Tenet Healthcare is a for-profit hospital and ambulatory surgery company operating two core businesses. The first is a network of 50 acute care and specialty hospitals, concentrated in urban and suburban markets across eight states, offering services ranging from emergency care to high-acuity specialties like cardiac surgery, orthopedics, spine, and trauma. The hospital segment also includes 132 outpatient facilities and Conifer Health Solutions, a revenue cycle management business serving Tenet hospitals and roughly 600 external clients. The second business is USPI, Tenet's ambulatory surgery center platform, which holds ownership interests in 533 ASCs and 26 surgical hospitals across 37 states, performing elective outpatient procedures in orthopedics, gastroenterology, spine, ophthalmology, and other specialties. USPI operates as a joint venture model, partnering with physicians and health systems to own and operate each center. Tenet gets reimbursed by Medicare, Medicaid, and commercial payers, with profitability driven by payer mix, case complexity, negotiated rate increases, and volume growth. USPI generates significantly higher margins than the hospital segment and is capital-light, with minimal Medicaid exposure. Tenet's core strategy is to shift both businesses toward higher-acuity services, grow USPI through acquisitions and de novo development, and reduce labor costs through automation and offshore support. Tenet has also divested lower-margin hospitals in recent years, redeploying proceeds into deleveraging and share buybacks.