Policy Radar · ASC Market Map · CMS files through Q2 2026 · operator filings Sep 2026

The ASC market, mapped for decisions.

Built for surgeon groups deciding whether, where and with whom to open a center: headroom, competition, regulation and the partners already in the market.

6,591
Medicare-certified surgery centers (CMS, Q2 2026)
+611
net new certified ASCs since 2021
1,161
hospitals with inpatient hip & knee volume
384
markets scored on runway, forces and viability
1,247
centers tied to a national operator or platform
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STATE OF ASCs · OCTOBER 2026

The outpatient momentum
is becoming visible.

Health systems, payers and operators are investing in surgery outside the hospital. Follow the signals—then explore the local market.

Illustrated outpatient centers connected by flowing teal ribbons

Read the source ↗
THE MEDICARE SAVINGS SIGNAL$27.9B

Estimated fee-for-service Medicare savings, 2019–2024.

KNG Health for ASCA, May 2026. Same ASC procedures priced at hospital outpatient rates; utilization effects are not modeled. Report and methods ↗
WHERE THE MAP BECOMES USEFUL

Momentum is national.
Opportunity is local.

Compare supply growth, demand, ownership and certificate-of-need rules. An announced pipeline does not tell you where a center will open—or whether it can perform.

The value-based care opportunity: TEAM and CJR-X strengthen the focus on total episode cost. LEAD’s voluntary CARA adds a route for ACO–specialist risk contracts. Lower facility spending can help; outcomes, recovery costs and contract design determine who captures the value.

TEAM: 2026, 30-day hospital episodes. CJR-X: 2028, 90-day hospital episodes. CARA: data sharing in 2027, accountability in 2028. ASCs are not automatic TEAM/CJR-X episode participants. CMS LEAD FAQ ↗
The primer

How to read this map

1 of 5 · The migration

Joint replacement left the hospital

Medicare inpatient joint discharges fell from 542,513 in 2017 to 127,759 in 2024 after CMS removed knees (2018) and hips (2020) from the inpatient-only list. The remaining phaseout runs through 2028, and hundreds more procedures join the ASC covered list. The average Medicare payment: $16,328 inpatient, $10,784 hospital outpatient, $6,909 in an ASC.

542,513 → 127,759
Medicare inpatient joint discharges · 2017 → 2024
2 of 5 · The score

The Outpatient Runway Score

Each of the 384 scored markets gets a 0–100 score for how much room joint replacement still has to move outpatient. Six weighted components: the share still done inpatient (30%), total joint volume (25%), certificate-of-need openness (20%), how few ortho surgery centers already exist (10%), TEAM episode pressure (10%), and ACO coverage (5%). High score = demand exists, it is still inpatient, and nothing stops a surgery center from taking it. You can change the weights yourself in the rankings.

0–100 · six components
the outpatient runway score · weights are yours to move
3 of 5 · The layers

Four things on one map

Gold dots are Medicare surgery centers, sized by their visible joint replacement volume. Coral circles are hospitals, sized by inpatient hip and knee discharges, with a dark ring on TEAM participants now accountable for 30-day episode cost. Diamonds are ACO headquarters. County shading carries whichever lens you pick: runway, inpatient share, CON openness, or ACO coverage.

6,591 ASCs · 1,161 hospitals · 584 ACOs
every layer from the 2024 cms public files
4 of 5 · The regulatory clock

CON is opening, on a schedule

Certificate-of-need law decides whether anyone can build. 22 jurisdictions still require CON for a new ASC, 17 states have CON that does not reach ASCs and 12 have none, and the door keeps opening: South Carolina removed ASCs in 2023, North Carolina's urban ASC exemption took effect November 2025, Rhode Island removed ASCs in June 2026, and Tennessee's CON for surgery centers ends December 2027. The CON lens shows each state scored 0 to 1, with the statute notes in the methodology.

SC ’23 · NC ’25 · RI ’26 · TN ’27
con repeals and exemptions · ipo list ends 2028
5 of 5 · The counterparty

ACOs will soon buy the episode

The LEAD model's CMS-Administered Risk Arrangements let accountable care organizations hold specialists to episode risk starting 2028, following data sharing in 2027. Its participant list isn't published yet, so the map uses existing ACO footprints as a planning proxy: REACH ACOs and the 476 Shared Savings ACOs, each with its IRF and SNF admission rates. An ACO with heavy post-acute spend in an open-CON market is the natural counterparty for an outpatient joint program.

