Surgery Partners, Inc. (SGRY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Surgery Partners, Inc. (SGRY) surge como una fuerza transformadora en la prestación de atención médica, reinventando los servicios quirúrgicos a través de un modelo de negocio innovador que combina sin problemas tecnología médica avanzada, asociaciones estratégicas y atención centrada en el paciente. Al aprovechar una red integral de centros quirúrgicos ambulatorios y plataformas digitales de vanguardia, la compañía se ha posicionado como un proveedor de soluciones de salud que cambian el juego que reduce drásticamente los costos, mejora las experiencias de los pacientes y optimiza los procedimientos quirúrgicos en múltiples segmentos de mercado.

Surgery Partners, Inc. (SGRY) - Modelo de negocio: asociaciones clave

Proveedores de atención médica y hospitales para asociaciones de centros quirúrgicos

A partir de 2024, Surgery Partners mantiene asociaciones estratégicas con aproximadamente 190 instalaciones quirúrgicas en 29 estados. La compañía opera 121 Centros de cirugía ambulatoria y 14 hospitales quirúrgicos.

Tipo de asociación	Número de instalaciones	Cobertura geográfica
Centros de cirugía ambulatoria	121	29 estados
Hospitales quirúrgicos	14	Múltiples estados

Fabricantes de equipos y suministros médicos

Los socios de cirugía colabora con los principales fabricantes de equipos médicos para garantizar suministros quirúrgicos de alta calidad.

• Medtrónico
• Stryker Corporation
• Johnson & Soluciones quirúrgicas de Johnson
• Zimmer Biomet

Compañías de seguros y redes de atención administrada

La compañía tiene relaciones contractuales con los principales proveedores de seguros, que cubren aproximadamente 85% de los pacientes asegurados comercialmente.

Categoría de proveedor de seguros	Porcentaje de cobertura de red
Seguro comercial	85%
Seguro médico del estado	Cobertura integral
Seguro de enfermedad	Asociaciones específicas del estado

Grupos médicos y centros de cirugía ambulatoria

Surgery Partners mantiene asociaciones con Over 3.500 socios médicos en varias especialidades.

• Especialistas en cirugía ortopédica
• Grupos de cirugía de columna
• Prácticas de gastroenterología
• Centros de oftalmología

Proveedores de soluciones de tecnología y salud digital

La compañía integra asociaciones tecnológicas avanzadas para mejorar los flujos de trabajo quirúrgicos y el manejo del paciente.

• Sistemas épicos (registros de salud electrónicos)
• Corporación Cerner
• Salud de teladoc
• Olive AI (soluciones de inteligencia artificial)

Surgery Partners, Inc. (SGRY) - Modelo de negocio: actividades clave

Gestión y operaciones del centro quirúrgico

Surgery Partners administra 182 centros de cirugía ambulatoria (ASC) en 29 estados a partir del cuarto trimestre de 2023. La compañía opera con un total de 1,585 salas de operaciones con licencia.

Métrico	Valor
ASC total	182
Estados de operación	29
Salones de operaciones con licencia	1,585

Procedimientos quirúrgicos ambulatorios

Surgery Partners realiza aproximadamente 1,2 millones de procedimientos quirúrgicos anualmente en su red.

• Procedimientos ortopédicos: 35% del volumen quirúrgico total
• Cirugías de la columna: 22% del volumen quirúrgico total
• Procedimientos gastrointestinales: 18% del volumen quirúrgico total
• Procedimientos cardiovasculares: 12% del volumen quirúrgico total
• Otros procedimientos especializados: 13% del volumen quirúrgico total

Gestión de la práctica del médico

Los socios de la cirugía manejan 265 prácticas médicas En múltiples especialidades, con un enfoque en especialidades quirúrgicas e intervencionistas.

Especialidad	Número de prácticas
Prácticas ortopédicas	87
Prácticas de columna	62
Prácticas multiespecialidades	116

Gestión del ciclo de ingresos

Los socios de cirugía procesaron $ 3.2 mil millones en ingresos quirúrgicos para 2023, con una tasa de eficiencia de gestión del ciclo de ingresos del 96.5%.

• Días promedio en cuentas por cobrar: 38 días
• Precisión de procesamiento de reclamos: 99.2%
• Tasa de envío de reclamos electrónicos: 94%

Desarrollo y adquisición de las instalaciones de salud

En 2023, Surgery Partners invirtió $ 127 millones en nuevas adquisiciones y desarrollos de instalaciones.

