Surgery Center Holdings (now SCA Health)

TPG Capital assembled ambulatory surgery center platform. 320+ facilities. UnitedHealth/Optum acquired controlling stake (2017). Outpatient surgery shift from hospitals is a tailwind. But vertical integration concerns: UnitedHealth owns the insurer (UHC), the physician staffing (Optum), AND the surgery centers (SCA). Patients have limited choice when one company controls the entire care pathway.