Two major health systems are making multibillion-dollar investments in ambulatory surgery centers, underscoring a broader industry shift toward outpatient care as more surgical procedures move away from traditional hospital settings.
Cincinnati-based Bon Secours Mercy Health is pursuing an acquisition of Brentwood, Tenn.-based Surgery Partners in a deal valued at up to $6 billion, while St. Louis-based Ascension completed its $3.9 billion acquisition of Nashville, Tenn.-based Amsurg in June.
Here is a closer look at the two transactions:
1. Bon Secours Mercy Health’s proposed $6 billion acquisition of Surgery Partners
HealthSpan Partners, an affiliate of Bon Secours Mercy Health, increased its cash offer for Surgery Partners to $25 per share from $23.50 after the surgical services company received an unsolicited $28-per-share proposal from an unnamed third party.
Bloomberg on Nov. 9 reported that the unsolicited offer came from UnitedHealth Group. Surgery Partners’ board reportedly rejected the offer after determining the proposal was not superior because of the closing timeline, greater regulatory risk and the lack of contractual protections.
Surgery Partners’ amended agreement with Bon Secours Mercy Health — announced Nov. 9 — includes additional payments of up to $1.61 per share if the transaction’s closing is delayed, bringing the maximum consideration to $26.61 per share and the potential enterprise value to about $6 billion.
Bain Capital, which owns about 39% of Surgery Partners, continues to support the merger and plans to roll its shares into equity in the acquiring entity.
“This transaction provides exceptional value for our stockholders, along with regulatory certainty and a closing expected in the near term,” Surgery partners CEO Eric Evans said. “We continue to believe combining with HealthSpan Partners is the right next chapter for our company as, together with our physician and health system partners, we expand access to high-quality outpatient care across the communities we serve.”
The transaction is expected to close in the first quarter of 2027, pending stockholder and regulatory approvals.
Surgery Partners has more than 200 locations in 30 states. UnitedHealth’s Optum division says it partners with more than 300 surgical centers nationwide.
2. Ascension’s $3.9 billion acquisition of Amsurg
Ascension completed its $3.9 billion acquisition of Amsurg June 4, expanding its ambulatory surgery center network to 312 facilities nationwide, according to a Becker’s ranking of health systems by ASC count.
Amsurg operated more than 250 surgery centers across 34 states before the acquisition, making the deal a significant expansion of Ascension’s outpatient footprint.
“Healthcare is increasingly moving beyond the traditional hospital setting, and this acquisition positions us to lead that transformation,” Ascension President and CEO Eduardo Conrado said in a June 4 news release. “By expanding our ambulatory surgery capabilities, we are making care more accessible, convenient, and affordable for patients, while ensuring our hospitals remain focused on highly specialized acute care.”
Both transactions reflect a growing emphasis on outpatient surgery as health systems seek to expand access to lower-cost care settings and position themselves for the continued shift of procedures away from hospitals.