Tipo de adquisición	Número de instalaciones	Inversión
Nuevos desarrollos de ASC	7	$ 62 millones
Adquisiciones de instalaciones existentes	12	$ 65 millones

Surgery Partners, Inc. (sgry) - Modelo de negocio: recursos clave

Infraestructura médica e instalaciones quirúrgicas avanzadas

Surgery Partners opera 185 centros de cirugía ambulatoria a partir del cuarto trimestre 2023. El recuento total de instalaciones quirúrgicas incluye:

Tipo de instalación	Número
Centros de cirugía ambulatoria	185
Hospitales quirúrgicos	32
Instalaciones quirúrgicas totales	217

Equipo y tecnología médicos especializados

Inversión de capital en tecnología y equipo médico:

• 2023 Gastos de capital del equipo médico: $ 78.4 millones
• Sistemas quirúrgicos robóticos avanzados desplegados en 62 instalaciones
• Plataformas de tecnología quirúrgica mínimamente invasivas en el 87% de los centros

Personal quirúrgico y médico calificado

Categoría de personal	Recuento total
Cirujanos empleados	1,423
Anestesiólogos	647
Enfermeras registradas	3,291

Médico fuerte y red hospitalaria

Composición de red a partir de 2024:

• Socios médicos: 4.672
• Afiliaciones hospitalarias: 214
• Acuerdos de colaboración de múltiples especialidades: 87

Plataformas de gestión y salud digital robustas

Detalles de la infraestructura tecnológica:

• Integración del registro de salud electrónica (EHR): 100% de las instalaciones
• Plataformas de telemedicina: operativo en 129 ubicaciones
• Inversión anual de infraestructura digital: $ 22.6 millones

Surgery Partners, Inc. (SGRY) - Modelo de negocio: propuestas de valor

Servicios quirúrgicos rentables y de alta calidad

Surgery Partners opera 186 centros de cirugía ambulatoria en 29 estados a partir del cuarto trimestre de 2023. Los centros quirúrgicos de la compañía generaron $ 2.1 mil millones en ingresos netos para el año fiscal 2023.

Métrico	Valor
Centros quirúrgicos totales	186
Ingresos netos anuales	$ 2.1 mil millones
Estados de operación	29

Soluciones quirúrgicas ambulatorias convenientes

La compañía proporciona Servicios quirúrgicos para pacientes ambulatorios eficientes con un rendimiento promedio del paciente de 3-4 procedimientos por día por centro quirúrgico.

• Tiempo de procedimiento promedio: 45-60 minutos
• Desarrollo del paciente dentro de las 2-3 horas posteriores a la cirugía
• Técnicas quirúrgicas mínimamente invasivas

Prestación de atención médica especializada y eficiente

Los socios de cirugía se especializan en múltiples disciplinas quirúrgicas, con áreas de enfoque clave que incluyen:

Especialidad quirúrgica	Porcentaje de operaciones
Cirugía ortopédica	28%
Procedimientos de columna	22%
Procedimientos gastrointestinales	18%
Oftalmología	15%
Otras especialidades	17%

Tiempos de espera de paciente reducidos y costos de atención médica

Los socios de la cirugía logra Reducción de costos a través de la eficiencia operativa:

• Costo promedio de procedimiento quirúrgico: 40% más bajo que la configuración del hospital
• Reducción del tiempo de espera del paciente: 65% en comparación con los entornos hospitalarios tradicionales
• Ahorro de costos anual estimado para pacientes: $ 500- $ 1,500 por procedimiento

Opciones quirúrgicas y de procedimiento integrales

La compañía ofrece servicios quirúrgicos integrales en múltiples dominios médicos, con una tasa de satisfacción del paciente del 92% en 2023.

Categoría de servicio	Número de procedimientos
Cirugía ambulatoria	78,000 procedimientos anuales
Procedimientos de diagnóstico	45,000 procedimientos anuales
Intervenciones especializadas	33,000 procedimientos anuales

Surgery Partners, Inc. (SGRY) - Modelo de negocios: relaciones con los clientes

Atención y apoyo personalizados para el paciente

Surgery Partners mantiene 204 centros de cirugía ambulatoria en 34 estados a partir de 2023. La compañía atiende aproximadamente 1,7 millones de procedimientos quirúrgicos anualmente.

