Who Owns USPI (United Surgical Partners International)?
USPI is owned by Tenet Healthcare Corporation (NYSE: THC), a publicly traded healthcare services company headquartered in Dallas, Texas. Founded in 1998, United Surgical Partners International is the largest ambulatory surgery platform in the United States, holding interests in more than 530 ambulatory surgery centers and 25 surgical hospitals across 37 states as of late 2026. Tenet took a majority stake in 2015 and reached full ownership by 2021.
Parent Company
Acquired
2015
Status
Publicly Traded
Headquarters
USPI (United Surgical Partners International) Timeline
United StatesOfficial Website
Who Owns USPI (United Surgical Partners International)?
- Parent Company: Tenet Healthcare Corporation
- Ownership Type: Subsidiary
- Acquisition Year: 2015
- Company Type: Publicly Traded
- Stock Ticker: NYSE: THC
| Brand | Parent Company | Ownership Type |
|---|---|---|
| USPI (United Surgical Partners International) | Tenet Healthcare Corporation | Subsidiary |
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History of USPI (United Surgical Partners International)
- Founded: 1998
- Founders: Welsh, Carson, Anderson & Stowe (sponsoring investor)
- Acquired by Tenet Healthcare Corporation: 2015
United Surgical Partners International was formed in 1998 in the Dallas area with backing from Welsh, Carson, Anderson & Stowe, a private equity firm specializing in healthcare. The founding idea was to consolidate the fragmented ambulatory surgery center industry, where thousands of physician-owned centers operated independently with no shared infrastructure or negotiating leverage with insurers.
Through the 2000s USPI grew by acquiring and developing surgery centers and short-stay surgical hospitals, building relationships with physicians who both worked in and co-owned the facilities. The partnership model became the company's signature: surgeons kept equity and governance rights in their centers while USPI handled contracting, compliance, billing, and operations. By 2015 it was the largest independent ASC operator in the country.
The June 2015 joint venture with Tenet was transformative for both sides. Tenet contributed its own surgery centers and cash for majority control, instantly more than doubling its outpatient footprint. Tenet then steadily bought out Welsh Carson, reaching 95% in 2018 and full ownership in 2021.
Under full Tenet ownership, USPI became the parent company's declared growth engine. Tenet commits at least $250 million annually to acquiring surgery centers, supplemented by de novo development. The strategy shifted toward higher-acuity procedures: total joint replacements, spine, and cardiology cases that increasingly migrate out of hospital settings. In third quarter 2026, USPI same-facility total joint replacement volume grew 12.8% year over year even as overall surgical cases declined. As of September 30, 2026, USPI held interests in 535 ambulatory surgery centers, 406 consolidated and 129 unconsolidated, plus 25 surgical hospitals in 37 states.
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About Tenet Healthcare Corporation
Is Tenet Healthcare publicly traded?
Yes. Tenet trades on the New York Stock Exchange under the ticker THC and is a component of the S&P 400 index. Its shares are held broadly by institutional investors. The company completed its initial public offering in 1969 under its former name, National Medical Enterprises.
Who owns Tenet Healthcare?
No single entity controls Tenet. It is a widely held public company whose largest shareholders are institutional asset managers such as Vanguard and BlackRock. Day-to-day control rests with Chairman and CEO Saum Sutaria and the board of directors.
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When was Tenet Healthcare founded?
Tenet was incorporated in 1969 as National Medical Enterprises by attorneys Richard Eamer, Leonard Cohen, and John Bedrosian in Los Angeles. The company changed its name to Tenet Healthcare in 1995 after acquiring American Medical International.
What is USPI?
United Surgical Partners International is Tenet's ambulatory surgery subsidiary and the largest ASC platform in the United States. As of late 2026 it held interests in more than 530 ambulatory surgery centers and 25 surgical hospitals across 37 states. Tenet took a majority stake in 2015 and full ownership by 2021.
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How many hospitals does Tenet own?
As of December 31, 2025, Tenet's hospital segment comprised 50 acute care and specialty hospitals plus 132 outpatient facilities, concentrated in eight states. The company has been shrinking this count deliberately, selling 14 hospitals in 2024 alone to focus on ambulatory growth.
What happened to Conifer Health Solutions?
Conifer remains a Tenet subsidiary. In February 2026 CommonSpirit Health paid to end its revenue cycle contract early and redeemed its 23.8% equity stake, returning Conifer to full Tenet ownership. Services to CommonSpirit wound down through October 2026, and Conifer cut about 1,000 positions as part of the restructuring.
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- Founded: 1969
- Headquarters: Dallas, Texas, USA
- Company Type: Publicly Traded
- Stock: NYSE: THC
- Revenue: $21.31 billion (FY2025)
- Employees: ~86,000
Where Is USPI (United Surgical Partners International) Made / Based?
- Headquarters: Addison, Texas, USA
- Manufacturing / Operations: United States
USPI (United Surgical Partners International) Categories & Tags
Brands Owned by Tenet Healthcare Corporation
USPI (United Surgical Partners International) Ownership: Pros & Cons
Advantages
- +Largest ASC network in the country, with payer and recruiting leverage
- +Physician partnership model aligns surgeon economics with facility performance
- +Committed parent funding of $250 million or more per year for acquisitions
- +High-acuity case mix drives premium pricing and margin growth
- +Benefits from Tenet's shared services and capital access
Considerations
- -Surgical volumes have declined for three straight quarters in 2026
- -Reimbursement pressure if insurers push more procedures to lower-cost settings
- -Significant earnings flow to noncontrolling physician partners
- -Health systems increasingly compete to retain surgical volume
- -Exposed to uninsured rate increases in its Texas and Florida core markets
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Frequently Asked Questions About USPI (United Surgical Partners International)
Sources & Further Reading
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Competitors to USPI (United Surgical Partners International)
No direct competitors found in the same category. This could be because USPI (United Surgical Partners International)operates in a unique market segment or we're still building our competitor database.
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Tenet Healthcare Corporation Stock Information
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