Last updated: June 2025 · Refreshed quarterly · Methodology below

Rank	Platform	Specialty	Locations	Est. Cases/yr	Est. Annual Leakage ⓘ	Recoverable	Deal Room
#1	United Surgical Partners International (USPI)Largest ASC operator in the US; 480+ ASCs and surgical hospitals across 35 states	Multi-Specialty ASC	480	345,600	$179.3M 480 locations × 3 ORs × 240 slots/yr × 10.9% cancel × $5,600 avg value × 0.85 confidence = $179.3M/yr gross	$53.8M	View Deal Room →
#2	SCA Health (Surgical Care Affiliates)Optum subsidiary; 320+ surgical facilities across 37 states	Multi-Specialty ASC	320	230,400	$119.5M 320 locations × 3 ORs × 240 slots/yr × 10.9% cancel × $5,600 avg value × 0.85 confidence = $119.5M/yr gross	$35.9M	View Deal Room →
#3	AmSurgOne of the largest ASC operators in the US; 250+ ambulatory surgery centers nationally	Multi-Specialty ASC	250	180,000	$93.4M 250 locations × 3 ORs × 240 slots/yr × 10.9% cancel × $5,600 avg value × 0.85 confidence = $93.4M/yr gross	$28.0M	View Deal Room →
#4	HealogicsNation's largest wound care management company; 600+ centers; high procedure volume	Wound Care / Surgical	600	288,000	$75.4M 600 locations × 2 ORs × 240 slots/yr × 11.0% cancel × $2,800 avg value × 0.85 confidence = $75.4M/yr gross	$22.6M	View Deal Room →
#5	Surgery PartnersWelsh, Carson portfolio; 180 surgical facilities across 32 states	Multi-Specialty ASC	180	129,600	$67.2M 180 locations × 3 ORs × 240 slots/yr × 10.9% cancel × $5,600 avg value × 0.85 confidence = $67.2M/yr gross	$20.2M	View Deal Room →
#6	Cardiovascular Associates of America (CVAUSA)Largest independent cardiology MSO; 80 locations across Southeast and Midwest	Cardiology	80	38,400	$38.0M 80 locations × 2 ORs × 240 slots/yr × 9.4% cancel × $12,400 avg value × 0.85 confidence = $38.0M/yr gross	$11.4M	View Deal Room →
#7	Spire Orthopedic PartnersBain Capital portfolio; 45 orthopedic practice locations primarily in New England	Orthopedics	45	21,600	$16.9M 45 locations × 2 ORs × 240 slots/yr × 11.2% cancel × $8,200 avg value × 0.85 confidence = $16.9M/yr gross	$5.1M	View Deal Room →
#8	HOPCo (Healthcare Outcomes Performance Company)Warburg Pincus-backed; physician-led orthopedic MSO spanning 45 practice locations	Orthopedics	45	21,600	$16.9M 45 locations × 2 ORs × 240 slots/yr × 11.2% cancel × $8,200 avg value × 0.85 confidence = $16.9M/yr gross	$5.1M	View Deal Room →
#9	US Heart & VascularPE-backed cardiology and vascular MSO; 30 locations across Texas and the South	Cardiology / Vascular	30	14,400	$14.3M 30 locations × 2 ORs × 240 slots/yr × 9.4% cancel × $12,400 avg value × 0.85 confidence = $14.3M/yr gross	$4.3M	View Deal Room →
#10	OneOncologyGeneral Atlantic-backed; 50+ oncology practice locations nationally; includes surgical oncology	Oncology / Surgical Oncology	50	24,000	$13.5M 50 locations × 2 ORs × 240 slots/yr × 11.0% cancel × $6,000 avg value × 0.85 confidence = $13.5M/yr gross	$4.0M	View Deal Room →
#11	OrthoAlliancePE-backed orthopedic platform; 25 locations across the Midwest and Southeast	Orthopedics	25	12,000	$9.4M 25 locations × 2 ORs × 240 slots/yr × 11.2% cancel × $8,200 avg value × 0.85 confidence = $9.4M/yr gross	$2.8M	View Deal Room →
#12	EyeSouth PartnersOlympus Partners-backed; 66 ophthalmology practice locations across the Southeast and Mid-Atlantic	Ophthalmology	66	31,680	$9.3M 66 locations × 2 ORs × 240 slots/yr × 10.8% cancel × $3,200 avg value × 0.85 confidence = $9.3M/yr gross	$2.8M	View Deal Room →
#13	U.S. Vascular PartnersPE-backed vascular MSO; 20 locations with office-based lab (OBL) model	Vascular Surgery	20	9,600	$8.6M 20 locations × 2 ORs × 240 slots/yr × 10.8% cancel × $9,800 avg value × 0.85 confidence = $8.6M/yr gross	$2.6M	View Deal Room →
#14	U.S. Dermatology Partners90 dermatology practice locations; PE-backed platform targeting surgical derm and MOHS	Dermatology	90	43,200	$7.7M 90 locations × 2 ORs × 240 slots/yr × 9.5% cancel × $2,200 avg value × 0.85 confidence = $7.7M/yr gross	$2.3M	View Deal Room →
#15	US Orthopaedic PartnersFrazier Healthcare-backed; 20 orthopedic locations with ASC ownership model	Orthopedics	20	9,600	$7.5M 20 locations × 2 ORs × 240 slots/yr × 11.2% cancel × $8,200 avg value × 0.85 confidence = $7.5M/yr gross	$2.2M	View Deal Room →
