Surgery Partners, Inc. (SGRY): Business Model Canvas [Jan-2025 Mis à jour]

Chirurgie Partners, Inc. (SGRY) apparaît comme une force transformatrice dans la prestation des soins de santé, la réinvention des services chirurgicaux grâce à un modèle commercial innovant qui mélange de manière transparente les technologies médicales avancées, les partenariats stratégiques et les soins centrés sur le patient. En tirant parti d'un réseau complet de centres chirurgicaux ambulatoires et de plates-formes numériques de pointe, la société s'est positionnée comme un fournisseur de solutions de soins de santé qui change la donne qui réduit considérablement les coûts, améliore les expériences des patients et rationalise les procédures chirurgicales sur plusieurs segments de marché.

Chirurgie Partners, Inc. (SGRY) - Modèle d'entreprise: partenariats clés

Fournisseurs de soins de santé et hôpitaux pour des partenariats sur les établissements chirurgicaux

En 2024, les partenaires de chirurgie maintient des partenariats stratégiques avec environ 190 installations chirurgicales dans 29 États. L'entreprise exploite 121 centres de chirurgie ambulatoire et 14 hôpitaux chirurgicaux.

Type de partenariat	Nombre d'installations	Couverture géographique
Centres de chirurgie ambulatoire	121	29 États
Hôpitaux chirurgicaux	14	Plusieurs États

Fabricants d'équipement et d'approvisionnement médicaux

Les partenaires de chirurgie collaborent avec les principaux fabricants d'équipements médicaux pour assurer des fournitures chirurgicales de haute qualité.

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

Compagnies d'assurance et réseaux de soins gérés

L'entreprise entretient des relations contractuelles avec les principaux assureurs, couvrant approximativement 85% des patients assurés commercialement.

Catégorie des assureurs	Pourcentage de couverture réseau
Assurance commerciale	85%
Médicament	Couverture complète
Medicaid	Partenariats spécifiques à l'État

Groupes de médecins et centres de chirurgie ambulatoire

Les partenaires de chirurgie maintient des partenariats avec plus 3 500 partenaires médecins à travers diverses spécialités.

• Spécialistes de la chirurgie orthopédique
• Groupes de chirurgie de la colonne vertébrale
• Pratiques de gastroentérologie
• Centres d'ophtalmologie

Provideurs de solutions de santé et de santé numérique

La société intègre des partenariats technologiques avancés pour améliorer les workflows chirurgicaux et la gestion des patients.

• Systèmes épiques (dossiers de santé électroniques)
• Cerner Corporation
• Santé Teladoc
• Olive AI (Solutions d'intelligence artificielle)

Chirurgie Partners, Inc. (SGRY) - Modèle d'entreprise: activités clés

Gestion et opérations du centre chirurgical

Les partenaires de chirurgie gèrent 182 centres de chirurgie ambulatoire (ASC) dans 29 États au quatrième trimestre 2023. La société opère avec un total de 1 585 salles d'opération agréées.

Métrique	Valeur
ASC total	182
États d'opération	29
Salles d'opération sous licence	1,585

Procédures chirurgicales ambulatoires

Les partenaires de chirurgie effectuent environ 1,2 million de procédures chirurgicales par an sur son réseau.

• Procédures orthopédiques: 35% du volume chirurgical total
• Chirurgies de la colonne vertébrale: 22% du volume chirurgical total
• Procédures gastro-intestinales: 18% du volume chirurgical total
• Procédures cardiovasculaires: 12% du volume chirurgical total
• Autres procédures spécialisées: 13% du volume chirurgical total

Gestion de la pratique des médecins

Les partenaires de chirurgie gère 265 Pratiques des médecins À travers plusieurs spécialités, en mettant l'accent sur les spécialités chirurgicales et interventionnelles.

Spécialité	Nombre de pratiques
Pratiques orthopédiques	87
Pratiques de la colonne vertébrale	62
Pratiques multispécialisées	116

Gestion du cycle des revenus

Les partenaires de chirurgie ont traité 3,2 milliards de dollars de revenus chirurgicaux pour 2023, avec un taux d'efficacité de gestion du cycle des revenus de 96,5%.

• Jours moyens dans les comptes débiteurs: 38 jours
• Précision du traitement des réclamations: 99,2%
• Taux de soumission des réclamations électroniques: 94%

Développement et acquisition des établissements de santé

En 2023, Chirurany Partners a investi 127 millions de dollars dans les nouvelles acquisitions et développements d'installations.

