Here are five major ASC deals, either completed or in progress, that are making waves in the industry.
1. Nashville, Tenn.-based Surgery Partners received a proposal from Bain Capital Private Equity to acquire all of its outstanding shares for $25.75 per share. Bain, which has been an investor in Surgery Partners for over eight years, already holds a significant stake in the company.
The proposed acquisition has sparked concerns among industry leaders about the increasing influence of private equity in the ASC space.
“This is a textbook example of how private equity firms are consolidating their hold over healthcare in general, and the outpatient surgery business in particular,” Shakeel Ahmed, MD, CEO of Atlas Surgical Group in St. Louis, told Becker’s. “This merger will again glaringly outline the negative impact that private equity has had over our business. Not only will this limit fair trade and good patient care, by prioritizing financial returns over quality care and fair competition, private equity would continue to negatively impact our business.”
2. Optum, the parent company of ASC chain SCA Health, has agreed to acquire Oklahoma City-based ambulatory infusion network FlexCare Infusion. This deal is part of Optum’s broader expansion strategy, following other high-profile healthcare acquisitions.
In a related move, Optum and home health provider Amedisys extended the deadline for their proposed $3.3 billion merger after facing legal scrutiny from the Department of Justice (DOJ). The DOJ, which filed a lawsuit in November, expressed concerns that the merger could reduce competition in the home health market.
3. Cincinnati-based Bon Secours Mercy Health, a 48-hospital Catholic health system, has expanded its partnership with Raleigh, N.C.-based Compass Surgical Partners to develop more than 30 ASCs.
In 2024, the joint venture led to the opening of the Springfield (Ohio) Regional Outpatient Surgery Center and Millennium Surgery Center in South Carolina. Additionally, Compass Surgical Partners, Bon Secours Mercy Health and Aligned Cardio announced plans to launch the Short Pump Cardiovascular Ambulatory Surgery Center in Henrico, Va., in late 2025. The 8,000-square-foot facility will offer procedures including diagnostic heart catheterization, coronary interventions, peripheral interventions, and pacemaker and AICD implantations.
4. Ker Leader Medical, a new ASC development company, was created to “level the playing field” and offer physicians and investors a way to pull equity out of an ASC while maintaining control. The group bypasses private equity and appeals directly to investment groups for funding, allowing ASCs to maintain more control of financial operations and remain independent.
5. United Surgical Partners International made a significant but under-the-radar acquisition in 2024, purchasing Covenant Physician Partners. According to an ION Analytics report, the sale was prompted by financial pressures at Covenant, whose private equity owner, KKR, had to pay off lenders at par to avoid a distressed debt exchange.
Covenant, which operates more than 80 locations across 17 states, had been facing financial strain due to rising labor costs and high interest rates. Prior to the acquisition, Covenant expanded its ASC portfolio in 2023 by merging St. Vincent Eye Surgery Center and Wilshire Center for Ambulatory Surgery, both in Los Angeles.
Meanwhile, USPI continued its aggressive growth strategy, adding nearly 70 ASCs in 2024, further solidifying its position as the nation’s largest ASC chain.
