured PPO and government
contracts subsidiaries provide health benefits to approximately 7.3
million individuals in 27 states and the District of Columbia through
group, individual, Medicare, Medicaid and TRICARE programs. Health Net's
subsidiaries also offer managed health care products related to
behavioral health and prescription drugs, and offer managed health care
product coordination for multi-region employers and administrative
services for medical groups and self-funded benefits programs. For more
information on Health Net, Inc., please visit the company's Web site at www.healthnet.com.
Certain statements in this release may constitute forward-looking
statements. They are based on management's current expectations and
could be affected by numerous factors and are subject to various risks
and uncertainties. Certain of those risks and uncertainties are
discussed in the Company's filings with the Securities and Exchange
Commission, including the Company's transition report on Form 10-K for
the 7-month period ended Dec. 31, 2002 and quarterly reports on Form
10-Q. Do not rely on any forward-looking statement, as we cannot predict
or control many of the factors that ultimately may affect our ability to
achieve the results estimated. We make no promise to update any
forward-looking statement, whether as a result of changes in underlying
factors, new information, future events or otherwise.