Dallas-based United Surgical Partners International, Tenet's ambulatory business segment, reported a recent acquisition led to fourth quarter revenue growth.
Eight things to know:
1. Full year net operating revenue hit $2 billion in 2020 compared to $2.1 billion in 2019. USPI's fourth quarter revenue increased from $632 million in 2019 to $649 million in 2020. Tenet's acquisition of 45 ASCs from Towson, Md.-based SurgCenter Development drove the fourth quarter growth.
2. Same-facility surgical cases dropped 5.5 percent year over year in the fourth quarter and 15.2 percent in 2020 compared to 2019.
3. Same-facility systemwide total ambulatory cases dropped 1.7 percent in the fourth quarter and 10 percent for the full year.
4. Same-facility systemwide net patient service revenue was $4.4 billion in 2020, down from $4.6 billion in 2019. The company was able to maintain revenue despite case volume drop during the pandemic by adding new service lines and incorporating more high acuity cases in their ASCs.
5. USPI had interest in 308 ASCs, 40 urgent care centers, 24 imaging centers and 24 surgical hospitals at the end of 2020. USPI plans to sell all its urgent care centers in early 2021.
6. USPI's adjusted EBITDA was $330 million in the fourth quarter, up from $304 million in the same period the year prior. Full year adjusted EBITDA was $868 million, a 3 percent drop year over year.
7. The company expects net operating revenue to hit $2.8 billion to $2.9 billion in 2021. USPI projects net revenue per surgical case to drop 1 percent to 3 percent in the coming year.
8. Surgical case volumes are expected to hit 98 percent to 103 percent of 2019 volumes in the coming year.
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