Dallas-based United Surgical Partners International, Tenet Healthcare's ASC business, third quarter revenue hit $1.13 billion, a 21% increase from the same quarter last year, according to financial documents published Oct. 29.
The growth is driven by strong net revenue per case growth, acquisitions of facilities, and increased service lines.
"Our businesses continue to produce strong results and generate robust free cash flow with same store revenue growth and profitability well above our expectations due to the focused execution of our strategy and disciplined operations," Saum Sutaria, MD, Tenet's CEO said in the release. "We have furthered our portfolio transformation and are well-positioned to deliver enhanced value to our patients, physician partners, and shareholders."
Here are five things to know:
1. USPI's portfolio includes 520 ambulatory surgery centers (376 consolidated) and 24 surgical hospitals (seven consolidated) in 37 states.
2. USPI's adjusted EBITDA jumped 18.6% in the third quarter from $370 million to $439 million in the most recent quarter.
3. Surgical business same-facility systemwide net patient service revenues increased 8.7%, with cases up 1% and net revenue per case up 7.6%.
4. Tenet Healthcare reported an operating income of $1.1 billion in the third quarter, nearly double the $568 million operating income reported in the third quarter of 2023.
5. Tenet's outlook for full-year 2024 net cash provided by operating activities and free cash flow now reflects the anticipated payment of about $175 million in income taxes, primarily related to the net gain on the sale of the Alabama hospitals.