LEAD CARA · 2028
aco-to-specialist episode risk · reach as surrogate
Click through, then explore the map below.
Rankings

Where the runway is longest

Markets ranked by the Outpatient Runway Score, and hospitals ranked by how much they need an outpatient total joints strategy. Move the weights and the map re-scores with you.

Enterprise landscape · SEC Exhibit 21 rosters + operator directories · Sep 2026

Who already owns the surgery centers

Five national operators hold about a fifth of Medicare-certified ASCs, and the ranks changed in 2026: Ascension bought AmSurg, Optum began selling centers, Surgery Partners chose to de-lever, and USPI kept compounding. Every affiliated center we could tie to a parent is drawn on the map and counted here.

—
surgery centers tied to a national operator or platform on this map
—
of mapped ASCs, versus MedPAC's 21.5% for the five largest corporate holders (2024)
—
additional centers co-branded with a hospital or health system
$5.2B · 39%
USPI 2025 segment revenue and adjusted EBITDA margin, the industry's reference economics

League table

Centers matched to CMS-certified ASCs by name, city and state. Filing counts are the operators' own year-end disclosures. Click an operator to light up its centers on the map.

Facility counts, 2020 to mid-2026

From 10-K disclosures; SCA and AmSurg from trade-press ranges where UNH and Ascension do not disclose.

Where the operators concentrate

Mapped enterprise-affiliated centers by state, stacked by operator.

Mid-tier platforms and health-system JV specialists

The next tier is where most de novo joint ventures are being struck.
PlatformScaleSponsor / partners

Affiliation method: legal-entity names from Tenet, Surgery Partners and HCA 10-K Exhibit 21 (FY2025), Surgical Care Affiliates (FY2016) and AmSurg (FY2015) Exhibit 21 for legacy rosters, and operator location directories or career sites retrieved September 1, 2026, matched to CMS Provider of Services names with state and city checks. "Confirmed" means an exact or city-verified name match; "probable" means a strong name match without a city check; "legacy" means the only evidence is a pre-2017 filing. Equity-method USPI centers and SCA centers without open job postings are under-counted, so operator totals here are floors.

Market study Nº 1 · a worked example, free

Nashville: five forces in one metro

One market, read the way the Pro modules read all 384. Nashville has the largest operators' headquarters, nineteen hospitals under mandatory TEAM episodes, a certificate-of-need law that expires in December 2027, and a joint book that has already left the ward. Every number below is computed from the same files as the map; superscripts go to the source.

What the claims say

The players

Hospitals with inpatient joint volume (2024)
HospitalInpatient TJAHOPD MSKInpatient shareTEAM
Operators with certified centers here
Risk-bearing counterparties

Nashville is also a headquarters market: HCA Healthcare7 and AmSurg10 are based in Nashville, Surgery Partners in Brentwood8, and USPI's largest local partner is Ascension Saint Thomas through the Baptist Surgery Center joint venture6. Corporate development teams here drive past their own targets on the way to work.

Force profile

Policy clock for this market

Jan 2026 · in force
TEAM: every hospital in the CBSA with a joint book carries mandatory 30-day episode risk on inpatient and HOPD joints; ASC-initiated cases sit outside the model.3
Jan 2026 · in force
CY2026 rule: 285 codes off the inpatient-only list, 560 added to the ASC list, including lumbar fusion and cardiac ablation.4
Jan 2027 · scheduled
THA/TKA patient-reported outcome measure becomes mandatory for HOPDs and ASCs; two-point payment penalty for non-reporting.11
Jan 2028 · final rule
CJR-X (CMS-1849-F, final July 31, 2026) starts mandatory 90-day hip, knee and ankle episodes at IPPS hospitals outside TEAM; TEAM markets like this one stay under TEAM, so the exposure here is the 30-day window, not the 90.5
Dec 2027 · enacted
Tennessee CON requirement for ASCs ends for centers licensed after December 1, 2027, conditioned on TennCare participation and comparable charity care.9

