United Surgical Partners International, Dallas-based Tenet Healthcare's ASC chain, has seen huge growth in the last five years, becoming the largest chain in the country. The company has added more than 160 ASCs since 2015, when they had 249 centers.
Here's a growth breakdown of the company in the last five years:
The company has a share of about 7 percent of the ASC market, with 410 surgery centers and 24 surgical hospitals in 34 states.
Tenet has been bolstering its ASC business to drive revenue. It has spent more than $2.5 billion in capital investment to scale USPI since December 2020 and expects 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'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 $1.1 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.
USPI added 61 ASCs, including a 45-center, $1.1 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.
USPI reported $2 billion in net operating revenue, a 7.5 percent increase over 2017. The segment's adjusted earnings before interest, taxes, depreciation and amortization increased 13.3 percent to $792 million. USPI invested $240 million in ambulatory mergers and acquisitions, adding 27 facilities and seven health system partners.
While the company had ownership in around 5 percent of ASCs nationwide, USPI trailed AmSurg in number of ASCs, with 255 compared to AmSurg's 261, according to a report from VMG Health.