Surgery Partners, Inc. (SGRY): Canvas de modelo de negócios [Jan-2025 Atualizado]

A Surgery Partners, Inc. (SGRY) surge como uma força transformadora na prestação de serviços de saúde, reimaginando os serviços cirúrgicos por meio de um modelo de negócios inovador que combina perfeitamente a tecnologia médica avançada, parcerias estratégicas e cuidados centrados no paciente. Ao alavancar uma rede abrangente de centros cirúrgicos ambulatoriais e plataformas digitais de ponta, a empresa se posicionou como um fornecedor de soluções de saúde que muda o jogo que reduz drasticamente os custos, aprimora as experiências dos pacientes e simplifica os procedimentos cirúrgicos em vários segmentos de mercado.

Surgery Partners, Inc. (SGRY) - Modelo de negócios: Parcerias -chave

Provedores de saúde e hospitais para parcerias de instalações cirúrgicas

A partir de 2024, os parceiros de cirurgia mantêm parcerias estratégicas com aproximadamente 190 instalações cirúrgicas em 29 estados. A empresa opera 121 centros de cirurgia ambulatorial e 14 hospitais cirúrgicos.

Tipo de parceria	Número de instalações	Cobertura geográfica
Centros de cirurgia ambulatorial	121	29 estados
Hospitais cirúrgicos	14	Vários estados

Equipamentos médicos e fabricantes de suprimentos

Os parceiros de cirurgia colaboram com os principais fabricantes de equipamentos médicos para garantir suprimentos cirúrgicos de alta qualidade.

• Medtronic
• Stryker Corporation
• Johnson & Soluções cirúrgicas Johnson
• Zimmer Biomet

Companhias de seguros e redes de atendimento gerenciado

A empresa possui relações contratuais com os principais provedores de seguros, cobrindo aproximadamente 85% dos pacientes segurados comercialmente.

Categoria de provedor de seguros	Porcentagem de cobertura da rede
Seguro comercial	85%
Medicare	Cobertura abrangente
Medicaid	Parcerias específicas do estado

Grupos médicos e centros de cirurgia ambulatorial

Parceiros de cirurgia mantém parcerias com o excesso 3.500 parceiros médicos em várias especialidades.

• Especialistas em cirurgia ortopédica
• Grupos de cirurgia da coluna
• Práticas de gastroenterologia
• Centros de Oftalmologia

Provedores de solução de tecnologia e saúde digital

A empresa integra parcerias tecnológicas avançadas para aprimorar os fluxos de trabalho cirúrgicos e o gerenciamento do paciente.

• Sistemas épicos (registros eletrônicos de saúde)
• Cerner Corporation
• Teladoc Health
• Olive AI (soluções de inteligência artificial)

Surgery Partners, Inc. (SGRY) - Modelo de negócios: Atividades -chave

Gerenciamento e operações do centro cirúrgico

Os parceiros de cirurgia gerenciam 182 centros de cirurgia ambulatorial (ASCs) em 29 estados a partir do quarto trimestre 2023. A empresa opera com um total de 1.585 salas de operações licenciadas.

Métrica	Valor
ASCs totais	182
Estados de operação	29
Salas de operações licenciadas	1,585

Procedimentos cirúrgicos ambulatoriais

Os parceiros de cirurgia realizam aproximadamente 1,2 milhão de procedimentos cirúrgicos anualmente em sua rede.

• Procedimentos ortopédicos: 35% do volume cirúrgico total
• Cirurgias da coluna vertebral: 22% do volume cirúrgico total
• Procedimentos gastrointestinais: 18% do volume cirúrgico total
• Procedimentos cardiovasculares: 12% do volume cirúrgico total
• Outros procedimentos especializados: 13% do volume cirúrgico total

Gerenciamento de práticas médicas

Os parceiros de cirurgia gerenciam 265 Práticas médicas em várias especialidades, com foco em especialidades cirúrgicas e intervencionistas.

Especialidade	Número de práticas
Práticas ortopédicas	87
Práticas da coluna	62
Práticas multiespecializadas	116

Gerenciamento do ciclo de receita

Os parceiros de cirurgia processaram US $ 3,2 bilhões em receita cirúrgica em 2023, com uma taxa de eficiência de gerenciamento de ciclo de receita de 96,5%.

• Dias médios em contas a receber: 38 dias
• Precisão de processamento de reivindicações: 99,2%
• Taxa de envio de reclamações eletrônicas: 94%

Desenvolvimento e aquisição de instalações de saúde

Em 2023, a Cirury Partners investiu US $ 127 milhões em novas aquisições e desenvolvimentos de instalações.

