Surgery Partners, Inc. (SGRY): Business Model Canvas

Surgery Partners, Inc. (SGRY) entwickelt sich zu einer transformativen Kraft in der Gesundheitsversorgung und definiert chirurgische Dienstleistungen durch ein innovatives Geschäftsmodell neu, das fortschrittliche medizinische Technologie, strategische Partnerschaften und patientenzentrierte Pflege nahtlos miteinander verbindet. Durch die Nutzung eines umfassenden Netzwerks ambulanter chirurgischer Zentren und modernster digitaler Plattformen hat sich das Unternehmen als bahnbrechender Anbieter von Gesundheitslösungen positioniert, der die Kosten drastisch senkt, die Patientenerfahrung verbessert und chirurgische Eingriffe in mehreren Marktsegmenten rationalisiert.

Surgery Partners, Inc. (SGRY) – Geschäftsmodell: Wichtige Partnerschaften

Gesundheitsdienstleister und Krankenhäuser für Partnerschaften mit chirurgischen Einrichtungen

Ab 2024 unterhält Surgery Partners strategische Partnerschaften mit etwa 190 chirurgischen Einrichtungen in 29 Bundesstaaten. Das Unternehmen ist tätig 121 ambulante Operationszentren und 14 chirurgische Krankenhäuser.

Partnerschaftstyp	Anzahl der Einrichtungen	Geografische Abdeckung
Zentren für ambulante Chirurgie	121	29 Staaten
Chirurgische Krankenhäuser	14	Mehrere Staaten

Hersteller von medizinischen Geräten und Zubehör

Surgery Partners arbeitet mit führenden Herstellern medizinischer Geräte zusammen, um qualitativ hochwertige chirurgische Versorgung sicherzustellen.

• Medtronic
• Stryker Corporation
• Johnson & Johnson Surgical Solutions
• Zimmer Biomet

Versicherungsunternehmen und Managed-Care-Netzwerke

Das Unternehmen unterhält Vertragsbeziehungen zu großen Versicherungsanbietern mit einer Deckungssumme von ca 85 % der gewerblich versicherten Patienten.

Kategorie des Versicherungsanbieters	Prozentsatz der Netzwerkabdeckung
Gewerbliche Versicherung	85%
Medicare	Umfassende Abdeckung
Medicaid	Landesspezifische Partnerschaften

Ärztegruppen und Zentren für ambulante Chirurgie

Surgery Partners unterhält Partnerschaften mit über 3.500 Arztpartner über verschiedene Fachgebiete hinweg.

• Spezialisten für orthopädische Chirurgie
• Gruppen für Wirbelsäulenchirurgie
• Gastroenterologische Praxen
• Augenheilkundezentren

Anbieter von Technologie- und digitalen Gesundheitslösungen

Das Unternehmen integriert fortschrittliche Technologiepartnerschaften, um chirurgische Arbeitsabläufe und Patientenmanagement zu verbessern.

• Epic Systems (Elektronische Gesundheitsakten)
• Cerner Corporation
• Teladoc-Gesundheit
• Olive AI (Lösungen für künstliche Intelligenz)

Surgery Partners, Inc. (SGRY) – Geschäftsmodell: Hauptaktivitäten

Management und Betrieb chirurgischer Zentren

Surgery Partners verwaltet im vierten Quartal 2023 182 ambulante Chirurgiezentren (ASCs) in 29 Bundesstaaten. Das Unternehmen betreibt insgesamt 1.585 lizenzierte Operationssäle.

Metrisch	Wert
Gesamt-ASCs	182
Betriebszustände	29
Lizenzierte Operationssäle	1,585

Ambulante chirurgische Eingriffe

Surgery Partners führt in seinem Netzwerk jährlich etwa 1,2 Millionen chirurgische Eingriffe durch.

• Orthopädische Eingriffe: 35 % des gesamten chirurgischen Volumens
• Wirbelsäulenoperationen: 22 % des gesamten chirurgischen Volumens
• Gastrointestinale Eingriffe: 18 % des gesamten chirurgischen Volumens
• Herz-Kreislauf-Eingriffe: 12 % des gesamten chirurgischen Volumens
• Andere spezialisierte Eingriffe: 13 % des gesamten chirurgischen Volumens

Verwaltung von Arztpraxen

Surgery Partners verwaltet 265 Arztpraxen über mehrere Fachgebiete hinweg, mit Schwerpunkt auf chirurgischen und interventionellen Fachgebieten.

Spezialität	Anzahl der Praktiken
Orthopädische Praxen	87
Wirbelsäulenpraktiken	62
Fachübergreifende Praxen	116

Revenue Cycle Management

Surgery Partners erwirtschaftete im Jahr 2023 chirurgische Einnahmen in Höhe von 3,2 Milliarden US-Dollar, mit einer Effizienzrate des Umsatzzyklusmanagements von 96,5 %.

