On Demand: Strategic Heartbeats: Fresh Approaches to Cardiologist Alignment-Webinar Recording

Video Transcription

Video Summary

The webinar, led by Joe Sasson of MedAxium and attorneys Anjana Patel and Gary Hirschman from Baker Donaldson, focused on evolving models of cardiologist alignment amid shifts in cardiovascular care from private practices to hospital integration and private equity partnerships. They discussed four main models: co-management, joint ventures (especially ambulatory surgery centers or ASCs), variations involving private equity-backed professional service agreements (PSAs), and hospital-affiliated management services organizations (MSOs).<br /><br />Co-management models involve joint physician-hospital committees or joint venture entities managing hospital service lines to improve outcomes, reduce costs, and enhance patient experience. Physicians receive compensation through salary and incentive pay tied to measurable improvement metrics, with flexibility in structure and goals.<br /><br />Joint ventures, particularly ASC ownership, serve as effective retention and engagement tools for both employed and independent cardiologists, allowing them to share equity and ancillary revenue. Hospitals can partner with physicians and sometimes private equity or existing ASC operators, fostering closer integration while recognizing the competitive landscape. Though hospitals may worry about revenue loss or setting precedents, experts stress that aligning with physicians through ownership is critical for recruitment, retention, and competitive advantage.<br /><br />Regarding private equity, the panel emphasized the need for hospitals to maintain positive, cooperative relationships with cardiology groups partnered with PE firms through “mini-PSAs” and co-management agreements to preserve alignment despite changes in ownership.<br /><br />Finally, hospital MSOs may provide infrastructure support to small or rural independent cardiology practices, enhancing alignment.<br /><br />The experts underscored ongoing evolution in these models influenced by technological advances, outpatient care growth, and value-based care metrics, advising openness and proactive engagement to optimize physician-hospital collaboration in cardiovascular care.

Keywords

cardiologist alignment

cardiovascular care

co-management models

joint ventures

ambulatory surgery centers

private equity

professional service agreements

hospital management services organizations

physician-hospital collaboration

value-based care