Tipo de aquisição	Número de instalações	Investimento
Novos desenvolvimentos da ASC	7	US $ 62 milhões
Aquisições de instalações existentes	12	US $ 65 milhões

Surgery Partners, Inc. (SGRY) - Modelo de negócios: Recursos -chave

Infraestrutura médica avançada e instalações cirúrgicas

Os parceiros de cirurgia opera 185 centros de cirurgia ambulatorial a partir do quarto trimestre 2023. A contagem total de instalações cirúrgicas inclui:

Tipo de instalação	Número
Centros de cirurgia ambulatorial	185
Hospitais cirúrgicos	32
Instalações cirúrgicas totais	217

Equipamento médico e tecnologia especializados

Investimento de capital em tecnologia e equipamento médico:

• 2023 Despesas de capital de equipamentos médicos: US $ 78,4 milhões
• Sistemas cirúrgicos robóticos avançados implantados em 62 instalações
• Plataformas de tecnologia cirúrgica minimamente invasivas em 87% dos centros

Pessoal cirúrgico e médico qualificado

Categoria de pessoal	Contagem total
Cirurgiões empregados	1,423
Anestesiologistas	647
Enfermeiros registrados	3,291

Médico e rede hospitalar forte

Composição da rede a partir de 2024:

• Parceiros do médico: 4.672
• Afiliações hospitalares: 214
• Acordos de colaboração com várias espécies: 87

Plataformas robustas de saúde e gerenciamento digital

Detalhes da infraestrutura de tecnologia:

• Integração do registro eletrônico de saúde (EHR): 100% das instalações
• Plataformas de telemedicina: Operacional em 129 locais
• Investimento anual de infraestrutura digital: US $ 22,6 milhões

Surgery Partners, Inc. (SGRY) - Modelo de Negócios: Proposições de Valor

Serviços cirúrgicos de alta qualidade e econômicos

Os parceiros de cirurgia operam 186 centros de cirurgia ambulatorial em 29 estados a partir do quarto trimestre 2023. Os centros cirúrgicos da empresa geraram US $ 2,1 bilhões em receita líquida para o ano fiscal de 2023.

Métrica	Valor
Total de Centros Cirúrgicos	186
Receita líquida anual	US $ 2,1 bilhões
Estados de operação	29

Soluções cirúrgicas ambulatoriais convenientes

A empresa fornece Serviços cirúrgicos ambulatoriais eficientes com uma taxa de transferência média do paciente de 3-4 procedimentos por dia por centro cirúrgico.

• Procedimento médio tempo: 45-60 minutos
• Alta do paciente dentro de 2-3 horas após a cirurgia
• Técnicas cirúrgicas minimamente invasivas

Prestação de cuidados médicos especializados e eficientes

A cirurgia Partners é especializada em várias disciplinas cirúrgicas, com áreas de foco importantes, incluindo:

Especialidade cirúrgica	Porcentagem de operações
Cirurgia ortopédica	28%
Procedimentos da coluna	22%
Procedimentos gastrointestinais	18%
Oftalmologia	15%
Outras especialidades	17%

Tempos de espera reduzidos do paciente e custos de saúde

Os parceiros de cirurgia alcançam Redução de custos por eficiência operacional:

• Custo médio do procedimento cirúrgico: 40% menor do que as configurações hospitalares
• Redução do tempo de espera do paciente: 65% em comparação com os ambientes hospitalares tradicionais
• Economia anual estimada de custo para pacientes: US $ 500 a US $ 1.500 por procedimento

Opções cirúrgicas e processuais abrangentes

A empresa oferece serviços cirúrgicos abrangentes em vários domínios médicos, com 92% de taxa de satisfação do paciente em 2023.

Categoria de serviço	Número de procedimentos
Cirurgia ambulatorial	78.000 procedimentos anuais
Procedimentos de diagnóstico	45.000 procedimentos anuais
Intervenções especializadas	33.000 procedimentos anuais

Surgery Partners, Inc. (SGRY) - Modelo de Negócios: Relacionamentos do Cliente

Atendimento e apoio personalizados ao paciente

Os parceiros de cirurgia mantêm 204 centros de cirurgia ambulatorial em 34 estados a partir de 2023. A empresa atende aproximadamente 1,7 milhão de procedimentos cirúrgicos anualmente.

