Surgeries that have historically been done in hospitals are moving to ASCs. According to the VMG Health 2024 Healthcare M&A Report, in its third quarter 2023 investor presentation, Tenet reported that USPI same-facility ASC total joints had grown 14.2 percent year to date as of September 2023. In addition, the VMG report stated that Surgery Partners noted in its presentation at the 41st Annual J.P. Morgan Healthcare Conference in 2023 that its musculoskeletal case volume quadrupled over the last 10 years.