What we would verify before capital moves

Rates. Commercial and Medicare Advantage ASC rates for 27447/27130 from the Transparency in Coverage files for BlueCross BlueShield of Tennessee, UnitedHealthcare and Cigna, against the HOPD rates in TriStar's and Saint Thomas's price-transparency files. Net revenue per case decides the pro forma; Medicare tells you only the floor.12

All-payer volume. Tennessee's Hospital Discharge Data System and HCUP SASD for the true outpatient joint count; the map sees Medicare FFS, and 52% of Nashville beneficiaries are in Medicare Advantage.1

Pipeline. Tennessee Health Facilities Commission CON applications and letters of intent filed in the 2026 and 2027 cycles: the de novos that will certify after this map's data.9

Labor. BLS OEWS CRNA and RN wages for the Nashville MSA and the anesthesia stipend market; 44% of ASCs paid a stipend in 2025.13

Sources for this study

  1. CMS Medicare Physician & Other Practitioners, Inpatient Hospitals and Outpatient Hospitals by provider and service, 2024; Medicare Monthly Enrollment, 2024 (county). data.cms.gov
  2. CMS Provider of Services files, December 2019 through Q2 2026 vintages. data.cms.gov
  3. CMS Innovation Center, TEAM model and participant list (CMS file dated September 22, 2026; as of August 18, 2026). cms.gov
  4. CMS, CY2026 OPPS/ASC final rule fact sheet, November 21, 2025. cms.gov
  5. CMS, CJR-X final rule (CMS-1849-F), issued July 31, 2026; Federal Register August 4, 2026. cms.gov
  6. Tenet Healthcare 10-K FY2025, Exhibit 21 subsidiaries. sec.gov
  7. HCA Healthcare 10-K FY2025, Exhibit 21. sec.gov
  8. Surgery Partners 10-K FY2025 (principal executive offices, Brentwood, Tennessee), Exhibit 21. sec.gov
  9. Holland & Knight, Tennessee passes legislation to modify the state's certificate of need (May 2024); ASC News, Tennessee lawmakers continue to rewrite CON framework (April 2026). hklaw.com
  10. AmSurg and Ascension closing announcement, June 4, 2026; FTC consent order requiring seven divestitures including Tennessee. ftc.gov
  11. CMS CY2024 OPPS/ASC final rule: THA/TKA PRO-PM adopted for HOQR and ASCQR, mandatory CY2027. cms.gov
  12. CMS Transparency in Coverage and Hospital Price Transparency requirements. cms.gov
  13. Becker's ASC Review, anesthesia stipends by the numbers (2026); BLS OEWS. beckersasc.com
  14. CMS Care Compare, ASC Quality Measures (2024 reporting): ASC-17 hospital visits within 7 days of orthopedic procedures, per 100 Medicare FFS cases. data.cms.gov
  15. CMS MSSP performance-year results and assigned beneficiaries by county, 2024; ACO REACH aligned beneficiaries, 2024. data.cms.gov
Founding membership

The map is free. Founding adds the decision tools.

Everything above stays free: the map, every market brief, the rankings, the operator landscape, the trends and the Nashville study. Founding membership opens the two modules below for all 384 scored markets.

  • Competitive forces. Rivalry, entry, payers, hospital incumbency and consolidation, scored per market, with comparable markets.
  • Viability Index. Persona-weighted site-selection rankings, per-market scorecards and a working pro forma sketch.
  • Persona reads in every market brief, plus Founding tools across the other Techy Surgeon data platforms.
Competitive forces Founding

Competitive forces by market

Five forces, scored 0–100 against the 384 scored markets from public files: rivalry among existing centers, the threat of new entry, payer power, hospital incumbency, and enterprise consolidation. High scores mean the force pushes harder against a new entrant.

Select a market to draw its profile.

Comparable markets

Nearest five by force profile.

    Pick a market

    The five cards below explain each force in plain language for the selected market.

    Enterprise presence

    Five-year supply

    What this means for you

    Most consolidated markets

    Enterprise share of certified ASCs, 20+ centers.

      Fragmented white space

      Lowest enterprise share among markets with 15+ centers and 400+ Medicare joints.

