SGRY · CIK 0001638833
What Surgery Partners, Inc. told the SEC could break it.
Surgery Partners' sharpest concentration is geographic: its three surgical hospitals and four ambulatory surgery centers in Idaho generated about 28% of its 2025 revenue, leaving it sensitive to regulatory, economic or other developments in that single state. That same Idaho market was hit by a 2023 cybersecurity incident that disrupted certain facilities, with an estimated $8 million adverse pre-tax impact (partly offset by $6.5 million of insurance recoveries in each of 2024 and 2025). And like any surgical operator, it leans heavily on government payors — about 43% of its 2025 revenue came from Medicare and Medicaid — exposing it to CMS rate-setting and legislative changes such as the One Big Beautiful Bill Act.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Idaho markethigh
Three consolidated surgical hospitals and four ASCs in Idaho represented approximately 28% of Surgery Partners' revenue in fiscal 2025, making it sensitive to adverse regulatory, economic, or other developments in that single state.
“As of December 31, 2025, we owned and operated three consolidated surgical hospitals and four consolidated ASCs in Idaho, representing approximately 28% of our revenue during fiscal year 2025.”
Cybersecurity
- 2023 cybersecurity incident (Idaho market)medium
A cybersecurity incident temporarily disrupted certain facilities in Surgery Partners' Idaho market, with an estimated adverse pre-tax impact of ~$8 million in 2023 (lost revenue from business interruption plus related expenses); insurance recoveries of $6.5 million were recognized in each of 2024 and 2025.
“We estimate that this incident had an adverse pre-tax impact of approximately $ 8 million during the year ended December 31, 2023. This estimate includes lost revenue from the associated business interruption and other related expenses.”
SEC filing →As of 2026
Regulatory & policy
- Medicare/Medicaid government-payor reimbursementmedium
Approximately 43% of Surgery Partners' 2025 revenue came from government payors (Medicare and Medicaid), exposing it to CMS reimbursement rate-setting (OPPS/ASC annual updates) and legislative changes such as the One Big Beautiful Bill Act passed July 4, 2025.
“We derived approximately 43%, 41% and 42% of our revenue from government payors, including Medicare and Medicaid programs in 2025, 2024 and 2023, respectively.”
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