Independent Heartbeats:
Our monthly newsletter designed to help independent cardiologists keep pace with the latest news and insights… in under 5 minutes.
More and more physicians every day consider leaving employed practice for independence. Making the shift can feel daunting, and it’s not right for every doctor. However, at CardioOne we talk to doctors across the country who are seeking more autonomy, more control over the practice of medicine, more time with patients, and more connection to community.
Starting your own private practice requires many moving pieces coming together. The first step in making the decision is understanding those pieces and aligning the expectations of all clinicians who would be involved.
This month, we’re focusing on stories and resources to help you know whether private practice is a good move for you. We have resources to help you get started, as well as advice from a group of cardiologists in New England who took the leap.
Industry Buzz:
Hot Topics in Independent Practices
- Cardiology Practice: Hack Affected 281,000 Patients, Docs
- At a glance: A cardiology practice in Alabama recently reported that hackers access patients’ sensitive information. Healthcare as a whole has struggled with security breaches recently, and specialty medical practices seem to be targeted because of limited resources for cybersecurity.
- What you should know: Cybersecurity is a growing concern for everyone in healthcare, as even large institutions have failed to protect their systems. Smaller practices may need to invest in professional security to comply with federal regulations. And usually the biggest culprit we see: employees. Staff are typically your weakest security point–thorough (and annual) training is required to help prevent mistakes that can lead to breaches.
- Private Equity in Medicine: Cardiology in the Crosshairs
- At a glance: In this interview experts talk about why private equity is eyeing cardiology. The shift of cardiologists moving from employed to independent practices may be one driver for private equity. These firms see a potential for profit with an aging population, increasing metabolic disorders, and a shift to outpatient treatment over hospital care.
- What you should know: Starting your own practice carries expense and risk. Private equity looks appealing because it helps share some of the risk, but that has to be balanced with your desires for patient care delivery. Rather than direct private equity partnerships, independent cardiologists can look to other types of partnership models that provide that significant practice support but still allow clinicians to retain control of the day-to-day patient care.
- Independent physicians provide patients a personal touch missing in large hospitals
- At a glance: A Tennessee oncologist shares his experience staying in private practice. By being independent he’s able to provide more patient-centered care with a personal touch. He works with an MSO for practice operations but maintains decision-making authority when it comes to running the practice.
- What you should know: Many clinicians across specialties are finding the appeal of employed hospital-based practice wearing off. More private practices in a community means more choices for patients and more options for clinicians. We’re hearing more and more stories like this out on the road–physicians who want to do what they do best: provide excellent patient care while retaining their clinical autonomy, free from the binds of any health system. And more and more, physicians are looking for alternatives for support in running their practice.
CardioOne Team Spotlight
CardioOne Announces New Partnership with Cardiovascular Specialists of New England
CardioOne is excited to partner with CSNE as the group transitions from employed cardiologists to an independent practice. By working together, we have helped supercharge the practice’s launch efforts, providing the technology, administrative support, and talent needed to bring exceptional care to their patients in Southern New Hampshire.
What It Takes to Make the Change: Download Our Free Guide
From Employment to Independence: A Guide for Cardiologists
Are you considering the shift from being employed by a health system to starting an independent practice? Read our guide to evaluate whether independence is right for you. We cover signs you’re ready to make the transition, what steps are involved in starting your business, and how a partner can help carry some of the load for you.
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That’s it for this month. We’ll be back with more news and insights in the cardiology space, curated specifically for independent cardiologists. Interested in learning more about CardioOne and how we’re supporting independent cardiologists in the shift to value? Email me directly at [email protected] or book time with us.
