NAMES IN THE NEWS
USPI and United Urology Group to Form Joint Venture
United Surgical Partners International (USPI), a subsidiary of Tenet Healthcare, and United Urology Group (UUG) signed an agreement on June 21 to form a joint venture partnership in 22 ASCs, according to a release. USPI will acquire a portion of UUG’s ownership interests in well-established and brand-new facilities located in Maryland, Colorado and Arizona.
“United Urology Group’s premier affiliated practices have set a very high standard for exemplary urologic care,” said Brett Brodnax, president and chief executive officer (CEO) of USPI, in the release. “The partnership will add high-quality urology centers within our existing markets. We are honored to serve additional patients and support the growth of these ASCs.”
Sanford J. Siegel, MD, CEO of UUG, said in the release, “USPI’s commitment to innovation and depth of operational knowledge will benefit the growth and development of our ASCs. We have an exciting runway with USPI as our partner and look forward to bringing our patient-focused cultures together.”
The transaction is expected to be completed in the third quarter, subject to regulatory approvals and closing conditions. Upon completion, USPI will manage and jointly own the centers with UUG and its affiliated practices. The centers will be consolidated in Tenet Healthcare’s financial statements, according to the release.