According to ASC strategic services provider Avanza’s “2022 Key ASC Benchmarks and Industry Figures” report, cardiology is the fastest-growing ASC specialty. This is in part due to an increasing number of cardiovascular procedures being added to CMS’ covered procedures list.
Some payers have also begun to acknowledge cardiology’s outpatient migration. Aetna, for example, dropped its policy to not cover cardiac positron emission tomography/CT scans in July 2024.
The expansion of outpatient cardiology has created new growth opportunities for physicians, particularly for those interested in independent practice.
Richmond, Va.-based independent cardiology practice Virginia Cardiovascular Specialists has seen significant growth since opening in January 2023. The group recently added an outpatient cardiac catheterization lab to the ASC, the first facility of its kind to do so in the state.
“The initial [founding] members of the group made it pretty clear early on that the success of the group would be greatest if all shareholders have equal status,” Darryn Appleton, MD, director of VCS’ cardiac catheterization lab, told Becker’s. “So there’s no seniority kind of situation where senior members have more say. Whenever we’re coming up with new ideas to launch a venture like this, it’s all based on equal votes.”
Similar organizations are growing within the specialty, like Houston-based CardioOne. CardioOne, a cardiology-focused management services organization, does not acquire, own or employ any of the practices it works with. Rather, it partners with groups of cardiologists, especially those who are currently employed and looking to start an independent practice, and supports them in every aspect of starting a business.
Another organization, Philadelphia-based Atria Health has also launched a new, independence-forward partnership model for cardiology practices. While Atria is backed by Cypress Ridge Partners, a private equity group, the company does not acquire practices, but rather invests in them to support long-term goals and growth.
A key factor fueling this spur in development, excitement and innovation in cardiology is the simple newness of the specialty’s outpatient growth, similar to the orthopedic boom a decade ago.
“There’s more new technology coming out every day. Relative to cardiology, the ASC space is more nascent, and so there’s a lot more opportunity [for growth],” Alex Struck, chief growth officer of CardioOne told Becker’s.
He added that the new and rapidly developing nature of outpatient cardiology is all the more reason for physician groups to align themselves with the partners that are capable of scaling up their practices while maintaining core values.
“There’s so much opportunity right now in cardiology that’s being left on the table by most independent groups,” he said. “The importance of working with a partner who can do that effectively can’t be understated.”