        Fastest supply growth since 2021

        Net certified ASCs, markets with 10+ centers.
          Founding feature

          Competitive forces, market by market

          Force profiles, enterprise presence, five-year supply history, comparable markets and persona-specific reads for all 384 scored markets. The inputs and formulas are public in the methods below.

          Founding members open it with their Techy Surgeon sign-in. Have an operator-license key?
          De novo viability Founding

          De novo viability by market

          The Runway Score asks where joint replacement still has room to leave the hospital. The Viability Index asks a narrower question: given demand, headroom, regulation, existing supply, enterprise saturation and payer mix, where would a new surgery center be most likely to fill its rooms. Presets reweight it for each persona; every slider is yours to move.

          Preset
          Components are percentile ranks across scored markets, so weights are comparable. Supply pressure and enterprise saturation are inverted for entrants (less is better) and re-inverted under the health-system preset, where existing supply is the threat.

          Viability ranking

          Top markets under the current weights. Click a row for its scorecard.
          Scorecard

          Pick a market

          Pro forma sketch

          Illustrative single-center economics with defaults from VMG, HealthCare Appraisers, Avanza and operator filings. Replace every input with your own numbers before anyone signs anything.

          Outputs

          Reality checks

          • Anesthesia coverage is the binding constraint in 2026: 44% of ASCs now pay a stipend and a fully loaded CRNA runs about $343K. Budget it before the pro forma.
          • Commercial rates are typically 150–250% of the ASC Medicare fee schedule; the payer mix assumption drives net revenue per case more than case volume does.
          • The OIG safe harbor needs physician investors to derive at least a third of practice income from ASC-eligible procedures; multispecialty centers add a one-third-of-procedures test. Recruit to the test.
          • In CON states the calendar is the risk: 12–24 months covers the build in an open state, and the certificate process can add a year or more.
          Founding feature

          Viability Index and pro forma

          Persona-weighted site-selection rankings for every scored market, per-market scorecards, and a working single-center pro forma seeded with 2026 benchmarks. The formula is public in the methods below.

          Founding members open it with their Techy Surgeon sign-in. Have an operator-license key?
          Analyst resources

          Calendar, benchmarks and sources

          Everything the map relies on, plus the numbers an operator, a surgeon group or a strategy office reaches for during a site decision. Links go to primary sources wherever one exists.

          Regulatory and market calendar

          Valuation benchmarks, 2026

          De novo and operating benchmarks

          Source library

          Data sources an analyst can add next

          SourceWhat it addsStatus here
          CMS Provider of Services (POS), quarterlyEvery certified ASC and hospital, certification dates, control type, county and CBSAIntegrated, eight vintages
          SEC 10-K Exhibit 21 subsidiary listsLegal-entity rosters for Tenet/USPI, Surgery Partners, HCA; legacy SCA and AmSurgIntegrated
          Operator directories and career sitesCurrent DBA names and cities for SCA, AmSurg, USPI, Surgery Partners, Atlas, Compass, Constitution, Regent, SolaraIntegrated, partial for USPI and SCA
          Medicare Physician & Other Practitioners (POS 24)Surgeon-level ASC volume by procedureIntegrated for TJA; other specialties next
          Transparency in Coverage payer filesNegotiated commercial rates by ASC and HOPD, the input for a real rate checkAnalyst brief
          Hospital Price Transparency MRFsHOPD negotiated rates for the same CPTsAnalyst brief
          HCUP SASD / NASSAll-payer ambulatory surgery encounters in participating statesAnalyst brief
          State CON docketsPending ASC applications: the de novo pipeline before it is certifiedRoadmap
          BLS OEWS (CRNA, RN wages by MSA)Labor cost layer for the pro formaRoadmap
          KFF Medicare Advantage penetration by countyPayer mix modelingIntegrated at county level
          VMG Intellimarker / HealthCare AppraisersCurrent net revenue per case, margins and multiples by specialtyLicensed data; benchmarks above are public editions
          Access

          Access and pricing

          The map, the Runway Score, the operator landscape, the trends and the Nashville study are free. The Pro modules are a Founding member resource. Organizations license seats; analyst briefs run your own claims through the same machinery.