#16	Curalta HealthNorth Haven Capital / Audax-backed multi-specialty ASC platform; 18 locations in the Northeast	Multi-Specialty ASC	18	12,960	$6.7M 18 locations × 3 ORs × 240 slots/yr × 10.9% cancel × $5,600 avg value × 0.85 confidence = $6.7M/yr gross	$2.0M	View Deal Room →
#17	Allied OMSLargest PE-backed OMS platform; 50 locations across the US; doctor-equity model	Oral & Maxillofacial Surgery	50	24,000	$6.4M 50 locations × 2 ORs × 240 slots/yr × 9.0% cancel × $3,500 avg value × 0.85 confidence = $6.4M/yr gross	$1.9M	View Deal Room →
#18	ENT & Allergy AssociatesLargest ENT practice in the US; 40 locations across the Northeast	ENT / Otolaryngology	40	19,200	$6.4M 40 locations × 2 ORs × 240 slots/yr × 10.3% cancel × $3,800 avg value × 0.85 confidence = $6.4M/yr gross	$1.9M	View Deal Room →
#19	U.S. Urology PartnersWelsh, Carson-backed; 35 urology practice locations across the US	Urology	35	16,800	$5.9M 35 locations × 2 ORs × 240 slots/yr × 10.1% cancel × $4,100 avg value × 0.85 confidence = $5.9M/yr gross	$1.8M	View Deal Room →
#20	Beacon Orthopaedics & Sports MedicineIndependent orthopedic platform with PE backing; 15 locations in the Cincinnati/Midwest market	Orthopedics	15	7,200	$5.6M 15 locations × 2 ORs × 240 slots/yr × 11.2% cancel × $8,200 avg value × 0.85 confidence = $5.6M/yr gross	$1.7M	View Deal Room →
#21	Schweiger Dermatology Group65 practice locations; nation's largest MOHS surgery group	Dermatology (MOHS)	65	31,200	$5.5M 65 locations × 2 ORs × 240 slots/yr × 9.5% cancel × $2,200 avg value × 0.85 confidence = $5.5M/yr gross	$1.7M	View Deal Room →
#22	Summit Spine & Joint CentersGeneral Atlantic-backed; 12 spine and orthopedic locations in the Southeast	Spine / Orthopedics	12	5,760	$5.1M 12 locations × 2 ORs × 240 slots/yr × 11.5% cancel × $9,100 avg value × 0.85 confidence = $5.1M/yr gross	$1.5M	View Deal Room →
#23	United Urology GroupWebster Capital-backed; 28 urology locations across Mid-Atlantic and Southeast	Urology	28	13,440	$4.7M 28 locations × 2 ORs × 240 slots/yr × 10.1% cancel × $4,100 avg value × 0.85 confidence = $4.7M/yr gross	$1.4M	View Deal Room →
#24	Cardinal Orthopaedic InstituteIndependent physician-led platform with PE sponsorship; 12 orthopedic locations in Ohio	Orthopedics	12	5,760	$4.5M 12 locations × 2 ORs × 240 slots/yr × 11.2% cancel × $8,200 avg value × 0.85 confidence = $4.5M/yr gross	$1.3M	View Deal Room →
#25	Eye Health AmericaGeneral Atlantic-backed; 30 ophthalmology locations across the Southeast	Ophthalmology	30	14,400	$4.2M 30 locations × 2 ORs × 240 slots/yr × 10.8% cancel × $3,200 avg value × 0.85 confidence = $4.2M/yr gross	$1.3M	View Deal Room →
#26	StrideCare (Vascular)Texas-based PE-backed vascular practice; 6 locations with OBL and surgical capabilities	Vascular Surgery	6	2,880	$2.6M 6 locations × 2 ORs × 240 slots/yr × 10.8% cancel × $9,800 avg value × 0.85 confidence = $2.6M/yr gross	$777K	View Deal Room →
#27	Pinnacle ENT PartnersQuad-C Management-backed; 16 ENT locations across the Mid-Atlantic and Southeast	ENT / Otolaryngology	16	7,680	$2.6M 16 locations × 2 ORs × 240 slots/yr × 10.3% cancel × $3,800 avg value × 0.85 confidence = $2.6M/yr gross	$767K	View Deal Room →
#28	One GIWelsh, Carson-backed GI platform; 22 practice locations with in-office endoscopy suites	Gastroenterology / Endoscopy	22	10,560	$2.5M 22 locations × 2 ORs × 240 slots/yr × 9.8% cancel × $2,800 avg value × 0.85 confidence = $2.5M/yr gross	$739K	View Deal Room →
#29	Elevate ENT PartnersAudax-backed ENT platform; 14 locations with in-office surgical suite model	ENT / Otolaryngology	14	6,720	$2.2M 14 locations × 2 ORs × 240 slots/yr × 10.3% cancel × $3,800 avg value × 0.85 confidence = $2.2M/yr gross	$671K	View Deal Room →
#30	Resolve Pain ConsultantsResolve Partners-backed; 8 pain management locations with interventional procedure suites	Pain Management	8	3,840	$819K 8 locations × 2 ORs × 240 slots/yr × 13.2% cancel × $1,900 avg value × 0.85 confidence = $819K/yr gross	$246K	View Deal Room →

