As care has shifted rapidly to the outpatient setting over the last 10 years, major healthcare systems are starting to take notice.
For Dallas-based Tenet, a growing amount of revenue and EBITDA now come from its outpatient care arm.
In 2018, Tenet acquired a 95% interest in United Surgical Partners International, which leads the company’s ASC side.
Through the acquisition, Tenet has become owner of several outpatient facilities nationwide, recognizing that those facilities often come with high margins. Now, outpatient facilities drive nearly half of Tenet’s profits.
According to Tenet’s SEC filings, in 2016, outpatient care represented 9.2% of its revenue and 25% of its EBITDA. In 2024, those numbers grew to 22% and 45%, respectively.
In 2024, Tenet formed a flagship partnership with Synergy Orthopedics to establish the largest musculoskeletal outpatient surgery center in San Diego.
In addition, USPI now holds an 8.1% share of the ASC market, with interests in 518 ASCs (375 consolidated) and 25 surgical hospitals (seven consolidated) across 37 states. In 2024, the company added at least 57 new ASCs, with another 10 to 12 standalone centers planned for 2025. De novo facilities are a growing focus alongside acquisitions.
USPI also purchased ASC chain Covenant Physician Partners.
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