Dallas-based United Surgical Partners International, Tenet Healthcare’s ASC arm, continues to grow its footprint and shift toward higher-acuity outpatient care.
Here are 10 things to know so far in 2025:
- USPI reported $1.2 billion in revenue in the first quarter of 2025, up from $995 million in the same period in 2024.
- Adjusted earnings before interest, taxes, depreciation and amortization grew 15.7% year over year in Q1, driven by cost controls, acquisitions and revenue-per-case gains.
- Surgical case volume declined 2.1% in Q1, but net revenue per case increased 9.1%, reflecting a shift toward more complex, higher-value procedures.
- As of March 31, USPI held ownership interests in 520 ASCs (380 consolidated) and 25 surgical hospitals (seven consolidated) across 37 states.
- The company controls about 8.1% of the ASC market, making it the nation’s largest operator.
- More than 11,000 physicians are affiliated with USPI, which performs over 2 million procedures annually.
- USPI added 14 ASCs in the first half of 2025 — six in Q1, including a new partnership with Choice Care Surgery Center in Midland, Texas, and eight in Q2.
- Tenet raised its full-year 2025 adjusted EBITDA guidance for USPI by $70 million, now projected at between $1.99 billion and $2.05 billion.
- In Q2 2025, USPI’s ambulatory segment reported $1.27 billion in revenue, up from $1.14 billion in Q2 2024.
10. USPI’s adjusted EBITDA for Q2 2025 reached $498 million, with a 39.2% margin.
