 In October 1998, in an historic reorganization, the AHERF hospitals were sold to Tenet Healthcare Corporation, a for-profit hospital corporation based in Texas.A new non-profit corporation, Philadelphia Health & Education Corporation (PHEC), was created to carry on the education, research, and service missions under the name MCP Hahnemann University.Drexel University was hired as the university's operator, to bring the same level of expertise to running this academic medical center that Tenet brought to hospital management operations.