Surgery Partners Inc (NASDAQ: SGRY) is a healthcare company that owns and operates a network of surgical facilities, including ambulatory surgical centers (ASCs) and hospital outpatient departments (HOPDs). Revenue comes from patient service revenues billed to private insurers, government programs, and self-pay patients for outpatient and inpatient surgical procedures. Private insurance accounted for 52.3% of patient service revenues in FY2025, government payors (Medicare and Medicaid) accounted for 42.8%, self-pay for 2.7%, and other sources for 2.2%. The company grows through same-facility performance improvement, acquisitions, and new facility development. During FY2025, Surgery Partners acquired controlling interests in twelve surgical facilities and several physician practices for aggregate cash consideration of $162.1 million, net of cash acquired. As of December 31, 2025, the company held $239.9 million in cash and $692.8 million in borrowing capacity under its revolving credit facility. CEO J. Eric Evans leads the company, which filed its 10-K on March 2, 2026.

Revenue model

Transactional patient service revenues billed per procedure to private insurers (52.3% of FY2025 patient service revenues), government payors including Medicare and Medicaid (42.8%), self-pay patients (2.7%), and other sources (2.2%). Medicare ASC reimbursement rates increased 2.6% for 2025 under the OPPS Final Rule. Additional revenue comes from other service revenues as disclosed in the 10-K filed 2026-03-02.

Products and services

Ambulatory surgical centers (ASCs), hospital outpatient departments (HOPDs), licensed surgical hospitals (19 facilities licensed as hospitals as of the filing), and physician practices and ancillary businesses. The company also provides facility development services including partnership structuring, financing, design coordination, equipment procurement, and startup operational support for new surgical facilities.

Customers and end markets

Patients receiving outpatient and inpatient surgical procedures. Payment sources are private insurance (52.3% of FY2025 patient service revenues), government programs including Medicare and Medicaid (42.8%), self-pay (2.7%), and other payors (2.2%). Physicians are the primary referral source and are also equity partners in many facilities.

Value-chain role

Owner and operator of surgical facilities. Surgery Partners manages facility development, physician partnership structuring, operational support, billing and reimbursement, and quality reporting compliance (including the Medicare ASCQR Program). The company sits between physicians and payors, aggregating surgical volume across its facility network.

Geographic exposure

Domestic United States operations. Specific state or regional concentration is not detailed in the filing excerpts provided.

Source: SEC 10-K, filed 2026-03-02

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