Methodology — How We Compute Leakage

These estimates are model-derived, not audited. They are directional — intended to help PE operating partners assess OR revenue at risk, not replace a CFO's financial model.

Formula

Gross Leakage = Locations × Avg ORs × 240 slots/OR/yr × Cancel Rate × Avg Slot Value × 0.85 confidence

Recoverable = Gross Leakage × 30% fillable share

Specialty Assumptions

Specialty	Cancel Rate	Avg Slot Value	Avg ORs/Location
Multi-Specialty ASC	10.9%	$5,600	3
Cardiology	9.4%	$12,400	2
Cardiology / Vascular	9.4%	$12,400	2
Ophthalmology	10.8%	$3,200	2
Dermatology	9.5%	$2,200	2
Dermatology (MOHS)	9.5%	$2,200	2
Orthopedics	11.2%	$8,200	2
Spine / Orthopedics	11.5%	$9,100	2
ENT / Otolaryngology	10.3%	$3,800	2
Gastroenterology / Endoscopy	9.8%	$2,800	2
Urology	10.1%	$4,100	2
Pain Management	13.2%	$1,900	2
Vascular Surgery	10.8%	$9,800	2
Oral & Maxillofacial Surgery	9.0%	$3,500	2
Oncology / Surgical Oncology	11.0%	$6,000	2
Wound Care / Surgical	11.0%	$2,800	2

Source Citations

Cancel rate benchmarks: MGMA 2024 Physician Practice Survey; ASCOA operational data; AAOS surgical utilization report 2023.
Avg slot value: CMS 2024 Physician Fee Schedule + facility fee estimates; HFMA OR economics benchmarks.
Location counts: Company websites, SEC disclosures, PE Hub, PitchBook, and press releases current as of June 2025.
Confidence factor (0.85): Applied to reflect real-world variation in OR utilization, payer mix, and scheduling discipline vs. theoretical benchmarks.
Recoverable share (30%): Conservative estimate of cancelled slots fillable same-day or within 48h. Industry pilots show 22–38% fill rates; we use a conservative midpoint.

Caveats

Location counts are estimates; PE platforms grow via acquisition and may differ by ±10–20%.
Not all cancellations are fillable — some reflect clinical necessity (NPO failure, lab abnormality).
Slot values vary by payer mix, geography, and CPT code mix. Figures above use specialty-level averages.
Covers surgical/procedural platforms only. Pure outpatient medical practices without OR time are excluded.

Correct our numbers. If your platform's data is materially different, email hello@surgeoncaseflow.com — we'll update within 5 business days. We want this to be the most accurate public index on surgical leakage.

Surgical Revenue Leakage Index

Methodology — How We Compute Leakage

Formula

Specialty Assumptions

Source Citations

Caveats