Nashville, Tenn.-based Tenet Healthcare, parent company of ASC giant United Surgical Partners International, saw a huge year of growth in 2024, as well as several multimillion-dollar hospital sell-offs as they refocus their strategy on ASCs.
With a 7.1% share of the ASC market, USPI is the largest ASC chain by number of physicians and centers.
Here are 10 major updates on Tenet and USPI in the last year:
1. In 2024, Tenet sold at least 14 hospitals for more than $4.8 billion.
2. Tenet sold three South Carolina hospitals to Winston-Salem, N.C.-based Novant Health for $2.4 billion, effective Feb. 1.
3. The for-profit system sold its 70% ownership stake in five Alabama hospitals on Oct. 1 in a deal valued at approximately $910 million in cash, with after-tax proceeds of approximately $790 million.
4. In the third quarter, Tenet inked a deal with San Diego, Calif.-based Synergy Orthopedics. The partnership has developed the largest dedicated musculoskeletal ASC in San Diego.
5. Also in the third quarter, Tenet reported an operating income of $1.1 billion (21.3% margin) in the third quarter, nearly double the $568 million operating income (11.2% margin) reported in the third quarter of 2023.
6. In September, Siouxland Surgery Center, operating as Dunes Surgical Hospital in Dakota Dunes, S.D., alongside ASC giant United Surgical Partners International and USP Siouxland, agreed to pay approximately $12.76 million to settle allegations of violating the False Claims Act.
7. In August, Tenet Healthcare saw its stock price hit a 23-year high, landing at $160.50 as of Aug. 23. The company saw its stock price (NYSE: THC) exceed $160 August 22, marking its highest level since late 2001. This represents a 114% increase compared to a year prior.
8. In the second quarter, USPI inked a partnership with the Tampa-based Florida Orthopedic Institute. The deal partners with three Florida Orthopedic Institute ASCs that perform more than 15,000 cases annually.
9. In March, Tenet completed the $975 million sale of four Southern California hospitals to Orange, Calif.-based UCI Health.
10. The company acquired 45 new centers in the first quarter and quietly purchased ASC chain Covenant Physician Partners.