Surgery Partners Reports 13.5% Revenue Growth to $3.1 Billion Despite Increased Net Loss

Surgery Partners, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenues reaching approximately $3.1 billion, a 13.5% increase from $2.7 billion in 2023. The growth was driven by same-facility revenue growth of 8.0%, which included a 4.0% increase in revenue per case and a 3.9% increase in same-facility cases. However, the company also reported a net loss attributable to Surgery Partners of $168.1 million, compared to a loss of $11.9 million in the previous year, primarily due to increased transaction and integration costs associated with acquisitions.

In 2024, Surgery Partners expanded its operations by acquiring a controlling interest in eight surgical facilities and several physician practices for a total cash consideration of $378.8 million. The company now operates 161 surgical facilities, including 142 ambulatory surgery centers (ASCs) and 19 surgical hospitals across 31 states. The strategic focus remains on enhancing same-facility performance, pursuing selective acquisitions, and developing new facilities to strengthen its market position.

Operationally, the company reported that patient service revenues accounted for 98.1% of total revenues, with private insurance payors contributing 53.5% of patient service revenues, while government payors accounted for 41.1%. The company’s employee headcount stood at approximately 15,000 as of December 31, 2024, reflecting its commitment to maintaining a robust workforce to support its growing operations. The company also noted that it continues to face challenges related to labor costs and the availability of qualified personnel, which could impact future profitability.

Looking ahead, Surgery Partners anticipates continued growth driven by favorable industry trends, including an aging population and advancements in medical technology. However, the company also cautioned about potential risks, including changes in reimbursement rates from government and private payors, competition for healthcare professionals, and the impact of economic conditions on patient volumes. The company remains focused on improving operational efficiencies and exploring new service offerings to enhance its competitive edge in the healthcare market.