Dallas-based Tenet Healthcare now expects its ASC arm, USPI, to exceed $300 million in M&A spending in 2026, executives said on the company’s second-quarter earnings call July 24.
Here are five things to know:
1. Tenet Chairman and CEO Saumya Sutaria, MD, said the raised outlook is based on acquisitions USPI has already completed this year plus “a robust pipeline of partnerships interested in joining USPI.” He called the platform “the premier ambulatory surgical asset in the space and the leading provider of low-cost, high-quality care that benefits all stakeholders across the health care ecosystem.”
2. USPI posted $542 million in adjusted EBITDA in the second quarter, up 8.8% year over year, with an EBITDA margin of 39%. Same-facility system-wide revenue grew 5%, with net revenue per case up 6.3%.
3. According to the call, growth was driven by USPI’s push into higher-acuity procedures, including 10% same-store growth in total joint replacements performed in its ASCs.
4. Dr. Sutaria also pointed to expansion in urology, robotics-assisted general surgery, bariatrics and early moves into cardiovascular procedures, along with a shift of more complex GI and ophthalmology cases — such as duodenal endoscopy and retinal procedures — into the ASC setting.
5. Tenet now projects USPI will generate $2.16 billion to $2.22 billion in adjusted EBITDA for full-year 2026, part of a broader companywide EBITDA guidance raise to $4.83 billion-$5.03 billion.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.