Métricas de apoio ao paciente	2023 dados
Taxa média de satisfação do paciente	87.6%
Equipe de apoio ao paciente	3.412 funcionários
Tempo médio de espera do paciente	22 minutos

Plataformas de saúde digital e portais de pacientes

A Cirury Partners investiu US $ 6,2 milhões em infraestrutura de saúde digital em 2023.

• Taxa de integração do registro eletrônico de saúde (EHR): 94%
• Usuários de portal de pacientes móveis: 276.000
• Disponibilidade de agendamento de compromissos on -line: 89% dos centros

Consulta médica e acompanhamento em andamento

Tipo de consulta	Volume anual
Consultas de telessaúde	48,300
Compromissos pessoais de acompanhamento	132,500

Comunicação transparente e cobrança

Os parceiros de cirurgia processaram US $ 1,3 bilhão em cobrança de pacientes durante 2023.

• Usuários de plataforma de cobrança on -line: 342.000
• Pontuação média de transparência de cobrança: 8,4/10
• Opções de pagamento digital: 6 métodos diferentes

Programas de educação e engajamento do paciente

Métricas do Programa de Educação	2023 Estatísticas
Participantes do Workshop de Educação do Paciente	22,700
Visualizações de recursos educacionais online	416,000
Orçamento do programa de envolvimento do paciente	US $ 3,1 milhões

Surgery Partners, Inc. (SGRY) - Modelo de Negócios: Canais

Centros cirúrgicos ambulatoriais

Os parceiros de cirurgia operam 182 centros cirúrgicos ambulatoriais a partir do quarto trimestre de 2023. Esses centros geraram US $ 1,48 bilhão em receita líquida durante 2023. A Companhia mantém uma presença em 33 estados nos Estados Unidos.

Métricas ambulatoriais do centro cirúrgico	2023 dados
Número total de centros	182
Receita líquida total	US $ 1,48 bilhão
Presença geográfica	33 estados

Plataformas de saúde digital

A cirurgia Partners investiu US $ 12,3 milhões em infraestrutura de saúde digital em 2023. A plataforma digital suporta gerenciamento de pacientes por aproximadamente 65% de seus centros cirúrgicos.

• Investimento de plataforma digital: US $ 12,3 milhões
• Centros cirúrgicos com integração digital: 65%
• Recursos de gerenciamento de dados do paciente: rastreamento em tempo real

Serviços de telemedicina

A empresa expandiu os serviços de telemedicina para 47 locais em 2023, representando um aumento de 22% em relação a 2022. As consultas de telemedicina atingiram 128.400 interações de pacientes durante o ano.

Métricas de telemedicina	2023 dados
Locais de telemedicina	47
Interações do paciente	128,400
Crescimento ano a ano	22%

Referências médicas diretas

Os parceiros de cirurgia mantêm relacionamentos com 4.750 médicos ativos em toda a sua rede. As referências médicas representam 73% do volume do paciente do centro cirúrgico em 2023.

• Rede de médicos ativos: 4.750
• Volume do paciente de referências: 73%
• Cobertura de rede de referência: disciplinas multiespecializadas

Sistemas de agendamento e informação on -line de pacientes

A plataforma de agendamento on -line processou 214.600 consultas de pacientes em 2023. O investimento no sistema de informações sobre pacientes digitais totalizou US $ 5,7 milhões durante o ano.

Métricas de agendamento on -line	2023 dados
Total de compromissos do paciente	214,600
Investimento de plataforma digital	US $ 5,7 milhões
PERGUNTA DE AGENÇÃO ONLINE	58%

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

Pacientes que necessitam de procedimentos cirúrgicos ambulatoriais

Os parceiros de cirurgia atendem a aproximadamente 1,3 milhão de pacientes cirúrgicos anualmente em sua rede de 182 centros de cirurgia ambulatorial em 2023.

Tipo de procedimento	Volume anual do paciente
Procedimentos ortopédicos	378,000
Procedimentos gastrointestinais	312,000
Gestão da coluna e dor	246,000

Titulares de seguros privados

Pacientes de seguro privado representam 62% da mistura de pacientes dos parceiros de cirurgia.

• Seguro comercial Volume: 806.000 anualmente
• Taxa média de reembolso: US $ 3.750 por procedimento

Pacientes Medicare e Medicaid

Os pacientes do Medicare e Medicaid constituem 38% da população de pacientes dos parceiros de cirurgia.

