Surgery Partners Expands Footprint with Acquisitions and De Novo Centers

The company has grown its network to over 200 ASCs across 33 states since 2022.

Apr. 1, 2026 at 8:06pm

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Brentwood, Tennessee-based Surgery Partners, one of the largest players in the ambulatory surgery center (ASC) industry, has significantly expanded its footprint over the past four years through a combination of acquisitions and new de novo center openings. The company has grown its network to over 200 ASCs across 33 states, driven by investments in high-acuity outpatient growth and strategic partnerships with major health systems.

Why it matters

Surgery Partners' rapid expansion highlights the continued growth and consolidation in the ASC industry, as providers seek to capitalize on the shift towards more outpatient and ambulatory care. The company's focus on de novo development and strategic alignments with health systems positions it to compete in an evolving healthcare landscape.

The details

Over the past four years, Surgery Partners has made significant investments to grow its footprint. In 2022, the company spent just under $250 million to acquire 16 ASCs. In 2023, it completed $225 million in acquisitions across 16 deals and formed strategic partnerships with major health systems like Methodist Health System, Intermountain Health, and OhioHealth. In 2024, Surgery Partners opened 8 de novo facilities, with 12 more in various stages of development, and expects to have at least 10 de novos in the works annually. The company's revenue has grown from $2.5 billion in 2022 to $3.3 billion in 2025, with adjusted EBITDA reaching $526 million in 2025.

  • In 2022, Surgery Partners spent just under $250 million to acquire ASCs.
  • In 2023, Surgery Partners completed $225 million in acquisitions across 16 deals.
  • In 2023, Surgery Partners formed strategic partnerships with Methodist Health System, Intermountain Health, and OhioHealth.
  • In 2024, Surgery Partners opened 8 de novo facilities, with 12 more in various stages of development.
  • In 2025, Surgery Partners recorded $3.3 billion in revenue and $526 million in adjusted EBITDA.

The players

Surgery Partners

A Brentwood, Tennessee-based company that is one of the largest players in the ambulatory surgery center (ASC) industry, with a network of more than 200 centers across 33 states.

Bain Capital

A private equity firm that had proposed acquiring Surgery Partners, but the company decided not to proceed with the deal.

Methodist Health System

A Dallas-based health system that formed a strategic partnership with Surgery Partners in 2023.

Intermountain Health

A Salt Lake City-based health system that formed a strategic partnership with Surgery Partners in 2023.

OhioHealth

A Columbus-based health system that formed a strategic partnership with Surgery Partners in 2023.

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What’s next

Surgery Partners plans to continue its rapid expansion, with a goal of opening at least 10 de novo facilities per year. The company will also likely continue to pursue strategic partnerships and acquisitions to further grow its network of ASCs.

The takeaway

Surgery Partners' aggressive growth strategy, focused on both acquisitions and de novo development, positions the company as a dominant player in the consolidating ASC industry. Its strategic alignments with major health systems also suggest a shift towards greater integration between outpatient surgery providers and larger healthcare networks.