Nashville, Tenn.-based Surgery Partners took on hundreds of millions more in debt to combat declining case volumes related to the COVID-19 pandemic and plans to take on $115 million more, the Nashville Post reports.
What you should know:
1. Surgery Partners took out nearly $113 million from its revolving credit facility in March — which it has repaid — took another $120 million in April and now plans to take on $115 million more in debt, which will mature in 2027.
2. While Surgery Partners suffered from severely decreased volumes in April, May and June saw the management company's figures recover when the company hit 74 percent and 93 percent of its pre-COVID-19 volumes, respectively.
3. Revenue-per-case from high-acuity patients also increased 11 percent.
4. Surgery Partners expects to use the money from the latest round of debt sales to support general corporate purposes, possible service line expansions, physician recruitment, and potential IT investments and practice acquisitions.