Understanding Practice Management Companies
As an administrator, you have likely witnessed the trend happening throughout the country where solo practitioners, group practices and even clinics of several hundred physicians are looking for partners with the necessary capital and organizational expertise and experience to help them innovate and grow. Small groups are routinely acquired by larger ones that are typically backed by investment companies looking for a quick way to increase profits. Where is this trend heading, and why is it happening? We’re here to pull back the curtain on practice management companies.
Options for Gaining Scale, Structure and Resources
Practices seeking to gain scale, structure and resources have a few major options:
- Expand independently and acquire other practices in the market—a tall order, even with inspired leadership, capital and business acumen.
- Sell to a bigger group, health plan, hospital or physician practice management company —a means of remedying short-term concerns about survival but possibly resulting in loss of autonomy and a new set of uncertainties about long-term stability.
- Contract a management services organization to provide vital service lines and support—an increasingly important partner as providers are eligible for premium dollars through claims adjustments, utilization management and case management.
- Partner with an independent, privately-owned practice management group—an arrangement that can likely be customized to your hospital’s and community’s needs while maintaining control over your hospital and delegating other pieces of management.
The Best Choice for Attentive, Personalized and Affordable Service
Choosing an independent, privately-owned group for anesthesia practice management is always the best option. Groups backed by venture capitalists are pressed by investors for such wide margins that they are unable to offer the value that hospitals—especially rural hospitals—need and deserve. Additionally, private groups are better positioned to act as a partner to clients rather than mere service providers. You do not have to schedule appointments with group leaders weeks in advance because privately-held organizations always answer the phone when you call and are committed to resolving problems quickly before they turn into larger issues.
Turning Anesthesia Departments into Revenue Generators
CCI Anesthesia has been privately-owned since 2004 and primarily serves community hospitals. Turning anesthesia departments into revenue generators is our specialty along with providing consistent, reliable, high-performing anesthesia care. When we are engaged by a hospital, we bring a full suite of resources that add value to the hospital. These resources are best-in-class and provide our clients with the tools they need to scale operations safely and efficiently. In many cases, our clients choose to work in tandem with our sister company, NexGen Surgical, to solve surgeon staffing issues.
Enhancing Revenue One OR at a Time
At CCI Anesthesia, we pay close attention to details rather than being distracted by pleasing investors. Since the OR is typically the driver for up to 70% of hospital revenue, small refinements in the perioperative ecosystem can result in sizable payoffs for our clients. For example, while greater OR utilization directly increases revenue, rethinking anesthesia modalities may result in shorter PACU stays, which could improve revenue indirectly. Additionally, improving on-time first case starts can make a noticeable difference in your bottom line. Our goal is to keep your anesthesia department running like a well-oiled, profit-generating machine that serves the needs of your surgeons and patients.
Helping You Achieve Your Goals
At CCI Anesthesia, we adopt our clients’ goals as our own. Our leaders look for every opportunity to create value for our clients by offering a full suite of resources:
- real-time reporting of best-in-class perioperative KPIs powered by Merlin
- consulting services to streamline perioperative services
- interim OR director staffing and surgeon staffing
- management through our sister company, NexGen Surgical
- tablet-based anesthesia EMRs
- quality management and compliance benchmarking.
To learn more about the perks of partnering with a privately-owned anesthesia practice management group like us, call us at 800-494-3948.