Independent Heartbeats:
Our monthly newsletter designed to help independent cardiologists keep pace with the latest news and insights… in under 5 minutes.
Well into the new year, CardioOne is excited to continue growing our impact. In 2024, we doubled in size, bringing new practices online and supporting cardiologists in their career goals. We have big plans to continue that work this year.
From investments in revenue cycle management and our proprietary technology stack, CardioOne is prepared to bring new practices online and grow existing practices looking to enhance their business operations.
And now with the latest news and happenings in cardiology.
Let’s dive in.
Industry Buzz: Hot Topics in Independent Practice
- At a glance: Physician autonomy has significantly declined, with only 44% of physicians owning their practices in 2022, down from 76% in the early 1980s. This reduction in autonomy is linked to decreased job satisfaction and increased burnout, prompting calls for physicians to explore alternative practice models to regain control over patient care.
- What you should know: Private practice is alluring for many employed cardiologists. We predict an exodus of employed cardiologists over the next decade due to reports of burnout and lack of autonomy in health systems and other corporate employment settings. Click here to get access to our guide: “From Employment to Independence: A Guide for Cardiologists”
- At a glance: CMS finalized the MPFS that would result in a cut that cardiologists have been fighting against. However, Congress has legislation introduced that would eliminate the conversion factor reduction. The policy has some other payment elements, such as an add-on billing code for high-value office visits and codes for screening for atherosclerotic cardiovascular disease.
- What you should know: Although CMS passed the conversion factor cut, the American College of Cardiology anticipates overall reimbursements to remain about the same as 2024. At CardioOne, we support the proposed Medicare Patient Access and Practice Stabilization Act of 2024, which would provide more financial stability for cardiology practices. As a proud member of the American Independent Medical Practice Association, we advocate nationwide to ensure independent physicians can remain competitive in an ever-consolidating market.
- At a glance: MedAxiom released its 2024 report on cardiovascular APP compensation and utilization. Cardiology APPs continue to see increased compensation, and APPs help with workflow challenges in ambulatory settings.
- What you should know: With a shortage of healthcare specialists predicted to worsen in the coming years, advanced practice providers will continue to fill gaps. In cardiology, these highly trained professionals help ensure patients continue to receive high-quality care.
- At a glance: An interventional cardiologist in Albany, NY, finds that being independent allows him more office time, more time building patient relationships, and more cost-effective care.
- What you should know: More and more physicians are finding that the hospital employed model doesn’t work for them or their patients. Care by independent cardiologists tends to be more patient-centered and costs the system less than hospital-based care. We will likely continue to see a trend toward cardiologists looking to practice on their own terms.
CardioOne in the News
Cardiology Practice Insights
In the face of competition from local health systems, one longstanding cardiology practice partnered with CardioOne to modernize its operations. CardioOne aided this practice in growing its loyal patient base, while creating more efficiencies for staff and clinicians. Revenue cycle changes helped reduce losses, while marketing and online scheduling contributed to a 60% growth in patients in just 3 months. Read our latest case study for the full story.
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.
