There might soon be another ambulatory surgery center (ASC) player on the public market.
Ardent Health Partners announced Friday that it filed the necessary paperwork to go public with the U.S. Securities and Exchange Commission (SEC). The S-1 filed by Ardent outlined plans to raise $100 million in an initial public offering, though that’s likely a placeholder, with the exact number of shares to be offered and the price range for the proposed offering to be later determined.
Ardent Health has applied to list its common stock on the New York Stock Exchange under the ticker symbol “ARDT.”
“We hold a leading position in a majority of our markets, and we believe we are one of the leading health care systems based on market share and our integrated network of hospitals, ambulatory facilities and physician practices,” Ardent wrote in its S-1.
The Nashville, Tennessee-based Ardent has worked to build out a full continuum of care across its footprint.
As of March 31, 2024, the company operated in eight growing mid-sized urban markets across Texas, Oklahoma, New Mexico, New Jersey, Idaho and Kansas. Its health care network includes 30 acute care hospitals, more than 200 sites of care and over 1,700 providers that are either employed by Arden or affiliated with the organization.
“We focus on establishing long-term relationships to engage with patients over their lifetime and seek to deliver superior, cost-effective health outcomes,” the S-1 continued.
On average, Ardent cares for more than 15,000 people per day across its health care ecosystem. In 2023, the company served about 1.2 million unique patients, who collectively had about 5.7 million visits with Ardent’s health care providers.
“We provide both general and specialty services, including internal medicine, general surgery, cardiology, oncology, orthopedics, women’s services, neurology, urology and emergency services, within inpatient and ambulatory care settings,” the S-1 noted.
In addition to its 30 acute care hospitals, Ardent operates a broad network of ambulatory facilities and telehealth services. That includes 146 primary care and specialty care clinics, three ASCs, 22 urgent care centers, two free-standing emergency departments and 10 diagnostic imaging centers.
Moving forward, there’s a good chance that Ardent adds to its ASC strategy, too.
“We have identified a robust pipeline of ambulatory opportunities, including ASCs, urgent care centers, imaging centers, and freestanding emergency rooms, which will create additional access points to attract and retain patients within our markets,” the S-1 offered.
In May, Ardent announced the appointment of new ambulatory services and compliance leaders: Ethan Chernin as president of Ardent’s health services unit and Jason Ehrlinspiel as the organization’s chief compliance officer.
Chernin, in particular, is tasked with overseeing Ardent’s physician practices and clinic operations, ambulatory strategy and development, and supporting its continued evolution toward value-based care.
From 2022 to 2023, Ardent grew its total revenue from $5.1 billion to $5.4 billion.
“We believe providers that are market leaders in both inpatient and ambulatory care will be better positioned to benefit in the changing health care environment,” Ardent wrote in the S-1, again highlighting the ambulatory care opportunity the company has identified.
