Surgery Partners, Inc.

Surgery Partners, Inc. (NASDAQ: SGRY) operates as a leading national healthcare services company with an integrated outpatient delivery model focused on providing high-quality, cost-effective surgical and ancillary care solutions. The company owns and operates a network of more than 200 surgical facilities across 30 states, generating approximately $3.2 billion in patient service revenues during 2025.

The company's primary business segment is Surgical Facilities, which encompasses ambulatory surgery centers (ASCs), short-stay surgical hospitals, anesthesia services, urgent care facilities, and multi-specialty physician practices. As of December 31, 2025, Surgery Partners operated 176 surgical facilities, including 157 ASCs and 19 licensed surgical hospitals. These facilities provide non-emergency surgical procedures across multiple specialties including orthopedics and pain management, ophthalmology, gastroenterology, and general surgery.

Surgery Partners employs approximately 16,000 full-time and part-time employees across its operations. The company structures its ownership through partnerships and limited liability companies with physicians, physician groups, and healthcare systems, holding majority ownership in 90 facilities while consolidating 121 for financial reporting purposes. The company provides comprehensive management services to its facilities, including financial, marketing, and operational support, typically receiving management fees based on a percentage of facility revenue.

Revenue is derived from facility fees for healthcare services performed at surgical facilities, with patient service revenues comprising the vast majority of total revenue. The company's payor mix consists of private insurance (52.3 percent), government programs (42.8 percent), self-pay (2.7 percent), and other sources (2.2 percent). Surgery Partners receives reimbursement from Medicare through multiple payment systems depending on the site of service, including the inpatient prospective payment system for hospitals, the outpatient prospective payment system for hospital outpatient departments and ASCs, and the Medicare Physician Fee Schedule for certain off-campus facilities.

The company's growth strategy emphasizes physician engagement, organic growth through targeted recruitment and service line expansion, disciplined acquisitions, and strategic partnerships with payors and healthcare systems. Surgery Partners competes with hospitals, other surgical facility operators, and office-based surgery providers, leveraging its national scale, operational efficiency, and physician relationships as competitive advantages. The company's website is www.surgerypartners.com.