United Surgical Partners International reported a huge jump in first quarter consolidated net revenue.
Here are 10 things to know from the financial report:
1. USPI reported a 9 percent increase in net revenues to $158.1 million over the same period last year.
2. The operating income increased 17 percent to $55.8 million in the first quarter of 2015.
3. Cash flow from operating activities in the first quarter totaled $39.1 million, significantly less than $61 million reported in the same period last year.
4. In the first quarter, USPI consolidated subsidiaries invested $2.3 million in maintenance capital expenditures and another $1.4 million in existing facility infrastructure.
5. The system-wide revenue for USPI facilities increased 14 percent on a year-over-year basis.
6. System-wide net revenue increased 9 percent in the first quarter on a same-store basis.
7. In March, USPI entered into a transaction with Tenet Healthcare and Welsh, Carson, Anderson & Stowe where Tenet and USPI will combine their short-stay surgery and imaging center assets into a new joint venture. Tenet will own 50.1 percent of the venture and will consolidate financial results. Tenet is on track to take full ownership of the company over the next five years.
8. The new joint venture will have ownership interest in 244 ASCs, 16 short-stay surgical hospitals and 20 imaging centers.
9. Centers will maintain the USPI brand and three-way partnership model with physicians and not-for-profit health systems. The combined operations will have partnerships with 50 health systems and more than 4,000 physicians.
10. USPI currently has ownership in or operates 218 facilities, with 153 being jointly owned with a healthcare system.