Independent Heartbeats:
News & insights for independent cardiologists
Welcome to the latest edition of Independent Heartbeats, dedicated to independent cardiologists and practice managers.
As we recognize American Heart Month, we’re reminded of our purpose for working in cardiology. Heart disease remains the leading cause of death in the U.S. Heart Month gives us the opportunity to advocate for prevention, healthier lifestyles and ongoing research that can save more lives.
This issue of Independent Heartbeats reflects this shared commitment to better heart health. We’ll explore how independent practitioners are teaming up to share their passion for medicine and influence policy. Plus, we’ll examine the growing interest in cardiology from private equity firms and how it could impact your practice. And we’ll review the most recent provider salary data (spoiler alert: it’s good news).
As always, we aim to provide insights and advice to support your practice. Let’s dive in!
Best,
Jasen Gundersen, MD
Industry Buzz:
Hot Topics in Independent Practices
- The Independent Practice Is Not Dead
- At a glance: The American Independent Medical Practice Association (AIMPA) launched in October 2023 as a new voice for independent doctors. The organization began with nearly 5,000 members who provide healthcare for 10 million patients across 39 states.
- What you should know: What makes AIMPA unique—and potentially powerful—is that it’s the only advocacy group comprising all specialties, including cardiology. By delivering strength in numbers, AIMPA is well positioned to be a valuable ally in driving policy decisions that will benefit independent practices and, ultimately, their patients. We’re happy to announce that CardioOne is now a AIMPA partner, giving a voice to independent cardiologists around the nation.
- At a glance: The American Independent Medical Practice Association (AIMPA) launched in October 2023 as a new voice for independent doctors. The organization began with nearly 5,000 members who provide healthcare for 10 million patients across 39 states.
- Experts Warn of Looming Private Equity Interest in Cardiology Care
- At a glance: Interest in acquiring cardiology practices has grown among private equity (PE) firms over the last two-to-three years. Factors influencing this trend include the rising incidence of cardiovascular disease, the emergence of Alternative Care Sites, and the shift of procedures such as PCIs to the outpatient setting.
- What you should know: As independent cardiologists struggle to maintain profitability, they may be influenced by the deep pockets of PE investors. Practices should consider the pros and cons. PE investment can streamline practice operations and increase a practice’s negotiating powers with payers. But PE investors often expect profits of 20% annually, nearly twice that of regular healthcare profits.
- At a glance: Interest in acquiring cardiology practices has grown among private equity (PE) firms over the last two-to-three years. Factors influencing this trend include the rising incidence of cardiovascular disease, the emergence of Alternative Care Sites, and the shift of procedures such as PCIs to the outpatient setting.
- Private Equity and Cardiovascular Health Care
- At a glance: This JAMA Cardiology viewpoint digs a bit deeper into PE, cardiovascular disease and practice acquisition. It acknowledges that PE provides smaller practices with capital they need to compete in today’s market and move toward value-based care models. It also offers concerns about the influence of PE ownership on adverse patient outcomes.
- What you should know: The impacts of PE ownership on independent practices are just now starting to crystalize, and we’ll be watching closely as this trend evolves in cardiology. When weighing any offers from PE investors, independent practitioners must also ensure they can retain as much control as possible over quality, cost, and access.
- At a glance: This JAMA Cardiology viewpoint digs a bit deeper into PE, cardiovascular disease and practice acquisition. It acknowledges that PE provides smaller practices with capital they need to compete in today’s market and move toward value-based care models. It also offers concerns about the influence of PE ownership on adverse patient outcomes.
- Want more pay? Work for a private practice
- At a glance: Private practice physicians continue to attract higher salaries compared to their hospital counterparts. The median private practice physician salary increased by 8.4% from 2022 to 2023, while hospital salaries rose by 3.3%. The recent 2024 Physician Fee Schedule change to Medicare payments raises some concerns and is something to watch this year.
- What you should know: These results from Software Advice’s 2023 Physician Compensation Survey reinforce what we’ve known for a long time: that owning your own practice is both enriching and rewarding. While a higher salary is a nice value-add, what’s even better about remaining independent is having the freedom to care for your patients your way.
- At a glance: Private practice physicians continue to attract higher salaries compared to their hospital counterparts. The median private practice physician salary increased by 8.4% from 2022 to 2023, while hospital salaries rose by 3.3%. The recent 2024 Physician Fee Schedule change to Medicare payments raises some concerns and is something to watch this year.
Cardiology Practice Insights
Making Value-Based Care Work for Independent Cardiologists
To reap the full benefits of value-based care, practices must know how to achieve appropriate scale and track the right metrics. Get a head start by reading this blog post. You’ll learn where independent cardiologists stand with value-based care today and discover the fundamentals you need to build a successful value-based infrastructure.
CardioOne in the News
What is value-based care and why does it matter for digital health startups?
We were honored to be included in this article by Halle Tecco, MPH, MBA, an entrepreneur and angel investor who’s passionate about fixing our healthcare system. CardioOne is listed among six other startups, including our friends at Syntax Health, focused on value-based care enablement.
