Surgery Partners

What Surgery Partners does

Surgery Partners, Inc. is a publicly traded (NASDAQ: SGRY) healthcare services company headquartered in Brentwood, Tennessee, that operates the largest standalone network of independent surgical facilities in the United States. Founded in 2004 and built through three major mergers (NovaMed in 2011, Symbion in 2014, National Surgical Healthcare in 2017), the company owns and operates more than 300 ambulatory surgery centers (ASCs), surgical hospitals, and ancillary service locations across 30 states, supported by 16,000+ employees and 5,000+ affiliated physicians serving approximately 670,000 patients annually. Its integrated delivery model combines three service lines: surgical facility services (multi-specialty outpatient procedures including orthopedics, ophthalmology, gastroenterology, and pain management), multi-specialty physician practices, and anesthesia services, with 74 surgical robots deployed to support high-acuity procedures including outpatient total joint replacements.

The company's business model is primarily fee-for-service reimbursement from commercial and government payers, augmented by proprietary payor arrangements including bundled payments and workers' compensation contracts. Go-to-market combines a sales-led physician partnership motion (joint ventures, employment, and practice affiliations with flexible equity structures for physicians, including 1,500 physician equity partners) with channel partnerships via joint ventures with major health systems such as Vanderbilt Health Systems, Baptist Memorial Health Services, Intermountain Health, and Baylor Scott & White Health. Recent strategic activity has focused on portfolio expansion through the March 2026 acquisition of Preferred Vascular Group (entry into the $6 billion dialysis access market), robotic surgery adoption via Distalmotion's DEXTER system, and balance sheet management including a $200 million share repurchase authorization and ongoing portfolio optimization discussions. The company faces material headwinds including securities fraud investigations, a federal RICO lawsuit from Allstate alleging billing fraud at Florida centers, and elevated debt of $4.04 billion against a $1.8 billion market capitalization.

Name

Surgery Partners

Legal name

Surgery Partners, Inc.

Website

https://surgerypartners.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Surgery Partners is a publicly traded operator of ambulatory surgery centers, surgical hospitals, and ancillary healthcare services, managing 300+ facilities across 30 states with 5,000+ affiliated physicians serving 670,000+ patients annually.

Ownership category

akta.pro rank

Product category

Ambulatory Surgery Services

NAICS

Freestanding Ambulatory Surgical and Emergency Centers (621493), General Medical and Surgical Hospitals (622110), Offices of Physicians (62111)

SIC

Services-Specialty Outpatient Facilities, Nec (8093), Services-Offices & Clinics Of Doctors Of Medicine (8011), Services-Health Services (8000)

akta.pro primary industry

Multi-Specialty Ambulatory Surgery Centers (ASCs) (HLAFAIAA)

akta.pro secondary industries

Orthopedic & Spine Surgery Centers (HLAFAIAG), Ambulatory Surgery Centers (Ophthalmic/Outpatient Eye Surgery) (HLAKAKAO), Ophthalmology Surgery Centers (HLAFAIAF)

Keywords

• Ambulatory surgery centers
• Outpatient surgical services
• Physician practice services
• Anesthesia services
• Multi-specialty surgical care

Headquarters

HQ city

Cleveland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Others, Supply Chain, Technology or R&D

Revenue model

1. Surgical Facility Services: Revenue from operating ambulatory surgery centers and surgical hospitals. Services include outpatient surgical procedures across multiple specialties including orthopedics, ophthalmology, gastroenterology, and pain management. Primarily fee-for-service reimbursement from commercial and government payers.
2. Physician Practice Services: Revenue from multi-specialty physician practices providing ancillary healthcare services. Includes employed and partnered physicians across various specialties.
3. Anesthesia Services: Anesthesia services provided across the surgical facility network. Integrated service offering that complements surgical procedures.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Surgery Partners owns and operates a national network of more than 300 ambulatory surgery centers, surgical hospitals, and ancillary service locations across 30 states. The company delivers outpatient surgical procedures across multiple specialties—including orthopedics, ophthalmology, gastroenterology, pain management, and cardiovascular—through an integrated model that combines surgical facilities, multi-specialty physician practices, and anesthesia services. The platform serves more than 670,000 patients annually through partnerships with approximately 5,000 affiliated physicians and 16,000+ employees.

Product overview

Surgery Partners operates as a unified healthcare services platform combining surgical facilities, multi-specialty physician practices, and anesthesia services across more than 300 locations in 30 states. The platform comprises three core service lines: Ambulatory Surgery Centers and surgical hospitals for outpatient procedures, multi-specialty physician practices, and integrated anesthesia services. The company serves over 670,000 patients annually through partnerships with approximately 5,000 affiliated physicians and 16,000 employees, focusing on delivering cost-effective surgical care in outpatient settings.

