UnitedHealth's Expansion Into ASCs: Redefining the Operating Room

UnitedHealth Group Incorporated UNH, through its Optum segment, has been actively expanding its network of ambulatory surgery centers (ASCs), which reflects a significant shift in the way surgery is evolving beyond the traditional hospital boundaries. In the past, surgeries were generally linked to big hospital systems, which often meant higher costs and slower processes.

ASC provides same-day surgical procedures that cover a wide range of specialties, from orthopedics to gastroenterology. By broadening its ASC presence, UNH is shifting care delivery into more efficient, cost-effective environments that also cater to changing patient preferences.

For UNH, this shift directly reduces claims expenses, while patients benefit from lower bills and quicker recovery times. These dual benefits of ASCs make them an attractive choice in a healthcare system that is more focused on delivering value-based care. Additionally, they make things more convenient with shorter waiting times and specialized care settings.

With this strategic move, the company is strengthening its Optum unit, which will likely boost revenues and increase the number of people served while bringing costs down. UNH expects the number of patients served by the fully accountable value-based care model to increase to 5 million in 2025. In the first half of 2025, the company reported 5.8% year-over-year growth in revenues in its Optum business.

If executed well, its ASC push can reinforce Optum’s position as a key player in value-based care in the future.

How Are Competitors Faring?

Some of UNH’s major competitors in the value-based care space are Elevance Health, Inc. ELV and Humana Inc. HUM.

Elevance Health’s Carelon segment’s operating revenues rose 36% year over year in the second quarter of 2025. Elevance Health’s Medicare membership increased 7% year over year in the same period.

Humana’s CenterWell segment’s revenues rose 11.9% year over year in the second quarter of 2025. As of June 30, 2025, the company has 3.5 million value-based care members. Humana expects adjusted income from operations of the segment to be in the range of $1.3 billion to $1.7 billion in 2025.

UnitedHealth’s Price Performance, Valuation & Estimates

Shares of UNH have declined 40% in the year-to-date period compared with the industry’s fall of 31.7%.

From a valuation standpoint, UnitedHealth trades at a forward price-to-earnings ratio of 17.42, above the industry average of 14.77. UNH carries a Value Score of B.

The Zacks Consensus Estimate for UnitedHealth’s 2025 earnings is pegged at $16.21 per share, implying a 41.4% drop from the year-ago period.

The stock currently carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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