Surgery Partners, Inc.
Surgery Partners, Inc. owns and operates a national network of outpatient surgical facilities and related physician practices across the United States through its subsidiaries. Its portfolio includes ambulatory surgery centers, short-stay surgical hospitals, and ancillary services that support surgical and diagnostic care.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueOutpatient and short-stay facilities where surgical and diagnostic procedures are performed.
Multi-specialty practices that support referrals, patient visits, and integrated care delivery.
Anesthesia, pharmacy, diagnostic screens, and other services tied to patient care.
Fees from managing non-consolidated facilities and physician networks.
Products
Reported · share of revenue- Private Insurance51.0 %
- Government Revenue41.7 %
- Self Pay Revenue2.6 %
- Other Services2.5 %
- Other Patient Service Revenue Sources2.2 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company serves physicians who use its facilities to perform surgical and diagnostic procedures, along with patients receiving outpatient care at those sites. It also contracts with private insurers and government health programs that reimburse a large share of patient service revenue, making payor relationships central to the business model.
They use Surgery Partners' facilities for surgical cases and value scheduling efficiency, equipment, and local access.
They receive outpatient surgical, diagnostic, anesthesia, pharmacy, and related services at the company's facilities.
They reimburse procedures and contract with the company because outpatient settings can offer lower-cost care.
Medicare and Medicaid pay for a portion of patient services and influence reimbursement economics.
They buy management, administrative, and ancillary support services tied to facility operations.
Strategy
The company focuses on improving same-facility performance, expanding physician engagement, and selectively adding facilities and practices in attractive markets. It also seeks to broaden services and deepen payor relationships to support a lower-cost outpatient care model.
Improves utilization of the existing network and leverages local operating infrastructure.
The business depends on physicians choosing the company's facilities for procedures.
Adds scale and market presence in attractive outpatient surgical markets.
Favorable contracting supports patient access and reimbursement for outpatient care.
Geography
Surgery Partners operates primarily in the United States and reported more than 200 locations across 30 states. Its network is built around local markets, so state-level regulation, payor contracting, physician relationships, and market density are important to operations.
Risks
The business depends on reimbursement from private insurers and government programs, so changes in payor mix or payment rates can affect results. It also relies on physicians to use its facilities and on successful integration of acquired centers and practices, while cybersecurity and regulatory changes add operational and compliance risk.
- Third-party payor reimbursement riskImpact: HighLikelihood: High
A large share of patient service revenue is paid by government and private insurers.
Exposure: Patient service revenues
- Physician relationship and referral riskImpact: HighLikelihood: Medium
Facilities depend on affiliated physicians to generate surgical cases.
Exposure: Facility utilization and case volume
- Regulatory and reimbursement changesImpact: MediumLikelihood: High
Healthcare laws and program rules can alter access, billing, and margins.
Exposure - Acquisition and integration riskImpact: MediumLikelihood: Medium
Growth depends partly on acquiring and integrating facilities and practices.
Exposure: M&A and operating execution
- Cybersecurity and data privacy riskImpact: MediumLikelihood: Low
The company stores sensitive patient and employee information and relies on networked systems.
Exposure
Accounting
Judgemental itemsPatient service revenue depends on estimates of contractual adjustments and collections.
Impact: Affects reported revenue and accounts receivable realizability
The company owns and operates some facilities outright and others through partnerships.
Impact: Changes reported revenue, assets, and operating income presentation
Many facilities are owned with physician partners, creating material NCI allocations.
Impact: Reduces net income attributable to Surgery Partners, Inc.
Acquisitions and facility development can create significant acquired intangibles and goodwill.
Impact: Impairment risk affects earnings and balance sheet values
Operating centers and hospitals require long-lived facility and lease accounting judgments.
Impact: Affects depreciation, amortization, and lease liabilities
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Last updated: 24/09/2026