Banner Health, a Phoenix-based health system, invested in surgery center development company Atlas Healthcare Partners.
Atlas previously formed a joint venture with Banner in 2018 to develop and operate ASCs in Arizona, Colorado and Wyoming, triggering a 155 percent volume growth and 475 percent revenue growth. The partnership took Atlas from eight ASCs to 26 centers nationwide.
The most recent investment will help the Banner-Atlas joint venture grow to more than 50 ASCs by the end of 2025.
"We're excited to expand our partnership with Banner," said Aric Burke, CEO of Atlas. "Our multilevel partnership with Banner serves as an innovative model for other health systems seeking to develop and implement a fully integrated ASC strategy that aligns all parties: health system, management company, physicians, patients and communities."
Scott Nordlund, Banner's chief strategy and growth officer, said the new investment takes the partnership beyond regional and local ASC development to align at the management company level.