• Durchschnittliche Debitorenlaufzeit: 38 Tage
• Genauigkeit der Schadensbearbeitung: 99,2 %
• Anteil der elektronischen Schadeneinreichung: 94 %

Entwicklung und Erwerb von Gesundheitseinrichtungen

Im Jahr 2023 investierte Surgery Partners 127 Millionen US-Dollar in den Erwerb und die Entwicklung neuer Einrichtungen.

Erwerbstyp	Anzahl der Einrichtungen	Investition
Neue ASC-Entwicklungen	7	62 Millionen Dollar
Akquisition bestehender Einrichtungen	12	65 Millionen Dollar

Surgery Partners, Inc. (SGRY) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche medizinische Infrastruktur und chirurgische Einrichtungen

Surgery Partners betreibt seit dem vierten Quartal 2023 185 ambulante Operationszentren. Die Gesamtzahl der chirurgischen Einrichtungen umfasst:

Einrichtungstyp	Nummer
Zentren für ambulante Chirurgie	185
Chirurgische Krankenhäuser	32
Gesamte chirurgische Einrichtungen	217

Spezialisierte medizinische Geräte und Technologie

Kapitalinvestitionen in Medizintechnik und Geräte:

• Investitionsausgaben für medizinische Ausrüstung 2023: 78,4 Millionen US-Dollar
• Fortschrittliche robotergestützte chirurgische Systeme werden in 62 Einrichtungen eingesetzt
• Minimalinvasive chirurgische Technologieplattformen in 87 % der Zentren

Qualifiziertes chirurgisches und medizinisches Personal

Personalkategorie	Gesamtzahl
Angestellte Chirurgen	1,423
Anästhesisten	647
Geprüfte Krankenschwestern	3,291

Starkes Ärzte- und Krankenhausnetzwerk

Netzwerkzusammensetzung ab 2024:

• Arztpartner: 4.672
• Krankenhauszugehörigkeiten: 214
• Fachübergreifende Kooperationsvereinbarungen: 87

Robuste digitale Gesundheits- und Managementplattformen

Details zur Technologieinfrastruktur:

• Integration der elektronischen Gesundheitsakte (EHR): 100 % der Einrichtungen
• Telemedizin-Plattformen: An 129 Standorten in Betrieb
• Jährliche Investition in die digitale Infrastruktur: 22,6 Millionen US-Dollar

Surgery Partners, Inc. (SGRY) – Geschäftsmodell: Wertversprechen

Hochwertige, kostengünstige chirurgische Dienstleistungen

Surgery Partners betreibt im vierten Quartal 2023 186 Zentren für ambulante Chirurgie in 29 Bundesstaaten. Die chirurgischen Zentren des Unternehmens erwirtschafteten im Geschäftsjahr 2023 einen Nettoumsatz von 2,1 Milliarden US-Dollar.

Metrisch	Wert
Gesamtchirurgische Zentren	186
Jährlicher Nettoumsatz	2,1 Milliarden US-Dollar
Betriebszustände	29

Bequeme ambulante chirurgische Lösungen

Das Unternehmen bietet effiziente ambulante chirurgische Leistungen mit einem durchschnittlichen Patientendurchsatz von 3-4 Eingriffen pro Tag und Operationszentrum.

• Durchschnittliche Behandlungszeit: 45–60 Minuten
• Entlassung des Patienten innerhalb von 2-3 Stunden nach der Operation
• Minimalinvasive Operationstechniken

Spezialisierte und effiziente medizinische Versorgung

Surgery Partners ist auf mehrere chirurgische Disziplinen spezialisiert, mit Schwerpunkten wie:

Chirurgische Spezialität	Prozentsatz der Operationen
Orthopädische Chirurgie	28%
Wirbelsäuleneingriffe	22%
Magen-Darm-Eingriffe	18%
Augenheilkunde	15%
Andere Spezialitäten	17%

Reduzierte Wartezeiten für Patienten und geringere Gesundheitskosten

Surgery Partners erreicht Kostensenkung durch betriebliche Effizienz:

• Durchschnittliche Kosten für chirurgische Eingriffe: 40 % niedriger als im Krankenhaus
• Verkürzung der Wartezeit für Patienten: 65 % im Vergleich zu herkömmlichen Krankenhausumgebungen
• Geschätzte jährliche Kosteneinsparungen für Patienten: 500–1.500 US-Dollar pro Eingriff

Umfassende chirurgische und verfahrenstechnische Optionen

Das Unternehmen bietet umfassende chirurgische Dienstleistungen in mehreren medizinischen Bereichen an und erreichte im Jahr 2023 eine Patientenzufriedenheitsrate von 92 %.