Métricas de apoyo al paciente	2023 datos
Tasa de satisfacción promedio del paciente	87.6%
Personal de apoyo al paciente	3.412 empleados
Tiempo de espera promedio del paciente	22 minutos

Plataformas de salud digitales y portales de pacientes

Los socios de cirugía invirtieron $ 6.2 millones en infraestructura de salud digital en 2023.

• Tasa de integración del registro de salud electrónica (EHR): 94%
• Usuarios del portal de pacientes móviles: 276,000
• Disponibilidad de programación de citas en línea: 89% de los centros

Consulta médica y seguimiento en curso

Tipo de consulta	Volumen anual
Consultas de telesalud	48,300
Citas de seguimiento en persona	132,500

Comunicación transparente y facturación

Los socios de cirugía procesaron $ 1.3 mil millones en la facturación de los pacientes durante 2023.

• Usuarios de la plataforma de facturación en línea: 342,000
• Puntuación promedio de transparencia de facturación: 8.4/10
• Opciones de pago digital: 6 métodos diferentes

Programas de educación y compromiso del paciente

Métricas del programa de educación	2023 estadísticas
Participantes del taller de educación del paciente	22,700
Vistas de recursos educativos en línea	416,000
Presupuesto del programa de participación del paciente	$ 3.1 millones

Surgery Partners, Inc. (SGRY) - Modelo de negocio: canales

Centros quirúrgicos ambulatorios

Surgery Partners opera 182 centros quirúrgicos ambulatorios a partir del cuarto trimestre de 2023. Estos centros generaron $ 1.48 mil millones en ingresos netos durante 2023. La compañía mantiene una presencia en 33 estados en los Estados Unidos.

Métricas del centro quirúrgico ambulatorio	2023 datos
Número total de centros	182
Ingresos netos totales	$ 1.48 mil millones
Presencia geográfica	33 estados

Plataformas de salud digital

Surgery Partners ha invertido $ 12.3 millones en infraestructura de salud digital en 2023. La plataforma digital respalda la gestión del paciente para aproximadamente el 65% de sus centros quirúrgicos.

• Inversión de plataforma digital: $ 12.3 millones
• Centros quirúrgicos con integración digital: 65%
• Capacidades de gestión de datos del paciente: seguimiento en tiempo real

Servicios de telemedicina

La compañía amplió los servicios de telemedicina a 47 ubicaciones en 2023, lo que representa un aumento del 22% desde 2022. Las consultas de telemedicina alcanzaron las 128.400 interacciones de los pacientes durante el año.

Métricas de telemedicina	2023 datos
Ubicaciones de telemedicina	47
Interacciones del paciente	128,400
Crecimiento año tras año	22%

Referencias médicas directas

Surgery Partners mantiene relaciones con 4.750 médicos activos en su red. Las referencias médicas representan el 73% del volumen del paciente del centro quirúrgico en 2023.

• Red de médico activo: 4.750
• Volumen del paciente de referencias: 73%
• Cobertura de red de referencia: disciplinas multiespecialty

Programación de pacientes en línea y sistemas de información

La plataforma de programación en línea procesó 214,600 citas de pacientes en 2023. La inversión del sistema de información digital del paciente totalizó $ 5.7 millones durante el año.

Métricas de programación en línea	2023 datos
Citas totales del paciente	214,600
Inversión de plataforma digital	$ 5.7 millones
Penetración de programación en línea	58%

Surgery Partners, Inc. (SGRY) - Modelo de negocio: segmentos de clientes

Pacientes que requieren procedimientos quirúrgicos ambulatorios

Los socios de cirugía atienden a aproximadamente 1,3 millones de pacientes quirúrgicos anualmente en su red de 182 centros de cirugía ambulatoria a partir de 2023.

Tipo de procedimiento	Volumen anual de paciente
Procedimientos ortopédicos	378,000
Procedimientos gastrointestinales	312,000
Manejo de la columna vertebral y el dolor	246,000

Titulares de seguro privado

Los pacientes de seguros privados representan 62% de la combinación de pacientes de los socios de cirugía.

• Seguro comercial Volumen del paciente: 806,000 anualmente
• Tasa de reembolso promedio: $ 3,750 por procedimiento

Pacientes con Medicare y Medicaid

Los pacientes con Medicare y Medicaid constituyen el 38% de la población de pacientes de los socios de cirugía.