          Free
          $0
          • Interactive map: 6,591 certified ASCs, 1,161 hospitals, ACOs, CON status
          • Outpatient Runway Score with adjustable weights
          • Enterprise ownership layer and operator profiles
          • Five-year trend dashboard and Care Compare quality layer
          • Nashville market study and public market briefs
          Explore the map
          Founding · Techy Surgeon
          $390 / year
          • Everything in Free, plus the full Techy Surgeon archive and paid series
          • Competitive forces profile for all 384 scored markets
          • Viability Index with persona presets and custom weights
          • Market scorecards, score explainers and the comparable-market finder
          • Pro forma sketch seeded with 2026 benchmarks
          • Quarterly data refresh as CMS files update
          Join Founding · $390/yr
          Operator license
          $2,400 / year
          • Five license keys for one organization
          • CSV export of the market, operator and ASC tables
          • A 45-minute consultation with a data scientist on the team
          • Buy on the spot; your key and next steps appear on the confirmation page
          • Analyst briefs from $4,900: all-payer claims, surgeon-level volume, rate check from transparency files, pro forma and JV options, reviewed by Christian Péan before they ship
          Buy the operator license Request an analyst brief
          Methodology

          How the Runway Score is built

          Every number on this page comes from a public federal file. The score is a weighted blend of percentile ranks, so a market's position depends on where it sits relative to the other scored markets, not on any absolute threshold.

          Runway = 100 × Σk wk · Pk(market)  ·  Σ wk = 1
          Pk = percentile rank of the market on component k among the 384 scored markets (core-based statistical areas with at least 150 Medicare joint replacements and 5,000 fee-for-service beneficiaries).

          Why these components

          The map answers one question: where does outpatient joint replacement have the most room to grow. Room to grow is a product of demand that already exists (volume), the share of that demand still delivered in the most expensive setting (inpatient share), the regulatory permission to build capacity (certificate of need), the absence of capacity already built (ortho ASC density), and the presence of institutions under new financial pressure to move cases (TEAM hospitals and risk-bearing ACOs).

          The inpatient-only list phaseout scheduled for 2027 and 2028, together with the ASC covered procedure list expansion, means site of service is becoming a clinical and financial decision rather than a regulatory one. A market with high inpatient share, open CON, and few ortho surgery centers is a market where that decision has not yet been made.

          The hospital score

          Hospitals are scored separately on the need for an outpatient total joints strategy: 45% inpatient hip and knee volume (log percentile), 30% the hospital's own inpatient share of its arthroplasty-level cases (DRG 469/470 discharges against APC 5115 outpatient claims at the same facility), 15% the CON openness of its market, and 10% TEAM participation. A high score means a large inpatient book in a market where competitors can open surgery centers freely, and where the hospital itself is now accountable for episode cost.

          Limitations to keep in view

          All volumes are Medicare fee-for-service only, from the 2024 public use files, and counts under eleven are suppressed at the source. Medicare Advantage, commercial, and Medicaid volume are invisible here, which understates markets with high MA penetration. Inpatient share compares hospital DRG discharges against orthopedic surgeon professional claims in the same market, so cross-market referral flows add noise, and hospital-level outpatient volume uses APC 5115 as a proxy that includes other level-5 musculoskeletal procedures. ASC facility volume is visible only where a center billed at least eleven Medicare joint replacements. CON status is a reading of state law verified state by state on September 26, 2026 (the same classification the Price Atlas uses; each state's note links its source); verify with counsel before any capital decision.

          ACO layers use 2024 assigned-beneficiary counts by county for the Shared Savings Program and aligned-beneficiary counts for ACO REACH, plus the 2026 participant lists. The LEAD model's CMS-Administered Risk Arrangements, which will let ACOs contract episode risk with participating specialists from 2028, following data sharing in 2027, have no published participant list yet; REACH ACOs are the closest surrogate for the organizations most likely to be there.

          Inpatient share of TJA w = 0.30

          Elective inpatient discharges (MS-DRG 469 + 470) at hospitals in the market, divided by joint replacement professional claims (CPT 27447 + 27130, facility setting) billed by orthopedic surgeons in the market. Higher share, more runway.

          TJA volume w = 0.25

          Log of surgeon joint replacement claims in the market. Demand has to exist before it can move.