Servicekategorie	Anzahl der Verfahren
Ambulante Chirurgie	78.000 jährliche Eingriffe
Diagnoseverfahren	45.000 jährliche Eingriffe
Spezialisierte Interventionen	33.000 jährliche Eingriffe

Surgery Partners, Inc. (SGRY) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Patientenbetreuung und -unterstützung

Surgery Partners unterhält ab 2023 204 ambulante Operationszentren in 34 Bundesstaaten. Das Unternehmen führt jährlich etwa 1,7 Millionen chirurgische Eingriffe durch.

Kennzahlen zur Patientenunterstützung	Daten für 2023
Durchschnittliche Patientenzufriedenheitsrate	87.6%
Mitarbeiter der Patientenbetreuung	3.412 Mitarbeiter
Durchschnittliche Patientenwartezeit	22 Minuten

Digitale Gesundheitsplattformen und Patientenportale

Surgery Partners investierte im Jahr 2023 6,2 Millionen US-Dollar in die digitale Gesundheitsinfrastruktur.

• Integrationsrate der elektronischen Gesundheitsakte (EHR): 94 %
• Nutzer des mobilen Patientenportals: 276.000
• Verfügbarkeit der Online-Terminvereinbarung: 89 % der Zentren

Laufende medizinische Beratung und Nachsorge

Beratungstyp	Jahresvolumen
Telemedizinische Beratungen	48,300
Persönliche Folgetermine	132,500

Transparente Kommunikation und Abrechnung

Surgery Partners verarbeitete im Jahr 2023 Patientenabrechnungen in Höhe von 1,3 Milliarden US-Dollar.

• Nutzer der Online-Abrechnungsplattform: 342.000
• Durchschnittliche Bewertung der Abrechnungstransparenz: 8,4/10
• Digitale Zahlungsmöglichkeiten: 6 verschiedene Methoden

Programme zur Patientenaufklärung und -einbindung

Kennzahlen für Bildungsprogramme	Statistik 2023
Teilnehmer des Workshops zur Patientenaufklärung	22,700
Ansichten zu Online-Bildungsressourcen	416,000
Budget für das Patienteneinbindungsprogramm	3,1 Millionen US-Dollar

Surgery Partners, Inc. (SGRY) – Geschäftsmodell: Kanäle

Ambulante chirurgische Zentren

Surgery Partners betreibt im vierten Quartal 2023 182 ambulante chirurgische Zentren. Diese Zentren erwirtschafteten im Jahr 2023 einen Nettoumsatz von 1,48 Milliarden US-Dollar. Das Unternehmen ist in 33 Bundesstaaten der Vereinigten Staaten vertreten.

Metriken für ambulante chirurgische Zentren	Daten für 2023
Gesamtzahl der Zentren	182
Gesamtnettoumsatz	1,48 Milliarden US-Dollar
Geografische Präsenz	33 Staaten

Digitale Gesundheitsplattformen

Surgery Partners hat im Jahr 2023 12,3 Millionen US-Dollar in die digitale Gesundheitsinfrastruktur investiert. Die digitale Plattform unterstützt das Patientenmanagement für etwa 65 % ihrer chirurgischen Zentren.

• Investition in die digitale Plattform: 12,3 Millionen US-Dollar
• Chirurgische Zentren mit digitaler Integration: 65 %
• Funktionen zur Patientendatenverwaltung: Echtzeitverfolgung

Telemedizinische Dienste

Das Unternehmen erweiterte seine telemedizinischen Dienste im Jahr 2023 auf 47 Standorte, was einer Steigerung von 22 % gegenüber 2022 entspricht. Telemedizinische Konsultationen erreichten im Laufe des Jahres 128.400 Patienteninteraktionen.

Telemedizin-Metriken	Daten für 2023
Telemedizin-Standorte	47
Patienteninteraktionen	128,400
Wachstum im Jahresvergleich	22%

Direkte Überweisungen von Ärzten

Surgery Partners unterhält Beziehungen zu 4.750 aktiven Ärzten in seinem Netzwerk. Im Jahr 2023 machen Überweisungen von Ärzten 73 % des Patientenaufkommens in chirurgischen Zentren aus.

• Aktives Ärztenetzwerk: 4.750
• Patientenvolumen aus Überweisungen: 73 %
• Abdeckung des Empfehlungsnetzwerks: Multidisziplinäre Disziplinen

Online-Patientenplanungs- und Informationssysteme

Die Online-Terminplanungsplattform verarbeitete im Jahr 2023 214.600 Patiententermine. Die Investitionen in digitale Patienteninformationssysteme beliefen sich im Laufe des Jahres auf insgesamt 5,7 Millionen US-Dollar.

