Independence Blue Cross has contracted with ASCs for years, but its new ownership stake in a surgery center company signals the insurer decided contracts alone were not enough.
“Contracting remains an important part of Independence Blue Cross’s strategy, but that alone won’t create new capacity,” a spokesperson for the Philadelphia-based insurer told Becker’s. “That’s why we partnered with Penn Medicine and Regent Surgical to help build additional capacity and expand access to high-quality, affordable care across Greater Philadelphia.”
IBX, Penn Medicine and Franklin, Tenn.-based Regent Surgical announced Sept. 24 that they formed a company to develop at least 18 ASCs across Pennsylvania, New Jersey and Delaware. All three are owners.
From payer to investor
Regent CEO Travis Messina told Becker’s the company has never had a payer participate in the ownership of one of its ventures. He believes the structure is the first ASC partnership to include a health system, a health plan and a management company.
IBX framed the partnership as a way to align the organizations that deliver, operate and pay for care.
“No one organization can solve healthcare’s biggest challenges alone,” the spokesperson said. “What makes this partnership unique is that the organizations that deliver care, operate care sites and pay for care are all working toward the same goal: helping patients get the care they need in convenient, affordable settings.”
Mr. Messina said a payer’s perspective “warrants itself to be present at the partnership table.”
The policy push
Payers have been pushing harder on site of care. CMS began phasing out the inpatient-only list in 2026, and Elevance Health announced Sept. 29 it will require hospitals to report where care is delivered and adjust payment for off-campus services accordingly.
Mr. Messina said the inpatient-only list phaseout helped bring IBX to the table.
“The removal of the inpatient-only list and the need to create access, convenience and more affordability for patients really kind of accelerated the timing,” he said.
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.