          CON openness w = 0.20

          1.0 where no CON applies to new ASCs (no program, or a program that does not reach ASCs); 0.8 with a broad exemption in force (Nevada, where CON reaches ASCs only in small counties, also scores 0.8); 0.6 where repeal is scheduled; 0.3 where CON stands with narrow reform; 0 for full CON. Weighted by fee-for-service beneficiaries across states in multi-state markets. Unlike the other components this one enters as the raw score, not a percentile.

          ASC white space w = 0.10

          Inverse percentile of orthopedic-certified ASCs per 100,000 fee-for-service beneficiaries. Fewer existing ortho centers, more room.

          TEAM pressure w = 0.10

          Count of hospitals in the market that are mandatory or voluntary TEAM participants, accountable for 30-day episode cost on lower extremity joint replacement since January 2026.

          ACO coverage w = 0.05

          Share of fee-for-service beneficiaries assigned to an MSSP or REACH ACO. Risk-bearing primary care is the counterparty for specialist episode arrangements.

          Pro layers

          Enterprise ownership

          Legal-entity rosters from Tenet, Surgery Partners and HCA 10-K Exhibit 21 (FY2025), legacy Surgical Care Affiliates (FY2016) and AmSurg (FY2015) exhibits, and operator directories and career sites retrieved September 2026, matched to CMS Provider of Services names by distinctive tokens with state and city verification. Health-system branding is inferred from facility names. Coverage is a floor.

          Five-year supply

          Each ASC's CMS certification number is tracked across eight Provider of Services vintages (December 2019 through Q2 2026). A center opens the first year it appears active and closes the year after it last appears. Counties roll up to 2023 CBSAs.

          Competitive forces

          Five 0–100 scores from percentile ranks across scored markets: rivalry (OR density and supply momentum), threat of entry (CON openness), payer power (Medicare Advantage and ACO coverage), hospital incumbency (inpatient share and TEAM presence) and enterprise consolidation (enterprise share and an operator HHI in which each independent center counts as its own firm).

          Viability Index

          A second weighted blend of percentile ranks built for site selection: demand, headroom, CON openness, low existing supply, fragmentation, supply momentum, fee-for-service visibility, TEAM pressure and ACO coverage. Presets reweight it for surgeon groups, operators and health systems; supply and fragmentation are inverted under the health-system preset.

          Certificate of need, state by state

          StateStatus for new ASCsOpennessVerified note (Sep 26, 2026)

          Data sources and vintages

          Every dataset the page shows, with its release and the check run on September 26, 2026. "Matched" means the numbers on this map were compared row by row against the named CMS file.

          DatasetVintageWhat it feedsCheck (Sep 26, 2026)
          CMS Provider of Services (iQIES)Q2 2026Certified ASC roster, operating rooms, orthopedic certification, control, start year6,588 of the file's 6,640 certified ASCs are on the map (matched by CCN; orthopedic flag agrees for all 6,588). 52 certified centers are missing from the upstream build (largest groups in CA, FL, AR and NC); 3 map entries are now listed as terminated and 1 is absent from the file. 14 duplicate CCNs were merged. The headline count, 6,591, is distinct CCNs on the map.
          CMS Provider of Services, historicalDec 2019 to Q2 2026 (8 files)Openings, closures, five-year supply by market and stateNot re-checked this session; not re-derived this session
          Medicare Inpatient Hospitals by Provider and ServiceData year 2024MS-DRG 469/470 joints and 521/522 hip fracture per hospitalMatched: all 1,161 hospitals equal the file exactly
          Medicare Outpatient Hospitals by Provider and ServiceData year 2024APC 5115 (level 5 musculoskeletal) services per hospitalMatched: all 1,161 hospitals
          Medicare Physician & Other PractitionersData year 2024Surgeon CPT 27447/27130 claims per market; ASC joint volumeNot re-checked this session; 76 ASC billing organizations with joint claims but no CCN match are drawn, not counted
          Care Compare ASC Quality Measures2026 release (2024 reporting); OAS CAHPS July 2026ASC-12/17/18/19 hospital-visit rates, patient experienceMatched: ASC-17 equals the current file for all 1,751 reporting centers
          Medicare Monthly Enrollment2024 annual, countyFee-for-service and Medicare Advantage beneficiariesNot re-checked this session
          TEAM participant listCMS list dated Sep 22, 2026 (as of Aug 18, 2026), file team-participantlist_9_22_26.xlsxTEAM rings, TEAM hospitals per market, TEAM pressureUpdated this session, matched by CCN (same file as the CJR-X Engine): 721 CCNs listed (711 mandatory, 10 voluntary); market counts use the 716 participating now (3 ended in Jan–Feb 2026, 2 start Jan 2027). All 307 TEAM hospitals on the map are unchanged; market TEAM counts rose in 43 markets (total 621 → 684).
          MSSP and ACO REACH files2024 results; 2026 participant listsACO coverage, IRF/SNF admission rates, ACO pointsNot re-checked this session
          State certificate-of-need lawVerified September 26, 2026CON lens, CON openness component, entry forceSame classification as the Price Atlas: 22 jurisdictions require CON for a new ASC, 17 have CON that does not reach new ASCs, 12 have none. New Jersey (ASCs exempt since 1998) and Rhode Island (ASCs removed June 2026) corrected from full CON to open this session.
          Operator rostersSEC 10-K Exhibit 21, FY2025; directories retrieved September 1, 2026Enterprise ownership, operator league table, HHINot re-checked this session; counts are floors
          MedPAC and CMS rulesMedPAC March 2026; CY2026 final and CY2027 proposed OPPS/ASC rules; CJR-X final rule CMS-1849-F (July 31, 2026)Trends, calendar, payment contextCJR-X dates updated to the final rule (start January 1, 2028)
          GeographyCensus 2023 CBSA delineations; 2020 ZCTA relationship file; us-atlas countiesMarkets, mapNot re-checked this session