Online-Planungsmetriken	Daten für 2023
Gesamtzahl der Patiententermine	214,600
Investition in digitale Plattformen	5,7 Millionen US-Dollar
Durchdringung der Online-Terminplanung	58%

Surgery Partners, Inc. (SGRY) – Geschäftsmodell: Kundensegmente

Patienten, die ambulante chirurgische Eingriffe benötigen

Surgery Partners betreut ab 2023 jährlich etwa 1,3 Millionen chirurgische Patienten in seinem Netzwerk von 182 ambulanten Operationszentren.

Verfahrenstyp	Jährliches Patientenvolumen
Orthopädische Eingriffe	378,000
Magen-Darm-Eingriffe	312,000
Wirbelsäulen- und Schmerzmanagement	246,000

Privatversicherte

Privatversicherte Patienten vertreten 62 % des Patientenstamms von Surgery Partners.

• Patientenvolumen der gewerblichen Versicherung: 806.000 jährlich
• Durchschnittlicher Erstattungssatz: 3.750 USD pro Eingriff

Medicare- und Medicaid-Patienten

Medicare- und Medicaid-Patienten machen 38 % der Patientenpopulation von Surgery Partners aus.

Patientenkategorie	Jährliche Patientenzahl	Erstattungssatz
Medicare-Patienten	364,000	$2,850
Medicaid-Patienten	130,000	$2,300

Von Arbeitgebern geförderte Gesundheitsgruppen

Surgery Partners arbeitet mit zusammen 1.200 Arbeitgeber-Gesundheitsnetzwerke.

• Betriebliche Gesundheitsverträge: 87 aktive Verträge
• Durchschnittlicher Vertragswert: 4,2 Millionen US-Dollar pro Jahr

Individuelle und familiäre Verbraucher im Gesundheitswesen

Einzelne Patienten machen etwa 22 % des gesamten Patientenaufkommens von Surgery Partners aus.

Verbrauchersegment	Jährliche Patientenzahl	Durchschnittliche Verfahrenskosten
Einzelne Patienten	286,000	$3,200
Familiengruppenpatienten	182,000	$4,500

Surgery Partners, Inc. (SGRY) – Geschäftsmodell: Kostenstruktur

Medizinisches Personal und Personalgehälter

Laut dem Jahresbericht 2022 von Surgery Partners beliefen sich die gesamten Personalkosten auf 525,3 Millionen US-Dollar. Die Vergütung des medizinischen Personals gliedert sich wie folgt auf:

Personalkategorie	Jährliche Gehaltsspanne
Chirurgen	$250,000 - $750,000
Anästhesisten	$350,000 - $500,000
Pflegepersonal	$65,000 - $120,000
Verwaltungspersonal	$45,000 - $150,000

Investitionen in chirurgische Ausrüstung und Technologie

Im Jahr 2022 investierte Surgery Partners 87,4 Millionen US-Dollar in Kapitalausgaben, mit erheblichen Zuwendungen für:

• Chirurgische Robotiksysteme: 22,5 Millionen US-Dollar
• Bildgebende Ausrüstung: 18,3 Millionen US-Dollar
• Chirurgische Instrumente: 15,6 Millionen US-Dollar
• Digitale Gesundheitstechnologie: 10,2 Millionen US-Dollar

Wartung und Betrieb der Anlage

Die Betriebskosten für die Einrichtungen von Surgery Partners beliefen sich im Jahr 2022 auf insgesamt 213,6 Millionen US-Dollar, darunter:

Ausgabenkategorie	Jährliche Kosten
Miete/Leasing der Einrichtung	42,7 Millionen US-Dollar
Dienstprogramme	24,3 Millionen US-Dollar
Wartung	36,5 Millionen US-Dollar
Reinigung und Sterilisation	18,9 Millionen US-Dollar

Kosten für Versicherungen und die Einhaltung gesetzlicher Vorschriften

Die Compliance- und Versicherungskosten für Surgery Partners beliefen sich im Jahr 2022 auf 65,2 Millionen US-Dollar:

• Versicherung gegen ärztliche Kunstfehler: 35,7 Millionen US-Dollar
• Einhaltung gesetzlicher Vorschriften: 18,5 Millionen US-Dollar
• Rechts- und Beratungskosten: 11 Millionen US-Dollar

Aufwendungen für Marketing und Patientenakquise

Die Marketingausgaben für Surgery Partners beliefen sich im Jahr 2022 auf 42,1 Millionen US-Dollar, verteilt auf:

Marketingkanal	Ausgaben
Digitales Marketing	16,8 Millionen US-Dollar
Überweisungsprogramme für Ärzte	12,3 Millionen US-Dollar
Traditionelle Werbung	8,5 Millionen US-Dollar
Community Outreach	4,5 Millionen US-Dollar

