Tenet Healthcare is further expanding its portfolio of operation centers with a new acquisition
Tenet Healthcare continues to expand its portfolio of outpatient surgery centers with an agreement to purchase a minority interest in nine more from a company based in Raleigh, NC.
Tenet, based in Farmers Branch, said its subsidiary United Surgical Partners International had closed the deal with Compass Surgical Partners. The terms of the transaction were not disclosed.
USPI will manage and jointly own the centers in partnership with approximately 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’ business comes from musculoskeletal procedures, such as back pain, arthritis, and muscle problems such as carpal tunnel and tendinitis. The other 40% are mainly ear, nose and throat cases and ophthalmology.
The transaction is expected to close by the end of this year, giving USPI a 20% stake in the centers and management functions.
USPI operates the largest network of outpatient operation centers and surgical hospitals in the country with more than 330 facilities. There were more than 5,700 Medicare-certified outpatient surgery centers in the United States, according to a MedPac report in March.
Tenet has steadily expanded its presence in surgical centers since acquiring USPI in 2015. In December, the company closed a $ 1.1 billion “transformational” deal for a controlling interest in 45 SurgCenter Development-operated operations centers.
This deal made Tenet the largest musculoskeletal care provider in the country. As of June 30, it also operated 65 hospitals. It sold five Florida hospitals in the same month for $ 1.1 billion to Dallas-based Steward Health Care.