Tenet Healthcare’s United Surgical Partners International had an “active year” in 2025, investing nearly $350 million and adding 35 facilities to its ambulatory portfolio, CEO Saum Sutaria, MD, said during the company’s fourth-quarter earnings call Feb. 11.
“The pipeline for both M&A and de novo development remain strong,” he said. “As we look into 2026, we remain the preferred acquirer and developer of assets in this space.”
USPI’s expansion comes as the company continues to push higher-acuity procedures into ASC settings. Dr. Sutaria said same-facility revenues grew 7.5% in 2025, and performance was highlighted by double-digit same-store volume growth in total joint replacements performed in ASCs.
“We see this as a gradual tailwind for USPI that will play out over several years,” Dr. Sutaria said, adding that the company sees early opportunities in higher-acuity spine and urology procedures.
Dr. Sutaria also pointed to USPI’s post-acquisition, value-creation strategy, saying the work often begins after the deal closes and can take time to translate into case-mix changes.
“We had a big M&A year, and a lot of the value that USPI brings after they acquire the assets and get into those holdings is the planning for service line diversification and whatnot,” he said. “Usually takes about a year to start to work on new physician entry and restructuring of the operating schedules … to bring some of that higher acuity in.”
He added that USPI is also using new capabilities to expand procedure opportunities in ASCs, including the use of robotics, which he said continues to “allow us to find new avenues of expansion,” and continued growth in orthopedic joint programs across the network.
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