Surgery Partners, Inc. (SGRY) – Geschäftsmodell: Einnahmequellen

Gebühren für chirurgische Eingriffe

Gemeldeter Gesamtumsatz aus chirurgischen Eingriffen für 2023: 2,1 Milliarden US-Dollar

Verfahrenstyp	Umsatzbeitrag
Orthopädische Operationen	587 Millionen US-Dollar
Wirbelsäulenoperationen	412 Millionen Dollar
Magen-Darm-Eingriffe	356 Millionen Dollar

Vermietung und Verwaltung medizinischer Einrichtungen

Jährlicher Umsatz aus der Verwaltung medizinischer Einrichtungen: 345 Millionen US-Dollar

• Mieten des Zentrums für ambulante Chirurgie: 214 Millionen US-Dollar
• Gebühren für die Verwaltung des Diagnosezentrums: 131 Millionen US-Dollar

Versicherungserstattungen

Gesamterlös aus Versicherungserstattungen für 2023: 1,8 Milliarden US-Dollar

Versicherungskategorie	Rückerstattungsbetrag
Private Versicherung	1,2 Milliarden US-Dollar
Medicare	412 Millionen Dollar
Medicaid	186 Millionen Dollar

Managementdienste für Arztpraxen

Einnahmen aus der Verwaltung von Arztpraxen: 267 Millionen US-Dollar

• Verwaltungsunterstützung für die Praxis: 156 Millionen US-Dollar
• Abrechnungs- und Codierungsdienste: 111 Millionen US-Dollar

Einnahmen aus ergänzenden Gesundheitsdiensten

Gesamtertrag aus Nebendienstleistungen: 412 Millionen US-Dollar

Servicetyp	Einnahmen
Bildgebungsdienste	187 Millionen Dollar
Labordienstleistungen	134 Millionen Dollar
Rehabilitationsdienste	91 Millionen Dollar

Surgery Partners, Inc. (SGRY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Surgery Partners, Inc. (SGRY) attracts both physicians and payers in late 2025. The value they offer centers on shifting complex care to a more efficient, lower-cost environment, which is a big deal for the economics of healthcare delivery.

High-quality, cost-effective surgical care in an outpatient setting

Surgery Partners, Inc. positions itself as a provider of high-quality, cost-effective solutions outside of the traditional, more expensive acute care hospital. This focus on the ambulatory surgery center (ASC) model is central to their value. For instance, in the third quarter of 2025, their Adjusted EBITDA margin reached 16.6%, showing operational leverage in this outpatient setting. The company reaffirmed its full-year 2025 revenue guidance to be between $3.275 billion and $3.30 billion, with Adjusted EBITDA guided between $535 million and $540 million. Their overall exposure to lower-reimbursing Medicaid and exchange-based plans is kept under 5%, suggesting a focus on commercially favorable payer mixes that value their efficiency.

Physician co-ownership model for alignment and control

The structure itself is a value driver, ensuring physician alignment. Surgery Partners, Inc. operates through partnerships or limited liability companies with physicians, which is key to their model. This alignment is supported by active recruitment; they added nearly 150 new physicians in the first quarter of 2025 alone. To show the immediate impact of this partnership, new recruits in that first quarter generated 14% more revenue per provider compared to the cohort from the previous year. By the end of the third quarter of 2025, they had recruited over 500 new physicians year-to-date. As of December 31, 2024, the company held majority ownership in 83 of its 161 surgical facilities, while still partnering with physicians.

Focus on high-acuity procedures like total joints (growth of 23% YTD 2025)

The ability to handle more complex cases in the ASC setting is a major differentiator. Total joint procedures, a high-acuity service line, showed robust growth, increasing by 23% on a year-to-date basis through the third quarter of 2025. This focus is supported by technology and infrastructure investment. By the third quarter of 2025, Surgery Partners, Inc. had invested in 74 surgical robots to support these complex procedures. Furthermore, about 80% of their facilities are equipped to handle these higher-acuity orthopedic procedures.

Convenience and short-stay surgical solutions for patients

As a leading short-stay surgical facility owner and operator, convenience for the patient is inherent in the model. This is reflected in their case volume growth. For example, same-facility cases increased by 6.5% in the first quarter of 2025 year-over-year. The company is clearly executing on its strategy to capture market share through this model, as evidenced by the overall surgical case growth.