Categoria de pacientes	Contagem anual de pacientes	Taxa de reembolso
Pacientes do Medicare	364,000	$2,850
Pacientes Medicaid	130,000	$2,300

Grupos de saúde patrocinados por empregadores

Parceiros de cirurgia colabora com 1.200 redes de saúde do empregador.

• Contratos de assistência médica corporativa: 87 acordos ativos
• Valor médio do contrato: US $ 4,2 milhões anualmente

Consumidores de saúde individual e familiar

Pacientes individuais são responsáveis ​​por aproximadamente 22% do volume total de pacientes dos parceiros da cirurgia.

Segmento do consumidor	Contagem anual de pacientes	Custo médio do procedimento
Pacientes individuais	286,000	$3,200
Pacientes em grupo familiar	182,000	$4,500

Surgery Partners, Inc. (SGRY) - Modelo de negócios: estrutura de custos

Equipe médica e salários de pessoal

De acordo com o relatório anual de 2022 dos parceiros de cirurgia, o total de despesas de pessoal foi de US $ 525,3 milhões. A quebra da compensação da equipe médica inclui:

Categoria de pessoal	Faixa salarial anual
Cirurgiões	$250,000 - $750,000
Anestesiologistas	$350,000 - $500,000
Equipe de enfermagem	$65,000 - $120,000
Pessoal administrativo	$45,000 - $150,000

Equipamentos cirúrgicos e investimentos em tecnologia

Em 2022, os parceiros de cirurgia investiram US $ 87,4 milhões em despesas de capital, com alocações significativas para:

• Sistemas de robótica cirúrgica: US $ 22,5 milhões
• Equipamento de imagem: US $ 18,3 milhões
• Instrumentos cirúrgicos: US $ 15,6 milhões
• Tecnologia da Saúde Digital: US $ 10,2 milhões

Manutenção e operações da instalação

Os custos operacionais das instalações dos parceiros de cirurgia em 2022 totalizaram US $ 213,6 milhões, incluindo:

Categoria de despesa	Custo anual
Aluguel/arrendamento da instalação	US $ 42,7 milhões
Utilitários	US $ 24,3 milhões
Manutenção	US $ 36,5 milhões
Limpeza e esterilização	US $ 18,9 milhões

Custos de seguros e conformidade regulatória

As despesas de conformidade e seguro para parceiros de cirurgia em 2022 totalizaram US $ 65,2 milhões:

• Seguro de negligência médica: US $ 35,7 milhões
• Conformidade regulatória: US $ 18,5 milhões
• Taxas legais e de consultoria: US $ 11 milhões

Despesas de marketing e aquisição de pacientes

As despesas de marketing para parceiros de cirurgia em 2022 foram de US $ 42,1 milhões, distribuídos de maneira superior:

Canal de marketing	Gastos
Marketing digital	US $ 16,8 milhões
Programas de referência médica	US $ 12,3 milhões
Publicidade tradicional	US $ 8,5 milhões
Alcance da comunidade	US $ 4,5 milhões

Surgery Partners, Inc. (SGRY) - Modelo de negócios: fluxos de receita

Taxas de procedimento cirúrgico

Receita total de procedimentos cirúrgicos relatados para 2023: US $ 2,1 bilhões

Tipo de procedimento	Contribuição da receita
Cirurgias ortopédicas	US $ 587 milhões
Cirurgias da coluna	US $ 412 milhões
Procedimentos gastrointestinais	US $ 356 milhões

Aluguel de instalações médicas e gerenciamento

Receita anual de gerenciamento de instalações médicas: US $ 345 milhões

• Aluguel de Centro de Cirurgia Ambulatorial: US $ 214 milhões
• Taxas de gerenciamento do Centro de Diagnóstico: US $ 131 milhões

Reembolsos de seguros

Receita total de reembolso do seguro para 2023: US $ 1,8 bilhão

Categoria de seguro	Quantidade de reembolso
Seguro privado	US $ 1,2 bilhão
Medicare	US $ 412 milhões
Medicaid	US $ 186 milhões

Serviços de gerenciamento de prática médica

Receita de gestão da prática médica: US $ 267 milhões

• Pratique suporte administrativo: US $ 156 milhões
• Serviços de cobrança e codificação: US $ 111 milhões

Receitas de serviços de saúde auxiliares

Receita total de serviços auxiliares: US $ 412 milhões

Tipo de serviço	Receita
Serviços de imagem	US $ 187 milhões
Serviços de laboratório	US $ 134 milhões
Serviços de reabilitação	US $ 91 milhões

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.