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.

17,1 %

−2,4 %

+6,2 %

1.87

1.71

— Surgery Partners, Inc.
%
Surgical facilities90% Outpatient and short-stay facilities where surgical and diagnostic procedures are performed.
Physician practices5% Multi-specialty practices that support referrals, patient visits, and integrated care delivery.
Ancillary services2% Anesthesia, pharmacy, diagnostic screens, and other services tied to patient care.
Management and administrative services3% Fees from managing non-consolidated facilities and physician networks.

The company serves physicians who use its facilities to perform surgical and diagnostic procedures, along with patients...

  • Physicians and physician groupsprimary

    They use Surgery Partners' facilities for surgical cases and value scheduling efficiency, equipment, and local access.

  • Patientsprimary

    They receive outpatient surgical, diagnostic, anesthesia, pharmacy, and related services at the company's facilities.

  • Private insurance payorsprimary

    They reimburse procedures and contract with the company because outpatient settings can offer lower-cost care.

  • Government health programssecondary

    Medicare and Medicaid pay for a portion of patient services and influence reimbursement economics.

  • Physician practices and facility partnerssecondary

    They buy management, administrative, and ancillary support services tied to facility operations.

Surgery Partners operates primarily in the United States and reported more than 200 locations across 30 states...

  • •United States is the company's only disclosed operating geography
  • •More than 200 locations across 30 states
  • •Facilities are organized around local physician referral markets
  • •State licensing and reimbursement rules affect operating economics
  • •Market density supports scheduling efficiency and physician recruitment

The company focuses on improving same-facility performance, expanding physician engagement, and selectively adding...

01
Same-facility growthshort-term

Improves utilization of the existing network and leverages local operating infrastructure.

02
Physician engagementshort-term

The business depends on physicians choosing the company's facilities for procedures.

03
Disciplined acquisitions and developmentmedium-term

Adds scale and market presence in attractive outpatient surgical markets.

04
Payor partnershipsmedium-term

Favorable contracting supports patient access and reimbursement for outpatient care.

The business depends on reimbursement from private insurers and government programs, so changes in payor mix or payment...

high

Third-party payor reimbursement risk

A large share of patient service revenue is paid by government and private insurers.

Scope
Patient service revenues
Materiality
high
high

Physician relationship and referral risk

Facilities depend on affiliated physicians to generate surgical cases.

Scope
Facility utilization and case volume
Materiality
high
medium

Acquisition and integration risk

Growth depends partly on acquiring and integrating facilities and practices.

Scope
M&A and operating execution
Materiality
high
medium

Cybersecurity and data privacy risk

The company stores sensitive patient and employee information and relies on networked systems.

Scope
Operations, reputation, and compliance
Materiality
medium
medium

Regulatory and reimbursement changes

Healthcare laws and program rules can alter access, billing, and margins.

Scope
Medicare, Medicaid, and ACA-related operations
Materiality
high
Revenue recognition estimates
Affects reported revenue and accounts receivable realizability
Consolidation vs. equity method
Changes reported revenue, assets, and operating income presentation
Non-controlling interests
Reduces net income attributable to Surgery Partners, Inc
Goodwill and intangible assets
Impairment risk affects earnings and balance sheet values
Lease and facility-related estimates
Affects depreciation, amortization, and lease liabilities

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: 29/04/2026