Here are five industry-shifting deals within the ASC world in 2024.
1. United Surgical Partners International, owned by Dallas-based industry giant Tenet Healthcare, quietly bought Nashville, Tenn.-based Covenant Surgical Partners in April. The sale occurred after Covenant's private equity owner, KKR, paid off lenders at par to avoid a potential exchange of debt. Covenant was acquired by KKR in 2017 and operated more than 80 locations across 17 states.
2. In April, HCA sold Los Angeles-based West Hills Hospital and Medical Center, which includes a freestanding ASC, to UCLA Health. Later that same month, HCA and healthcare real estate development company NexCore Group partnered to build an ASC in Orem, Utah.
3. Tenet Healthcare also sold four hospitals and two ASCs to Orange, Calif.-based UCI Health in Southern California for a total of $975 million. Fountain Valley, Calif.-based Pacific Endoscopy & Surgery Center and Reagan Street Surgery Center in Los Alamitos, Calif., were the ASCs purchased in the deal.
4. St. Louis-based Ascension plans to sell off nine of its Illinois hospitals and four of its post-acute and older-adult living facilities to Ontario, Calif.-based Prime Healthcare. The sale is expected to close in early 2025.
5. Surgery Ventures, owned by Nashville, Tenn.-based HCA Healthcare, acquired a majority stake in two Texas ASCs, which will now be affiliated with Medical City Healthcare. They are Anna-based Medical City Surgery Center of North Texas, formerly known as Surgery Center of North Texas, and Medical City Surgery Center Allen (Texas), formery Allen Surgery Center.