The outlook for physician autonomy may be in question, but practices are banding together to change this and create a future of sustainable independence.
At Becker's ASC 22nd Annual Meeting: The Business and Operations of ASCs in Chicago, Stephen Rosenbaum, CEO of Interventional Management Services, and Allen Hord, MD, CMO of Interventional Management Services, discussed four critical ways to build a regional pain management practice.
1. Establishing infrastructure. Small practices operate differently than regional practices, and the instinct may be to try to maintain that same infrastructure. "Once you start to take over a region, you have to change your infrastructure," said Mr. Rosenbaum. A single central office person may manage multiple locations, but as a practice expands to the regional scale this becomes untenable. Each location needs its own administrator.
2. Embrace diversity. Different offerings, such as in-office services, ASCs and ancillary services, are important for sustaining a regional practice's success. "Diversity is key for payers and facilities," said Mr. Rosenbaum. "Have a healthy mix, so you are not relying on a single source of revenue or referrals." Comprehensive facilities and services are attractive to patients. A diverse payer mix ensures any unexpected shifts in payer relations will not have a devastating effect on the practice's overall revenue.
3. Create value for all key stakeholders. Creating a value proposition for all parties involved is a critical part of creating a regional pain management practice. Key stakeholders include patients, payers, referring physicians and partner physicians. Demonstrate the comprehensive care patients can have access to, show payers the practice can save them money and work with referring physicians to show the practice is the ideal place to provide patient care.
When it comes to partner physicians, integration can be an ongoing process, particularly as the practice continues to grow. "Doctors like to be independent, particularly pain doctors," said Dr. Hord. "Trying to integrate new doctors into a system that is already working very efficiently is difficult." Onboard new physicians by emphasizing physician control.
4. Expand the practice's footprint. Continued growth is vital to establishing a foothold on a regional scale. "Try to proliferate in your region," said Mr. Rosenbaum. "The most attractive acquisition targets allow a practice to further build its geographic footprint." Practices optimal for acquisition have a strong reputation and strong referral bases.