Tenet agrees to sell urgent care business for $80M as it pivots to surgery centers

Tenet Healthcare will sell its urgent care platform to FastMed for $80 million as the major hospital chain pivots to bolster its ambulatory surgery center business.

Tenet and FastMed reached a deal Friday to acquire the system’s urgent care centers operated under the CareSpot and MedPost brands.

FastMed will add 87 urgent care centers to its 104 existing locations across North Carolina, Arizona and Texas, according to a release on the deal.

The deal will help enable Tenet and its United Surgical Partners International subsidiary to “sharpen our focus on the continued growth and expansion of ambulatory surgical services,” Tenet CEO and Executive Chairman Ron Rittenmeyer said in a statement.

“We are excited to expand the reach of our services through the acquisition of CareSpot and MedPost’s highly regarded urgent care centers,” said FastMed CEO Web Golinkin.

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Tenet expects to close the deal by the first quarter of next year pending regulatory approvals and other closing conditions.

The deal comes more than a week after Tenet agreed to buy up to 45 ambulatory surgery centers from SurgCenter Development for $1.1 billion.

After the deal, Tenet’s United Surgical Partners will operate as many as 310 ambulatory surgical facilities across 33 states.