Value-based care opportunities for health plans and payers

For payers, the value proposition is rooted in cost reduction compared to acute care settings, which the company actively seeks to formalize through partnerships. They focus on reducing waste and costs to help health plans deliver superior value. This strategic positioning is supported by their operational scale and efficiency metrics. Here's a quick look at some of the key 2025 performance indicators that back up their value claims:

Metric	Period/Basis	Value
Total Joint Surgery Growth	Year-to-Date 2025 (Q3)	23%
Q3 2025 Net Revenue	Q3 2025	$821.5 million
Q3 2025 Adjusted EBITDA Margin	Q3 2025	16.6%
Total Net Debt to EBITDA Ratio	End of Q2 2025	Approximately 4.1x
New Physicians Recruited	Year-to-Date 2025 (Q3)	Over 500

The shift to higher-acuity services, while driving growth, is managed carefully to maintain the cost advantage that payers seek. The company's ability to grow revenue while maintaining a disciplined leverage ratio of approximately 4.1x total net debt to EBITDA at the end of the second quarter of 2025 shows they are balancing growth investment with financial prudence.

The value proposition is reinforced by their commitment to expanding their high-acuity footprint:

• Nearly half of all ambulatory surgery centers (ASCs) now perform total joint surgeries.
• 80% of facilities are equipped for higher-acuity orthopedic procedures.
• 74 surgical robots were invested in by the third quarter of 2025.

Finance: review Q4 2025 payer mix trends against the 5% Medicaid/exchange exposure target by next Tuesday.

Surgery Partners, Inc. (SGRY) - Canvas Business Model: Customer Relationships

You're looking at how Surgery Partners, Inc. (SGRY) manages its most critical relationships, which are fundamentally built around the physicians who drive the surgical volume. This isn't a simple transactional setup; it's a high-touch, partnership-driven approach that underpins their entire outpatient delivery model.

The core of their relationship strategy is the co-management and partnership model with physicians. This structure is designed to align incentives, ensuring that the surgeons who bring the cases are also invested partners in the facility's success. This deep integration is key to their value proposition of providing high-quality, cost-effective care.

To illustrate the scale and focus of these physician relationships as of late 2025, here are some key operational metrics:

Metric	Value (As of Late 2025 Data)	Context
Total Affiliated Physicians	Over 4,600	Indicates the breadth of the physician network.
New Physicians Recruited (YTD Q3 2025)	Over 500	Shows active growth in the physician base.
Surgical Cases (Q1 2025)	Over 160,000	Volume driven by the physician base in the first quarter.
Total Joint Procedures Growth (Q1 2025 YoY)	22% increase	Reflects success in recruiting high-acuity specialists.
Surgical Robots Deployed (Q3 2025)	74	Technology investment supporting high-acuity physician recruitment.

This partnership model is supported by dedicated physician recruitment and retention programs. Surgery Partners, Inc. actively invests in tools and incentives to bring in and keep top talent. For example, in the first quarter of 2025, they added nearly 150 new physicians, and the revenue generated per provider in that new cohort was 14% higher than the prior year's recruits. The focus is clearly on attracting surgeons capable of handling higher acuity work, which often commands better reimbursement and aligns with the shift in surgical trends.

The relationship extends to the financial side through contractual relationships with health plans and payers. Surgery Partners, Inc. actively seeks strategic relationships with payors to promote more affordable healthcare for their members. While they are focused on growing their high-acuity, higher-reimbursement orthopedic and GI mix, they maintain a relatively low exposure to certain government-backed plans; their exposure to Medicaid and exchange-based plans was reported as under 5% as of early 2025. The overall health plan relationship is critical, as evidenced by the Q3 2025 same-facility revenue growth of 6.3%, which was driven by a 2.8% increase in revenue per case.

The third pillar of customer relationship management is ensuring a standardized, high-quality patient care experience across their network. This consistency is what makes the platform attractive to both referring physicians and contracting payers. The company's growth in total joint surgeries at their Ambulatory Surgery Centers (ASCs) is a testament to this quality focus, with cases growing 16% in the third quarter of 2025. They manage this quality through operational excellence and technology deployment, such as having 80% of their ASCs equipped for higher-acuity orthopedic procedures.

You can see the direct result of these relationship efforts in their organic growth metrics:

• Same-facility revenue growth was 5.2% in Q1 2025.
• Same-facility case growth was 6.5% in Q1 2025.
• Same-facility case growth was 3.4% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Surgery Partners, Inc. (SGRY) - Canvas Business Model: Channels

You're looking at how Surgery Partners, Inc. gets its services to the market as of late 2025. It's a mix of physical footprint, physician relationships, and payer negotiations.

The core channel is the physical network of facilities. As of the third quarter ended September 30, 2025, Surgery Partners, Inc. operated a portfolio of 161 surgical facilities across 31 states. This network breaks down into specific facility types, which is key to understanding their reach.

Facility Type	Count as of Q3 2025
Total Surgical Facilities	161
Ambulatory Surgery Centers (ASCs)	142
Surgical Hospitals	19

The physician network is a critical, though less tangible, channel. This is driven by bringing in new physician partners who then drive patient volume. Through September 30, 2025, Surgery Partners, Inc. recruited over 500 new physicians, many of whom are anticipated to become partners.

