United Surgical Partners International became the largest ASC chain in the U.S. in 2022.
Here is a summary of the network's major milestones over the past five years:
• Dallas-based Tenet Healthcare, USPI's parent company, expects to beat the midpoint of its 2022 earnings outlook. Its midpoint estimate for adjusted earnings before interest, taxes, depreciation and amortization was $3.4 billion through the end of 2022.
• USPI's $1.2 billion acquisition of SurgCenter Development is still in process, but progress is slow.
• Tenet bolstered its ASC business to drive revenue. It has spent more than $2.5 billion in capital investment to scale USPI since December 2020 and expected to see 12 percent growth after acquiring interest in about 160 ASCs in less than two years, according to an earnings call.
• At the end of June, Tenet acquired Dallas-based Baylor Scott & White Health's 5 percent equity position in USPI to own 100 percent of the company's voting shares.
• USPI reported net operating revenue at $3.2 billion for the year, compared to $2.7 billion in 2021.
• The company ended the year with 440 ASCs.
• USPI's net operating revenue jumped 31 percent to $2.7 billion. More than 3,400 physicians joined USPI, increasing the number of physicians in the company's network to more than 11,000, the most of any ASC chain.
• Other major acquisitions included a $1.2 billion deal to buy SurgCenter Development — adding 85 ASCs to its network — and another $78 million paid to acquire ownership of eight Compass Surgical Partners ASCs.
• The company ended the year with 430 ASCs.
• USPI added 61 ASCs, including a 45-center, $1.2 billion acquisition from SurgCenter Development. In 2020, USPI reported 102 percent year-over-year surgical volume growth before the pandemic. In April, surgeries dropped to 20 percent of 2019 levels amid the COVID-19 pandemic, but by the end of the year, USPI centers reported surgical volume at 95 percent of 2019 volumes.
• By the end of the year, USPI had nearly 350 facilities in 33 states.
• In 2019, the company boosted its market share, from owning 5 percent to 6 percent of ASCs with 260 ASCs, according to its annual report.
• The company also entered several joint ventures, including Hackensack (N.J.) Meridian Health and Vanguard Surgical Center as well as Dignity Health and the West Coast Joint and Spine Surgery Center in El Dorado Hills, Calif.
• The company ended the year with 264 ASCs.