'Troubling' Turn for Tenet

Thus, Skolnick feels that both of those markets will continue to drag down results and hinder any turnaround of the company. But she worries about other regions, too.

Last quarter, for example, Tenet reported mounting competitive pressures at its hospitals in both Dallas and Houston. Meanwhile, the company continues to struggle in its two biggest markets -- Florida and California -- as well.

Tenet says that it continually frets about 20% of its entire portfolio itself.

"I've got about 15 hospitals that the managers and I are working on, and which we believe that we have got to find a way to move their volumes and earnings up to something that's more reasonable and makes a fair contribution," Reynold Jennings, the company's operating chief, told investors last week. "As I sit here today, that number is still pretty much close to 15 that cause me to stay awake at night and figure out what is the next solution and how do we speed up the resolution of certain issues they have."

But Skolnick has started to wonder if the future of those hospitals -- and even stronger ones -- remains in the company's hands. She has now watched the feds force the company to sell two hospitals, and believes that history could repeat itself.

"The Street continues to believe that the feds don't want to bankrupt this company because they want patients treated in these hospitals," Skolnick says. "I think the feds want patients treated in these hospitals, too. But I don't think they give a hoot about what happens to Tenet."