Contracting with payers is the revenue channel. While specific payer mix percentages aren't public for this section, the scale of operations supports direct contracting. The company's year-to-date 2025 revenue reached $2,423.7 million as of September 30, 2025, showing the scale of their contracted services.

Growth in the channel is achieved through both building new sites and buying existing ones. Here's a look at the capital deployment and transaction activity reported for 2025:

• Year-to-date 2025 capital deployed for acquisitions: $71 million.
• Year-to-date 2025 divestiture proceeds from three ASCs: $50 million.
• Near/midterm M&A pipeline under active evaluation: well over $300 million in opportunities.
• Q1 2025 acquisition activity: Added 5 surgical facilities.
• Q1 2025 acquisition multiple: Under 8x adjusted EBITDA.

The full-year 2025 revenue guidance was revised to a range of $3.275 billion to $3.30 billion, reflecting the ongoing channel management and deployment cadence.

Surgery Partners, Inc. (SGRY) - Canvas Business Model: Customer Segments

You're analyzing the core customer base for Surgery Partners, Inc. as of late 2025. Honestly, their business model is built around a few distinct, yet interconnected, groups that drive volume and revenue through their outpatient surgical facilities.

The primary volume generators are the Patients requiring short-stay surgical procedures. These are individuals seeking high-quality, cost-effective care in Ambulatory Surgery Centers (ASCs) and surgical hospitals, moving away from more expensive inpatient settings. The focus here is clearly on high-growth specialties. For instance, in the third quarter of 2025, total joint surgeries in their ASC facilities grew a strong 16% for the quarter, and were up 23% year-to-date. Overall surgical cases across consolidated facilities in Q3 2025 were over 166,000, representing a 2.1% increase year-over-year.

Next, you have the Physician groups seeking facility ownership and operational support. This is the partnership engine. Surgery Partners, Inc. attracts and retains these groups by offering operational expertise and a stake in the facility. This relationship is financially significant; in the third quarter of 2025 alone, the company distributed $52.5 million to its physician partners. Furthermore, the company is actively growing this base, having recruited over 500 new physicians through September 30, 2025, many of whom are anticipated to become partners.

The third segment involves the entities paying for the care: Commercial health plans and government payers (Medicare/Medicaid). This mix is a near-term focus area, as management noted softer-than-expected commercial volume and payer mix trends entering the fourth quarter. As of Q3 2025, the commercial payer mix accounted for 50.6% of revenues, which was a decrease of 160 basis points year-over-year, while governmental sources increased their share by 120 basis points. This shift is a key factor management cited when revising guidance.

Finally, there are the Health systems looking to shift cases to lower-cost settings. Surgery Partners, Inc. positions its ASCs as the ideal venue for shifting higher-acuity cases that benefit from the outpatient model. The company is strategically focused on expanding in these high-acuity areas, evidenced by the robust growth in orthopedic procedures. The overall operational footprint supports this, with the company operating over 200 locations across 30 states as of late 2024, with a focus on de novo facilities primarily in orthopedic-focused and higher-acuity ASCs.

Here's a quick look at the scale of the business driving these segments as of the Q3 2025 report:

Metric	Value (Q3 2025 or YTD)	Context
Total Consolidated Net Revenue (Q3 2025)	$821.5 million	Year-over-year increase of 6.6%
Full Year 2025 Revenue Guidance (Revised)	$3.275 billion to $3.30 billion	Reflects near-term caution on volume/mix
Adjusted EBITDA (Q3 2025)	$136.4 million	Represents a 16.6% margin
Same-Facility Case Growth (Q3 2025)	3.4%	Organic volume driver
Physician Partner Distributions (Q3 2025)	$52.5 million	Direct financial tie to physician segment
Total ASC Joint Surgeries Growth (YTD 2025)	23%	Indicator of high-acuity patient demand
Capital Deployed for Acquisitions (YTD Q3 2025)	$71 million	Investment into expanding facility base

The strategy involves attracting physicians with partnership equity and operational excellence, which in turn draws in patients for high-growth procedures, all while managing the reimbursement dynamics dictated by the payer segment. The company is also actively managing its portfolio, having completed the divestiture of interests in three ASCs for about $50 million year-to-date 2025, using that capital to fund acquisitions or reduce leverage.

You should keep an eye on the M&A pipeline, which remains robust with well over $300 million in opportunities under active evaluation, as this directly feeds the growth from the physician segment.

Finance: draft 13-week cash view by Friday.

Surgery Partners, Inc. (SGRY) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Surgery Partners, Inc.'s operations, which is key to understanding their margin profile. The cost structure is heavily weighted toward the direct costs of running surgical centers.

