After spending time working on the payer side, Philip Cooksey, the new CFO of CSA, is finding the ASC business to be something else entirely.
Mr. Cooksey joined Becker’s to discuss what surprised him most about the ASC industry’s financial profile since making the jump and what obstacles he sees in the next few years.
Editor’s note: This interview was edited slightly for clarity and length.
Question: As someone new to the ASC industry, from a financial perspective, what has been the most surprising aspect of the industry?
Philip Cooksey: Coming from a payer and value-based background, I’ve been struck by the stability and predictability of the business profile — it’s a step-function difference from what I saw underwriting the risk of chronic care on a longitudinal basis. The financial model behind acute, situational care — which is what the U.S. healthcare system does so well — turns out to be a remarkably stable and predictable place to operate. And that stability has ripple effects: it enables better physician recruitment and experience, better patient experience, and more. Coming from my background, that’s been honestly stark to see.
Q: On the other side of that, what obstacles or pitfalls do you see in the next couple of years?
PC: We’re really focused on smart growth. There’s a general sense that there’s a lot of growth still to come — organically within ortho, plus expected tailwinds as cardiovascular procedures continue migrating to ASCs. But what we want is smart growth with aligned partners who share our focus on quality as a non-negotiable, and on patient experience and outcomes. We’ve got a differentiated outcomes program — we track patients 90 days post-procedure and benchmark readmissions and total cost of care against other sites of care, and we see a real difference. There’s a lot of growth happening for growth’s sake out there; that’s not what we’re interested in. We’re focused on enduring value with the right long-term partners, not a quick, rapid ascent.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.