Type d'acquisition	Nombre d'installations	Investissement
Nouveaux développements ASC	7	62 millions de dollars
Acquisitions d'installation existantes	12	65 millions de dollars

Chirurgie Partners, Inc. (SGRY) - Modèle d'entreprise: Ressources clés

Infrastructures médicales avancées et installations chirurgicales

Chirurgie Partners exploite 185 centres de chirurgie ambulatoire au T4 2023. Le nombre total d'installations chirurgicales comprend:

Type d'installation	Nombre
Centres de chirurgie ambulatoire	185
Hôpitaux chirurgicaux	32
Installations chirurgicales totales	217

Équipement et technologie médicaux spécialisés

Investissement en capital dans la technologie médicale et l'équipement:

• 2023 Dépenses en capital de l'équipement médical: 78,4 millions de dollars
• Systèmes chirurgicaux robotiques avancés déployés dans 62 installations
• Plateformes de technologie chirurgicale mini-invasive dans 87% des centres

Personnel chirurgical et médical qualifié

Catégorie de personnel	Compte total
Chirurgiens employés	1,423
Anesthésiologistes	647
Infirmières autorisées	3,291

Médecin et réseau hospitalier solides

Composition du réseau à partir de 2024:

• Partenaires des médecins: 4 672
• Affiliations à l'hôpital: 214
• Accords de collaboration multi-spécialités: 87

Plateformes de santé et de gestion numériques robustes

Détails de l'infrastructure technologique:

• Intégration du dossier de santé électronique (DSE): 100% des installations
• Plateformes de télémédecine: opérationnelles dans 129 emplacements
• Investissement annuel d'infrastructure numérique: 22,6 millions de dollars

Chirurgie Partners, Inc. (SGRY) - Modèle d'entreprise: propositions de valeur

Services chirurgicaux de haute qualité et rentables

Les partenaires de chirurgie exploitent 186 centres de chirurgie ambulatoire dans 29 États au T2 2023. Les centres chirurgicaux de la société ont généré 2,1 milliards de dollars de revenus nets pour l'exercice 2023.

Métrique	Valeur
Centres chirurgicaux totaux	186
Revenu net annuel	2,1 milliards de dollars
États d'opération	29

Solutions chirurgicales prudentes

La société fournit services chirurgicaux ambulatoires efficaces avec un débit moyen des patients de 3 à 4 procédures par jour par centre chirurgical.

• Temps de procédure moyen: 45-60 minutes
• Libération du patient dans les 2 à 3 heures après la chirurgie
• Techniques chirurgicales mini-invasives

Prestation de soins médicaux spécialisés et efficaces

Chirurgie Partners est spécialisée dans plusieurs disciplines chirurgicales, avec des domaines de mise au point clés, notamment:

Spécialité chirurgicale	Pourcentage d'opérations
Chirurgie orthopédique	28%
Procédures de la colonne vertébrale	22%
Procédures gastro-intestinales	18%
Ophtalmologie	15%
Autres spécialités	17%

Réduction des temps d'attente des patients et des frais de santé

Les partenaires de chirurgie atteignent Réduction des coûts grâce à l'efficacité opérationnelle:

• Coût de procédure chirurgicale moyenne: 40% inférieur à l'hôpital
• Réduction du temps d'attente du patient: 65% par rapport aux environnements hospitaliers traditionnels
• Économies annuelles estimées pour les patients: 500 $ - 1 500 $ par procédure

Options chirurgicales et procédurales complètes

La société offre des services chirurgicaux complets dans plusieurs domaines médicaux, avec un taux de satisfaction des patients de 92% en 2023.

Catégorie de service	Nombre de procédures
Chirurgie ambulatoire	78 000 procédures annuelles
Procédures de diagnostic	45 000 procédures annuelles
Interventions spécialisées	33 000 procédures annuelles

Chirurgie Partners, Inc. (SGRY) - Modèle d'entreprise: relations avec les clients

Soins et soutien personnalisés aux patients

Les partenaires de chirurgie maintiennent 204 centres de chirurgie ambulatoire dans 34 États en 2023. La société sert environ 1,7 million de procédures chirurgicales par an.

