USPI's Q3 operating revenues rise 8.2% to $565M — 8 things to know

Addison, Texas-based United Surgical Partners International generated net operating revenues of $565 million in the third quarter ended Sept. 30, a year-over-year increase of 8.2 percent.

Dallas-based Tenet Healthcare owns 95 percent of USPI, which is its ambulatory business segment. Its third-quarter results were announced Oct. 20.

Eight things to know:

1. As of Sept. 30, USPI held interests in 263 ASCs, 40 urgent care centers, 24 imaging centers and 25 surgical hospitals in 28 states.

2. Same-facility, systemwide net operating revenues rose 6.5 percent in the third quarter. Although total ambulatory cases were down 0.3 percent, revenue per case increased 6.9 percent.

3. USPI's surgical business — which accounts for most net operating revenues — reported a 6.3 increase in same-facility, systemwide revenues in the third quarter.

4. Surgical cases decreased 5.9 percent in the third quarter. However, revenue per case rose 13 percent, attributable to expansion into higher acuity cases and service line growth.

5. Overall, the ambulatory segment generated about $1.4 billion in operating revenues in the nine months ended Sept. 30, down 6.7 percent from what it had generated in the same period last year. Tenet attributed the decline to the pandemic.

6. Same-facility, systemwide surgical business revenues dropped 7.8 percent in the nine months ended Sept. 30, with cases down 18.8 percent and revenue per case up 13.6 percent.

7. When accounting for a $13 million grant reversal, the ambulatory segment reported third-quarter adjusted EBITDA of $215 million, a 3.9 percent increase from the third quarter of 2019.

8. USPI reported same-facility, systemwide surgical cases in the third quarter as a percent of the comparable period in 2019 on a same business-day basis:

June: 90 percent
July: 94 percent
August: 93 percent
September: 96 percent
Third quarter overall: 94 percent

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