Tenet Healthcare Corp. (NYSE: THC) continues to sharpen its focus on execution and higher-acuity procedures within its ambulatory business, building on momentum highlighted from the recent earnings season.
Speaking at the Barclays 28th Annual Global Healthcare Conference recently, CEO Saum Sutaria said Tenet’s United Surgical Partners International (USPI) arm will continue to prioritize more complex procedures and service-line development.
“We’re focused on … doing more of the same: operations excellence, transitioning where we can, you know, to higher-acuity. Lower volume, but higher-acuity procedure mix, where those opportunities exist. Building upon strategies with respect to new, innovative services. Obviously, the Inpatient-Only List discussion supports that in terms of the new opportunities or growing opportunities there.”
The comments reflect an ongoing emphasis on operational follow-through, as Tenet integrates newly acquired facilities and works to optimize performance across its ASC footprint. The company added a significant number of facilities in 2025 and expects a strong pipeline of deals in 2026.
Growth in ambulatory surgery centers (ASCs) is also being supported by policy changes, including the gradual phaseout of Medicare’s Inpatient-Only List, as Sutaria touched on. Broadly, regulators continue to expand the range of procedures that can be performed in outpatient settings.
Tenet is targeting opportunities in spine, urology and, over time, cardiovascular procedures, Sutaria said at Barclays, noting that capturing those opportunities requires investment in physician alignment, facility design and capital planning.
“It’s focus of design … physician relationships, capital, all of it as we look ahead,” Sutaria said.
The company is also exploring the use of automation and artificial intelligence to improve efficiency and asset utilization in its ambulatory operations.
While Tenet continues to invest in outpatient growth, it faces potential headwinds on the hospital side, including pressure tied to Affordable Care Act exchange dynamics.
Still, Sutaria said demand for higher-acuity care remains strong.
“We had a very good year last year with respect to our ability to onboard and acquire new assets into the portfolio,” he said. “We see a similarly strong environment in front of us with the pipeline for 2026, so I would expect that we would have a successful year there as well.”
