ASC

also known as: Ambulatory Surgery Center · Surgicenter

Ambulatory Surgery Centers (ASCs) are freestanding outpatient surgical facilities. They handle same-day procedures that don't require an overnight hospital stay: cataract removal, colonoscopy, hernia repair, knee/shoulder arthroscopy, dermatology procedures, pain injections, and lower-acuity orthopedic surgery. CMS certifies roughly 5,600 ASCs in the U.S. The industry is rapidly consolidating — large publicly traded chains include USPI (United Surgical Partners International, a Tenet subsidiary), Surgery Partners, AmSurg, and HCA Healthcare's ASC network. Private equity is also active: many regional ASC chains have been rolled up by PE firms. ASCs are paid under the Medicare ASC payment system — separate from both hospital outpatient (OPPS) and physician fee schedule rates. Each ASC's mix of procedures determines its revenue profile; cataract-heavy ASCs are very different financially from orthopedic-heavy ASCs.

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