Differentiator

Problem solved

Functional benefit

Products and services

• Surgical Facilities Ambulatory Surgery Centers (ASCs) and surgical hospitals providing outpatient surgical procedures across multiple specialties including orthopedics, spine, cardiovascular, and general surgery. Over 180 ASCs across 33 states plus physician-partnered surgical hospitals with high nurse-to-patient ratios.
• Physician Practices Multi-specialty physician practices providing specialized medical services across various disciplines including cardiology, gastroenterology, ophthalmology, and pain management. Offers physicians flexible engagement models including joint ventures, employment, and practice affiliations.
• Anesthesia Services Anesthesia services provided across the network of surgical facilities to support various surgical procedures. An integrated service offering that complements surgical procedures and supports ambulatory and hospital-based cases.
• Healthcare System Joint Venture Partnerships Partnership model where Surgery Partners provides capital, operational expertise, and management resources to co-own and operate surgical facilities with health systems. Partners include Baptist Memorial, Vanderbilt Health, and Intermountain Health, with additional partnerships with Baylor Scott & White Health for The Physicians Centre Hospital in Bryan, Texas.
• Physician Equity Partnership Program Program allowing physicians to acquire equity ownership in surgical facilities, with 1,500 physician equity partners currently participating. Provides flexible engagement structures including joint ventures, employment, and practice affiliations with operational input and financial partnership opportunities.
• Revenue Cycle Services Integrated revenue cycle management services supporting affiliated physicians and surgical facilities, including billing, collections, and managed care contracting support.
• Outpatient Total Joint Replacement Program

Quantifiable outcome

• 10% annual same-facility growth over the past five years
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Preferred Vascular GroupcoreStrategic or Co-development Partner · 4 March 2026Acquisition of Preferred Vascular Group, an ambulatory surgical center operator specializing in dialysis access procedures. PVG operates eight surgical centers in Georgia and Ohio with 16 physicians and over 160 staff. Entry into the $6 billion dialysis access market performing over two million procedures annually.
• Baylor Scott & White HealthcoreStrategic or Co-development Partner · 8 December 2025Joint venture to jointly own The Physicians Centre Hospital in Bryan, Texas. Surgery Partners maintains responsibility for daily operations at the 16-bed facility. Partnership aims to enhance access to surgical care in the Bryan College Station community, complementing Baylor's regional services.
• Vanderbilt Health SystemscoreStrategic or Co-development PartnerJoint venture for development and management of freestanding outpatient surgery center. Partnership provides Vanderbilt with access to Surgery Partners' experienced surgical center management team and enables expansion into community-based surgery settings where health systems typically lack expertise.
• Baptist Memorial Health ServicescoreStrategic or Co-development PartnerLongstanding joint venture partnership for surgical facility operations in Memphis, Tennessee market.
• Intermountain HealthcoreStrategic or Co-development PartnerPartnership for multiple ambulatory surgery centers across Utah. Surgery Partners leads operational processes and expansion from 5 to more than a dozen sites through this partnership.
• ProviderTrust (VendorProof)minorImplementation/ SI/ Consulting PartnerVendor compliance partnership using ProviderTrust's VendorProof solution to screen vendors, monitor federal and state databases for exclusions, and maintain regulatory compliance. All vendors are required to enroll in the VendorProof portal.
• Duly Health and CareminorStrategic or Co-development PartnerDuly Health and Care acquired an unknown minority stake in Valley Ambulatory Surgery Center, L.P. from Surgery Partners.

Scale indicators13 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• HCA Healthcare: HCA Healthcare operates a national network of hospitals and surgery centers across multiple specialties and competes with Surgery Partners for physician relationships, outpatient surgical volume, and health system partnerships in overlapping markets.
• Universal Health Services: UHS operates acute care and behavioral health hospitals and has expanded into outpatient and ambulatory services. It competes with Surgery Partners in select markets for outpatient surgical volume and physician alignment opportunities.
• Ardent Health Partners: Ardent Health operates acute care hospitals and ancillary outpatient services across multiple states, with comparable multi-site operational complexity and physician partnership models to Surgery Partners.
• Tenet Healthcare: Tenet Healthcare owns USPI, the largest direct ASC competitor, and operates a portfolio of acute care hospitals and surgical facilities. Tenet's broader hospital and outpatient portfolio overlaps with Surgery Partners' surgical hospital and ASC operations and provides capital and scale advantages.
• Providence Health & Services: Providence is a large not-for-profit health system that operates ambulatory surgical and outpatient facilities in several western states, overlapping with Surgery Partners' multi-state ASC footprint and competing for physician partnerships.
• Encompass Health: Encompass Health operates a national network of inpatient rehabilitation and post-acute care facilities. While its core focus is rehabilitation rather than ASCs, it shares the multi-site, physician-aligned, payor-negotiated specialty healthcare services model and competes for specialty clinical talent and partnerships.

Direct peers

• SCA Health (Surgical Care Affiliates): SCA Health, owned by Optum (UnitedHealth Group), operates one of the largest ASC networks in the US with a similar multi-specialty platform and physician partnership model. It competes head-to-head with Surgery Partners for physician partners, JV health systems, and high-acuity case migration.
• United Surgical Partners International (USPI): USPI is a Tenet Healthcare subsidiary operating the largest network of ambulatory surgery centers and short-stay surgical hospitals in the US. It is the most direct competitor to Surgery Partners, with overlapping multi-specialty ASC model, health-system JV partnerships, and physician partnership approach.

Others

• HealthEquity (formerly) / Multiplan: MultiPlan is a payor-claims and reimbursement analytics vendor serving the same healthcare provider ecosystem as Surgery Partners; an indirect adjacent participant in the payor-provider contracting value chain.
• Healthpeak Properties: Healthpeak is a healthcare-focused REIT that owns outpatient medical facilities including MOBs and ASCs. While not a direct competitor, it is a key real-estate counterpart and capital partner for Surgery Partners' facility footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/surgerypartners

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Surgery Partners