Métriques de soutien aux patients	2023 données
Taux de satisfaction moyen des patients	87.6%
Personnel de soutien aux patients	3 412 employés
Temps d'attente moyen du patient	22 minutes

Plates-formes de santé numériques et portails de patients

Chirurgie Partners a investi 6,2 millions de dollars dans les infrastructures de santé numériques en 2023.

• Taux d'intégration des dossiers de santé électronique (DSE): 94%
• Utilisateurs de portail de patients mobiles: 276 000
• Planification des rendez-vous en ligne Disponibilité: 89% des centres

Consultation médicale et suivi en cours

Type de consultation	Volume annuel
Consultations de télésanté	48,300
Rendez-vous de suivi en personne	132,500

Communication transparente et facturation

Les partenaires de chirurgie ont traité 1,3 milliard de dollars de facturation de patients en 2023.

• Utilisateurs de plate-forme de facturation en ligne: 342 000
• Score de transparence de facturation moyenne: 8,4 / 10
• Options de paiement numérique: 6 méthodes différentes

Programmes d'éducation et d'engagement des patients

Métriques du programme d'éducation	2023 statistiques
Participants à l'atelier d'éducation des patients	22,700
Vues de ressources éducatives en ligne	416,000
Budget du programme d'engagement des patients	3,1 millions de dollars

Chirurgie Partners, Inc. (SGRY) - Modèle d'entreprise: canaux

Centres chirurgicaux ambulatoires

Les partenaires de chirurgie exploitent 182 centres chirurgicaux ambulatoires au T2 2023. Ces centres ont généré 1,48 milliard de dollars de revenus nets au cours de 2023. La société maintient une présence dans 33 États aux États-Unis.

Métriques du centre chirurgical ambulatoire	2023 données
Nombre total de centres	182
Revenu net total	1,48 milliard de dollars
Présence géographique	33 États

Plateformes de santé numérique

Chirurgie Partners a investi 12,3 millions de dollars dans les infrastructures de santé numériques en 2023. La plate-forme numérique soutient la gestion des patients pour environ 65% de leurs centres chirurgicaux.

• Investissement de plate-forme numérique: 12,3 millions de dollars
• Centres chirurgicaux avec intégration numérique: 65%
• Capacités de gestion des données des patients: suivi en temps réel

Services de télémédecine

La société a élargi les services de télémédecine à 47 emplacements en 2023, ce qui représente une augmentation de 22% par rapport à 2022. Les consultations de télémédecine ont atteint 128 400 interactions de patients au cours de l'année.

Métriques de télémédecine	2023 données
Emplacements de télémédecine	47
Interactions des patients	128,400
Croissance d'une année à l'autre	22%

Références des médecins directs

Les partenaires de chirurgie entretiennent des relations avec 4 750 médecins actifs sur leur réseau. Les références des médecins représentent 73% du volume du patient du centre chirurgical en 2023.

• Réseau de médecins actifs: 4,750
• Volume du patient des références: 73%
• Couverture du réseau de référence: disciplines multispécialisées

Planification des patients en ligne et systèmes d'information

La plateforme de planification en ligne a traité 214 600 rendez-vous de patients en 2023. L'investissement du système d'information des patients numériques a totalisé 5,7 millions de dollars au cours de l'année.

Métriques de planification en ligne	2023 données
Rendez-vous total pour les patients	214,600
Investissement de plate-forme numérique	5,7 millions de dollars
Pénétration de planification en ligne	58%

Chirurgie Partners, Inc. (SGRY) - Modèle d'entreprise: segments de clientèle

Patients nécessitant des procédures chirurgicales ambulatoires

Les partenaires de chirurgie desservent environ 1,3 million de patients chirurgicaux par an sur son réseau de 182 centres de chirurgie ambulatoire en 2023.

Type de procédure	Volume annuel des patients
Procédures orthopédiques	378,000
Procédures gastro-intestinales	312,000
Gestion de la colonne vertébrale et de la douleur	246,000

Colteurs d'assurance privés

Les patients d'assurance privée représentent 62% du mélange de patients des partenaires de chirurgie.

• Volume de patient d'assurance commerciale: 806 000 par an
• Taux de remboursement moyen: 3 750 $ par procédure

Patients Medicare et Medicaid

Les patients de Medicare et Medicaid représentent 38% de la population de patients des partenaires de chirurgie.

