Dallas-based United Surgical Partners International, the ASC segment of Tenet Healthcare, is the largest ambulatory platform in the country. The company expanded its surgery center footprint in 2020 and is expected to continue its focus on ASC acquisitions in 2021.
Here are 10 things you need to know about USPI in 2021:
1. USPI's platform has as interest in 308 surgery centers, including 24 surgical hospitals, in 33 states. The company added 3,700 physicians to their staff in 2020.
2. Tenet merged with USPI in 2015 and now owns 95 percent of the company. In 2019, USPI made up 33 percent of Tenet's adjusted earnings before interest, taxes, depreciation, and amortization, and is expected to reach 50 percent of Tenet's EBITDA by 2023.
3. Tenet anticipates 2021 EBITDA will reach $3 billion midyear, and USPI will see a 56 percent increase in EBITDA.
4. Tenet is headed by Ronald Rittenmeyer, who became the company's executive chair and CEO in 2017. USPI is led by Brett Brodnax, who became president and CEO in 2018.
5. USPI aims to become the leader in orthopedic surgery across the U.S. The company added 61 ASCs last year, including 45 ASCs acquired from Towson, Md.-based SurgCenter Development for $1.1 billion on Dec. 10. The transaction is projected to generate a 10 percent return within three years of its completion.
6. Due to the pandemic limiting ASC cases in 2020, USPI surgical volumes were down 80 percent compared to 2019 volumes in late April, but recovered to 95 percent of 2019 volumes by December.
7. USPI made $649 million in fourth-quarter revenue, compared to $632 million in 2019. USPI credited the SurgCenter acquisition for the 2.7 percent increase.
8. Tenet plans to allocate $150 million to $200 million in 2021 for ASC acquisitions and aims to acquire up to 40 surgery centers.
9. Tenet planned to sell its urgent care platform, with 87 centers operated by USPI, to FastMed Urgent Care at the beginning of the year.
10. Newsweek named 30 USPI facilities to its "Best Ambulatory Surgery Centers 2021" list.