          Index formulas

          P(x) = percentile rank, 0 to 1: the share of the peer set with a lower value (peers are the 384 scored markets; for hospital need, the 1,161 hospitals) · CON = the state openness score (0, 0.3, 0.6, 0.8, 1), beneficiary-weighted
          Runway = 100 × Σ w·c over inpatient share 0.30, TJA volume 0.25, CON 0.20, ASC white space 0.10, TEAM 0.10, ACO coverage 0.05 (weights adjustable)
          Hospital need = 100 × (0.45 P(log inpatient TJA) + 0.30 P(own inpatient share) + 0.15 CON + 0.10 TEAM)
          Forces (0–100): rivalry = 60% P(ORs per 100k FFS) + 40% P(net supply change since 2021) · entry = CON × 100 · payer = 60% P(MA share) + 40% P(ACO coverage) · hospital = 70% P(inpatient share) + 30% P(TEAM hospitals) · enterprise = 60% P(enterprise share) + 40% P(operator HHI)
          Viability = 100 × Σ w·c / Σ w over demand P(volume), headroom P(inpatient share), CON, low supply 1−P(ORs per 100k), fragmentation 1−P(enterprise share), momentum P(supply change), FFS visibility 1−P(MA share), TEAM, ACO coverage; a missing input counts as 0.5. Presets: surgeon .20/.20/.15/.15/.10/.10/.05/0/.05 · operator .25/.15/.15/.05/.20/.10/0/.05/.05 · health system .15/.30/.15/.10/0/.10/0/.10/.10, with low supply and fragmentation flipped (existing supply is the threat).

          Limitations

          • Medicare fee-for-service only. Medicare Advantage, commercial and Medicaid volume are invisible, which understates high-MA markets; counts under 11 are suppressed by CMS.
          • The indexes are relative (percentile ranks among scored markets), so a score says where a market sits among its peers, not whether a project pencils.
          • Operator ownership comes from name matching and is a floor, especially for USPI equity-method centers and SCA Health.
          • CON is a summary of statute and program pages, not legal advice. Pending bills are not applied.
          • The pro forma defaults are public benchmarks, not a valuation.

          Built and maintained by Techy Surgeon from public data. Christian Péan, who edits Techy Surgeon, is also CEO of RevelAi Health; RevelAi has no role in this tool, its data or its methods. No facility or operator paid to appear or to be scored.

          Source links

          Take it further

          Want this run on your own claims?

          The public files stop at Medicare fee-for-service and suppress small counts. An analyst brief adds surgeon-level volume across payers, your hospitals' own discharge destination mix, and a site-of-service pro forma for the episodes TEAM now holds you accountable for.