Catégorie de patients	Compte annuel des patients	Taux de remboursement
Patiens de l'assurance-maladie	364,000	$2,850
Patients Medicaid	130,000	$2,300

Groupes de soins de santé parrainés par l'employeur

Les partenaires de chirurgie collaborent avec 1 200 réseaux de soins de santé pour l'employeur.

• Contrats de soins de santé des entreprises: 87 accords actifs
• Valeur du contrat moyen: 4,2 millions de dollars par an

Consommateurs de soins de santé individuels et familiaux

Les patients individuels représentent environ 22% du volume total des patients des partenaires de chirurgie.

Segment des consommateurs	Compte annuel des patients	Coût de procédure moyen
Patients individuels	286,000	$3,200
Patients familiaux	182,000	$4,500

Chirurgie Partners, Inc. (SGRY) - Modèle d'entreprise: Structure des coûts

Salaires du personnel médical et du personnel

Selon le rapport annuel de la chirurgie des partenaires en 2022, les dépenses totales du personnel étaient de 525,3 millions de dollars. La rupture de la rémunération du personnel médical comprend:

Catégorie du personnel	Gamme de salaires annuelle
Chirurgiens	$250,000 - $750,000
Anesthésiologistes	$350,000 - $500,000
Personnel infirmier	$65,000 - $120,000
Personnel administratif	$45,000 - $150,000

Équipements chirurgicaux et investissements technologiques

En 2022, Surgery Partners a investi 87,4 millions de dollars dans les dépenses en capital, avec des allocations importantes à:

• Systèmes de robotique chirurgicale: 22,5 millions de dollars
• Équipement d'imagerie: 18,3 millions de dollars
• Instruments chirurgicaux: 15,6 millions de dollars
• Technologie de santé numérique: 10,2 millions de dollars

Entretien et opérations des installations

Les coûts opérationnels des installations des partenaires chirurgicales en 2022 ont totalisé 213,6 millions de dollars, notamment:

Catégorie de dépenses	Coût annuel
Loyer / location de l'installation	42,7 millions de dollars
Services publics	24,3 millions de dollars
Entretien	36,5 millions de dollars
Nettoyage et stérilisation	18,9 millions de dollars

Frais d'assurance et de conformité réglementaire

Les frais de conformité et d'assurance pour les partenaires de chirurgie en 2022 s'élevaient à 65,2 millions de dollars:

• Assurance pour faute professionnelle médicale: 35,7 millions de dollars
• Conformité réglementaire: 18,5 millions de dollars
• Frais juridiques et de consultation: 11 millions de dollars

Dépenses de marketing et d'acquisition des patients

Les dépenses de marketing pour les partenaires de chirurgie en 2022 étaient de 42,1 millions de dollars, distribuées à travers:

Canal de marketing	Dépenses
Marketing numérique	16,8 millions de dollars
Programmes de référence des médecins	12,3 millions de dollars
Publicité traditionnelle	8,5 millions de dollars
Sensibilisation communautaire	4,5 millions de dollars

Chirurgie Partners, Inc. (SGRY) - Modèle d'entreprise: sources de revenus

Frais de procédure chirurgicale

Revenus de procédure chirurgicale totale déclarée pour 2023: 2,1 milliards de dollars

Type de procédure	Contribution des revenus
Chirurgies orthopédiques	587 millions de dollars
Chirurgies de la colonne vertébrale	412 millions de dollars
Procédures gastro-intestinales	356 millions de dollars

Location et gestion des installations médicales

Revenus de gestion annuelle des installations médicales: 345 millions de dollars

• Location du centre de chirurgie ambulatoire: 214 millions de dollars
• Frais de gestion des centres de diagnostic: 131 millions de dollars

Remboursements d'assurance

Revenus de remboursement total d'assurance pour 2023: 1,8 milliard de dollars

Catégorie d'assurance	Montant du remboursement
Assurance privée	1,2 milliard de dollars
Médicament	412 millions de dollars
Medicaid	186 millions de dollars

Services de gestion de la pratique des médecins

Revenus de gestion de la pratique des médecins: 267 millions de dollars

• Pratiquer le soutien administratif: 156 millions de dollars
• Services de facturation et de codage: 111 millions de dollars

Revenus des services de santé auxiliaires

Revenus de services auxiliaires totaux: 412 millions de dollars

Type de service	Revenu
Services d'imagerie	187 millions de dollars
Services de laboratoire	134 millions de dollars
Services de réadaptation	91 millions de dollars

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.