Dallas-based Tenet Healthcare sold five of its hospitals in Florida but kept its ASCs, according to a June 16 news release.
Physician-owned, Dallas-based Steward Health Care System purchased Coral Gables Hospital, Florida Medical Center, Hialeah Hospital, North Shore Medical Center and Palmetto General Hospital for approximately $1.1 billion.
The deal did not include Tenet's Florida ASCs, run by Tenet's ambulatory arm United Surgical Partners International — further signaling Tenet's focus on scaling up its ASCs.
In 2019, USPI comprised 33 percent of Tenet's adjusted EBITDA, which the company expects to reach 50 percent by 2023. Tenet acquired 45 orthopedics and spine-focused ASCs from SurgCenter Development for $1.1 billion in December.