Categoría de paciente	Recuento anual de pacientes	Tasa de reembolso
Pacientes de Medicare	364,000	$2,850
Pacientes de Medicaid	130,000	$2,300

Grupos de salud patrocinados por el empleador

Los socios de la cirugía colabora con 1.200 redes de atención médica del empleador.

• Contratos de atención médica corporativa: 87 acuerdos activos
• Valor promedio del contrato: $ 4.2 millones anuales

Consumidores de salud individuales y familiares

Los pacientes individuales representan aproximadamente el 22% del volumen total de pacientes de los socios de la cirugía.

Segmento de consumo	Recuento anual de pacientes	Costo de procedimiento promedio
Pacientes individuales	286,000	$3,200
Pacientes del grupo familiar	182,000	$4,500

Surgery Partners, Inc. (sgry) - Modelo de negocio: estructura de costos

Salarios de personal y personal de personal

Según el informe anual 2022 de Surgery Partners, los gastos totales del personal fueron de $ 525.3 millones. El desglose de la compensación del personal médico incluye:

Categoría de personal	Rango salarial anual
Cirujanos	$250,000 - $750,000
Anestesiólogos	$350,000 - $500,000
Personal de enfermería	$65,000 - $120,000
Personal administrativo	$45,000 - $150,000

Inversiones de equipos e tecnología quirúrgica

En 2022, Surgery Partners invirtió $ 87.4 millones en gastos de capital, con asignaciones significativas para:

• Sistemas de robótica quirúrgica: $ 22.5 millones
• Equipo de imagen: $ 18.3 millones
• Instrumentos quirúrgicos: $ 15.6 millones
• Tecnología de salud digital: $ 10.2 millones

Mantenimiento y operaciones de las instalaciones

Los costos operativos para las instalaciones de los socios de cirugía en 2022 totalizaron $ 213.6 millones, que incluyen:

Categoría de gastos	Costo anual
Alquiler/arrendamiento de la instalación	$ 42.7 millones
Utilidades	$ 24.3 millones
Mantenimiento	$ 36.5 millones
Limpieza y esterilización	$ 18.9 millones

Costos de cumplimiento de seguros y reglamentarios

El cumplimiento y los gastos de seguro para los socios de cirugía en 2022 ascendieron a $ 65.2 millones:

• Seguro por negligencia médica: $ 35.7 millones
• Cumplimiento regulatorio: $ 18.5 millones
• Tarifas legales y de consultoría: $ 11 millones

Gastos de marketing y adquisición de pacientes

Los gastos de marketing para socios de cirugía en 2022 fueron de $ 42.1 millones, distribuidos en todo:

Canal de marketing	Gasto
Marketing digital	$ 16.8 millones
Programas de referencia médica	$ 12.3 millones
Publicidad tradicional	$ 8.5 millones
Extensión comunitaria	$ 4.5 millones

Surgery Partners, Inc. (SGRY) - Modelo de negocio: flujos de ingresos

Tarifas de procedimiento quirúrgico

Ingresos de procedimiento quirúrgico total informado para 2023: $ 2.1 mil millones

Tipo de procedimiento	Contribución de ingresos
Cirugías ortopédicas	$ 587 millones
Cirugías de columna	$ 412 millones
Procedimientos gastrointestinales	$ 356 millones

Alquiler y gestión de instalaciones médicas

Ingresos anuales de gestión de instalaciones médicas: $ 345 millones

• Alquiler del centro de cirugía ambulatoria: $ 214 millones
• Tarifas de gestión del centro de diagnóstico: $ 131 millones

Reembolsos de seguros

Ingresos de reembolso total de seguros para 2023: $ 1.8 mil millones

Categoría de seguro	Monto del reembolso
Seguro privado	$ 1.2 mil millones
Seguro médico del estado	$ 412 millones
Seguro de enfermedad	$ 186 millones

Servicios de gestión de la práctica médica

Ingresos de gestión de la práctica médica: $ 267 millones

• Apoyo administrativo de práctica: $ 156 millones
• Servicios de facturación y codificación: $ 111 millones

Ingresos del servicio de salud auxiliar

Ingresos totales de servicios auxiliares: $ 412 millones

Tipo de servicio	Ganancia
Servicios de imágenes	$ 187 millones
Servicios de laboratorio	$ 134 millones
Servicios de rehabilitación	$ 91 millones

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.