Tenet Healthcare continues to expand its portfolio of surgical centers with a new acquisition
Tenet Healthcare continues to strengthen its portfolio of outpatient surgery centers, with an agreement to purchase a minority stake in nine others from a company based in Raleigh, North Carolina.
Tenet, based in Farmers Branch, said its subsidiary, United Surgical Partners International, has entered into an agreement with Compass Surgical Partners. Terms of the transaction were not disclosed.
USPI will jointly manage and own the centers in partnership with about 125 physicians, the company said. The centers are in Waco; Tampa, Florida; and Asheville, Raleigh and Winston-Salem in North Carolina.
About 60% of the centers’ activity comes from musculoskeletal procedures, such as causes related to lower back pain, arthritis and muscle problems like carpal tunnel and tendonitis. The remaining 40% are mainly cases of the ears, nose, throat and ophthalmology.
The transaction is expected to be finalized by the end of this year, giving USPI 20% ownership in the centers and management responsibilities.
USPI operates the largest network of day surgery centers and surgical hospitals in the country with more than 330 establishments. There were more than 5,700 Medicare-certified day surgery centers operating in the United States, according to a MedPac report in March.
Tenet has steadily grown the footprint of its surgical centers since acquiring USPI in 2015. In December, the company concluded what it described as a “transformational” $ 1.1 billion deal. dollars for controlling interest in 45 surgical centers operated by SurgCenter Development.
This agreement made Tenet the largest provider of musculoskeletal care in the country. As of June 30, it also operated 65 hospitals. It sold five Florida hospitals to Dallas-based Steward Health Care for $ 1.1 billion in the same month.