DALLAS--(BUSINESS WIRE)-- Tenet Healthcare Corporation (NYSE: THC) today announced that it has signed a new multi-year agreement with Cigna (NYSE: CI), which becomes effective May 1, 2013.

Under the new agreement, Cigna customers will have access to health care services at all hospitals owned and operated by Tenet subsidiaries, as well as all freestanding diagnostic imaging centers, ambulatory surgery centers, urgent care centers and other freestanding outpatient centers in which Tenet holds majority interest, including any that Tenet develops or acquires over the term of the agreement. Cigna customers will also have continuing access to all physicians employed by various Tenet subsidiaries, under Tenet Physicians, Inc., which represents approximately 800 physicians today.

“We are pleased to have completed our renewal with Cigna in a collaborative way well in advance of our scheduled renewal date. Our relationship with Cigna is one of our largest and most important to the company,” said Clint Hailey, Tenet’s chief managed care officer.

“Tenet is known for its high-quality hospitals and outpatient centers that are staffed by excellent health care professionals,” said Alan M. Muney, Cigna’s chief medical officer. “Cigna and Tenet have had a long and productive business relationship and we are pleased to conclude this expanded agreement, which will enable us to collaborate more closely in ways that will help improve the health and well-being of Cigna customers.”

The agreement also facilitates the creation of Tenet’s Clinically Integrated Organizations (CIOs) and Accountable Care Organizations (ACOs) through Cigna’s proprietary Collaborative Accountable Care (CAC) model, which is designed to achieve the “triple aim” of improved health outcomes (quality), affordability and patient satisfaction. Collaborative accountable care is Cigna's approach to accomplishing the same population health goals as accountable care organizations, with a strong focus on high-risk individuals, including people with chronic health conditions such as diabetes or heart disease. The agreement enables independent physicians aligned with Tenet-sponsored CIOs and ACOs to benefit from Patient-Centered Medical Home arrangements, specialty bundling and physician-driven pay-for-performance incentive payments.

Additionally, HealthSpring, the Medicare Advantage company that Cigna acquired earlier this year, and Tenet have reached agreement regarding the Tenet hospitals located in Texas, giving HealthSpring customers access to all Tenet hospitals in every market in the HealthSpring service areas.

Tenet Healthcare Corporation, a leading health care services company, through its subsidiaries operates 50 hospitals, over 100 free-standing outpatient centers and Conifer Health Solutions, a leader in business process solutions for health care providers that serves more than 300 hospital and health care entities nationwide. Tenet’s hospitals and related health care facilities are committed to providing high quality care to patients in the communities they serve. For more information, please visit www.tenethealth.com.

Cigna Corporation (NYSE: CI) is a global health service company dedicated to helping people improve their health, well-being and sense of security. All products and services are provided exclusively through operating subsidiaries of Cigna Corporation, including Connecticut General Life Insurance Company, Cigna Health and Life Insurance Company, Life Insurance Company of North America and Cigna Life Insurance Company of New York. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy and vision care benefits, and other related products including group disability, life, and accident coverage. Cigna has sales capability in 30 countries and jurisdictions, with approximately 70 million customer relationships throughout the world. To learn more about Cigna®, including links to follow us on Facebook or Twitter, visit www.cigna.com.

This document contains “forward-looking statements” – that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2011, our quarterly reports on Form 10-Q, periodic reports on Form 8-K and other filings with the Securities and Exchange Commission. The information contained in this release is as of the date hereof. The Company assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments.

Tenet uses its company website to provide important information to investors about the company including the posting of important announcements regarding financial performance and corporate developments.

Tenet
Media:
Rick Black, 469-893-2647
Rick.Black@tenethealth.com
or
Investors:
Thomas Rice, 469-893-2522
Thomas.Rice@tenethealth.com
or
Cigna
Mark Slitt, 860-226-2092
Mark.Slitt@cigna.com

Source: Tenet Healthcare Corporation