Independent Heartbeats:
Welcome to your monthly pulse check on all things independent cardiology.
Which practice model makes physicians more satisfied: hospital-owned practices, private equity (PE)-backed groups, or independent organizations?
According to new data, the answer comes down to one key question: Who’s the boss?
A Bain & Co. survey released late last year found that 1 in 4 physicians are considering a job change, and 37% say they’d prefer to work in a physician-led practice. This represents a potential growth opportunity for independent cardiology practices seeking to add providers whose values and vision align with their own.
This month, we’re digging deeper into what physicians say about life inside each practice model, and why independence continues to drive stronger engagement and satisfaction across the board. Let’s begin.
What Everyone’s Talking About
- At a glance: The Bain & Co. report surmises that, “Many practices seem to have lost the secret sauce of the original physician practice model. Now they’re at risk of losing unhappy physicians.” The research reveals that doctors at hospital-owned practices are three times more likely to be dissatisfied—and six times more likely to switch employers—than doctors at physician-owned practices.
- Key takeaway: Shrinking health system margins and widespread clinician shortages are exacerbating tensions between cardiologists and their hospital owners, leaving many doctors searching for the exits. Here’s how one practice found relief by navigating the transition from owned to independent.
- At a glance: This Cardiovascular Business article offers a balanced view on the “great PE debate” in healthcare, spotlighting the pros (additional capital and organizational know-how) with the cons (business imperatives that may conflict with optimal patient care). A core finding: patient-reported care experience scores have fallen following PE takeovers of U.S. hospitals.
- Key takeaway: Regardless of whether a hospital or PE firm owns a practice, physicians ultimately end up with less control over their own destiny than if they choose independence. This article offers some of the new realities facing employed cardiologists and how to combat them.
- At a glance: Harsh economic realities force many independent cardiology practices to operate very lean, but these training tips from Physicians Practices can help your practice’s new hires become more productive faster. Two of our favorites tips: write an onboarding playbook and pair each newcomer with a seasoned mentor.
- Key takeaway: As we enter summer vacation season, it’s also wise to cross-train staff so key roles don’t wind up empty while employees are out of the office. This simple five-step approach can help practices implement cross-training successfully.
- At a glance: This meta-analysis of 10 studies, published in Cardiology Advisor, concludes that the risk for cardiovascular disease is 40% higher among Transgender and Gender-Diverse (TGD) individuals vs. cisgender individuals of the same birth sex. The study is inconclusive on whether gender-affirming hormone treatment contributes to TGD individuals’ heart risks.
- Key takeaway: Action steps for practices include collecting patient-reported sexual orientation and gender identity data at patient intake and using names and pronouns supplied by patients. Learn more in this scientific statement on managing cardiovascular health in TGD individuals from the American Heart Association.
CardioOne in the News
CardioDiagnoistics is a leading provider of advanced cardiac monitoring solutions, specializing in ECG and remote patient monitoring technologies. CardioOne is integrating these solutions into our comprehensive practice management technology platform so our practice partners — and their patients — can benefit from real-time insights.
Our own Jasen Gundersen, MD, made this year’s list, which celebrates leaders who demonstrate an unwavering commitment to improving care delivery, driving innovation, and elevating patient outcomes across the industry. See the other 59 honorees.
During this episode of the 81qd Tools of Engagement podcast, host Susan Abedi talks with Dr. Gundersen about how the rise of independent cardiologists is creating new dynamics in healthcare engagement. Among the pertinent takeaways: independent practices are increasingly open to clinical trial participation and can engage with biopharma more quickly without layers of system-level gatekeeping. Have a listen.
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 jasen@cardioone.com or book time with us.
