Dallas-based Tenet Healthcare is expanding its ambulatory surgery center footprint, and has deployed $125 million in the first quarter of 2026 to acquire seven ASCs, representing half of its $250 million annual mergers and acquisition target for United Surgical Partners International, Tenet’s ASC subsidiary.
USPI has doubled down on a growth strategy, operating nearly 570 assets. In late October 2025, Tenet CEO and Chair Saum Sutaria, MD, said it had invested $300 million in ASC M&A year to date and expected additional acquisitions in the fourth quarter of 2025.
“Fundamentally, what’s working is that USPI has a multiyear track record of acquiring assets and adding value to them clinically,” Dr. Sutaria said during Tenet’s first-quarter 2026 earnings call. “Our quality performance is consistent. Our ability to bring these facilities in-network and do well is consistent. Our broad-based and ongoing supply chain and purchased services agenda helps to reduce costs and create efficiencies.”
Tenet reported an operating income of $1.3 billion (24.1% operating margin) in the first quarter of 2026, up from $943 million (18.1% margin) during the same period in 2025. Net operating revenue reached $5.4 billion in the first quarter of 2026, up from $5.2 billion during the same period in 2025.
The system also commenced care at three de novo surgery centers in the first quarter of 2026. Dr. Sutaria said Tenet has, “a robust pipeline of assets interested in joining USPI this year.” However, Dr. Sutaria also said the system remains highly selective.
“Our diligence processes are robust,” he said. “We still say no to more centers than we say yes to, and that is fine because we still think that the opportunity for high-quality ASCs supports USPI’s growth algorithm.”
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