Average Surgery Center Debts and Leverage Ratios by Annual Case Volume

Here are the average debts and leverage ratios for surgery centers by total annual case volume, according to VMG Health’s 2009 Intellimarker.

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1. Total debt (all interest-bearing debt outstanding)

  • All facilities — $945,000
  • Less than 3,000 cases — $822,000
  • 3,000-5,999 cases — $804,000
  • More than 5,999 cases — $1.17 million

2. Net debt (total debt less cash on balance sheet)

  • All facilities — $1.00 million
  • Less than 3,000 cases — $870,000
  • 3,000-5,999 cases — $627,000
  • More than 5,999 cases — $1.19 million

3. Total debt/assets*

  • All facilities — 32.3 percent
  • Less than 3,000 cases — 35.4 percent
  • 3,000-5,999 cases — 32.2 percent
  • More than 5,999 cases — 29.1 percent

4. Total debt/equity

  • All facilities — 65.2 percent
  • Less than 3,000 cases — 64.3 percent
  • 3,000-5,999 cases — 70.8 percent
  • More than 5,999 cases — 56.7 percent

5. Total debt/EBIDTA

  • All facilities — 0.53x
  • Less than 3,000 cases — 0.58x
  • 3,000-5,999 cases — 0.51x
  • More than 5,999 cases — 0.59x

6. Net debt/assets*

  • All facilities — 27.7 percent
  • Less than 3,000 cases — 39.8 percent
  • 3,000-5,999 cases — 21.1 percent
  • More than $5,999 cases — 29.9 percent

7. Net debt/equity

  • All facilities — 62.2 percent
  • Less than 3,000 cases — 75.4 percent
  • 3,000-5,999 cases — 42.7 percent
  • More than 5,999 cases — 71.9 percent

8. Net debt/EBIDTA

  • All facilities — 0.49x
  • Less than 3,000 cases — 1.24x
  • 3,000-5,999 cases — 0.38x
  • More than 5,999 cases — 0.49x

*Ratios and percentages are calculated as total/net debt divided by total assets, equity or EBIDTA.

To receive a free copy of VMG Health’s 2009 Intellimarker, click here.

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