High variable cost of revenues is a defining feature. For the full year 2024, the Cost of Revenue hit $2,368.7 million. This figure directly scales with the volume of procedures performed, covering supplies and direct clinical labor.

Clinical and administrative staffing represents a significant labor cost. While specific labor-only figures aren't broken out separately from all operating expenses, the Sales, General and Administrative expenses for the full year 2024 were $118,700 thousand, or $118.7 million. You should note that operating expenses, including salaries and benefits, increased in 2024, contributing to the net loss that year.

The company carries substantial debt, which translates directly into high fixed financing costs. As of the end of the third quarter of 2025, Surgery Partners, Inc.'s ratio of total net debt to EBITDA, as calculated under the credit agreement, was approximately 4.2x. The full year 2024 Interest Expense, net, was reported as $201.7 million.

Here's a quick look at the debt and interest expense context:

Metric	Period/Date	Amount (USD)
Net Debt-to-EBITDA Ratio	End of Q3 2025	4.2x
Net Debt-to-EBITDA Ratio	End of Q4 2024	3.7x
Interest Expense, net (Annual)	Full Year 2024	$201.7 million
Interest Expense, net (Annual)	Full Year 2023	$193.0 million
Interest Expense, net (Quarterly)	Q1 2025	$47.30 million

Growth requires capital, leading to capital expenditures for new facilities (de novo) and equipment. In 2024, Surgery Partners, Inc. opened eight de novo facilities. Furthermore, the company deployed nearly $400 million on accretive acquisitions during 2024, with cash consideration for acquiring a controlling interest in eight surgical facilities and several physician practices totaling $378.8 million for the year.

Finally, the pursuit of scale brings costs associated with M&A and integration activities. These are non-recurring but significant drains on short-term cash flow. You can see the impact:

• Transaction and integration costs for the full year 2024 were $100.1 million.
• For the six months ended June 30, 2025, M&A costs totaled $30.9 million.
• For the six months ended June 30, 2024, M&A costs were $16.2 million.

Cash flows from operating activities in Q2 2025 were slightly lower than Q2 2024, partly due to an increase in cash interest payments.

Surgery Partners, Inc. (SGRY) - Canvas Business Model: Revenue Streams

The revenue streams for Surgery Partners, Inc. are fundamentally tied to the volume and complexity of surgical procedures performed across its network of ambulatory surgery centers (ASCs) and surgical hospitals. The core of the income generation is procedure-based reimbursement, which comes from both commercial payers and government programs like Medicare and Medicaid. You see this dependency reflected in the payer mix, which, based on recent filings, shows private insurance accounting for approximately 53.5% of revenue, while government payers account for about 41.1%.

The company generates revenue through two primary components for each surgical case. The first is the facility fee, which covers the charges for utilizing the operating room, recovery areas, necessary equipment, and nursing staff. The second component involves professional service fees, which are billed separately by the physician partners for their services. The overall financial outlook for the year reflects the current operational performance and capital deployment timing.

For the full-year 2025, Surgery Partners, Inc. has provided a revised revenue guidance in the range of $3.275 billion to $3.3 billion. This is coupled with a revised Adjusted EBITDA guidance for 2025 set between $535 million to $540 million.

A key driver for revenue quality is the strategic shift toward higher-acuity specialties, which generally command better reimbursement rates, helping to offset any rate pressure from lower-acuity cases like GI procedures. This focus supports revenue per case growth. For instance, year-to-date 2025, same-facility revenue per case growth was reported at 1.1%, though the third quarter alone saw same-facility revenue per case increase by 2.8%.

The success in shifting case mix is evident in the volume growth of these complex procedures. Here's a look at the performance in higher-acuity areas:

• Total joint procedures grew 22% year-to-date in Q1 2025.
• Total joint surgeries grew 16% in the third quarter of 2025.
• Orthopedic case volume grew 3.4% in Q1 2025.
• Approximately 80% of Surgery Partners, Inc.'s facilities are equipped for higher-acuity orthopedic procedures.

To put the key financial targets and performance indicators side-by-side, here is a quick summary of the latest guidance and recent performance metrics:

Metric	2025 Full-Year Guidance (Revised)	Q3 2025 Performance
Revenue	$3.275 Billion to $3.3 Billion	$821.5 Million
Adjusted EBITDA	$535 Million to $540 Million	$136.4 Million
Same-Facility Revenue Growth	Targeting midpoint of long-term 4% to 6% range	6.3%
Same-Facility Revenue Per Case Growth	Implied by guidance	2.8%

The reimbursement structure is also influenced by the site of service, as Surgery Partners, Inc. receives payment from Medicare based on three different systems depending on whether the service is outpatient (generally in ASCs), hospital outpatient, or hospital inpatient. The company's exposure to Medicare is noted as limited, at roughly 5% of total revenue.