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Disappearing Cardiology Practices | Experience-Exposure Paradox May 30, 2024
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Together with
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“Time to stop ageism in statin prescribing.”
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Todd Villines, MD, after a recent study showed that statins’ primary prevention benefits extend beyond patients’ 85th year.
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In the not too distant past, the vast majority of cardiologists worked their entire careers in private practice, but a range of economic and administrative changes have driven around 70% of US cardiologists into hospital and corporate employment. In today’s issue, we’re diving into cardiology’s employment shift, and what the future holds for private practice cardiologists.
Cardiology’s private practice declines are part of a wider trend across all of medicine, with the AMA estimating that the share of US doctors in private practice dropped from 76% in the early 80s to under 47% in 2022. Meanwhile, nearly 60% of all physician practices are now under hospital or corporate ownership.
The shift away from private practice has been particularly severe within cardiology, as estimates suggest that only 10k of the US’ 33k cardiologists remain in independent practices.
- Those practices are apparently getting smaller, with nearly 80% of independent cardiologists working in practices with under 10 physicians, and almost 40% working in single-physician practices.
- In fact, there’s now only 30 independent practices with over 50 cardiologists.
The shift towards corporate and hospital-owned cardiology groups doesn’t seem to be slowing down, as a long list of challenges (e.g. falling reimbursements, rising costs, administrative burdens, payor difficulties) and incentives (e.g. partners want an exit) are driving more practices to seek acquisitions by hospitals or private equity-owned groups.
- In fact, the recent emergence of private equity cardiology platforms seems to be intensifying the shift away from truly private cardiology practices.
That said, we are still seeing hospital-employed cardiology groups taking themselves private.
- Many cardiologists aren’t exactly happy with their hospital employment. Some are drawn to the lifestyle (e.g. autonomy) and/or entrepreneurial (e.g. opening ASCs) upsides of going private, and there’s now more resources available to help them make that happen.
- However, many of those cardiologists might be more likely to look for a private equity partner to help fund their shift towards “independent” practice (but not exactly private practice).
There’s also plenty of private cardiology groups who are planning to stay private, either by adding scale through organic growth or mergers with other private practices, adding new ASCs and procedural labs, or by addressing their administrative challenges through outsourcing key operations.
The Takeaway
Private practices continue to decline in cardiology and across all of US medicine, and although there are plenty of options for practices to go or stay private, it appears that this trend will continue unless we see major policy and reimbursement changes.
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FFRCT Slashes PAD + CAD Mortality
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Experience the Future of Learning: Medtronic Academy 2.0 is Here!
Unlock your ultimate destination for structural heart medical education with the newly redesigned Medtronic Academy 2.0. Gain access to expert-led courses, webinars, and a wealth of resources to stay ahead in cardiovascular care. Visit now!
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- Karoo & Heartbeat Health’s VBC Alliance: Virtual cardiology practice Heartbeat Health and cardiology value-based care enablement company Karoo Health announced their partnership to launch “the first truly nationwide, end-to-end cardiac VBC solution.” The companies’ new value-based enterprise combines Karoo’s VBC-enabling AI technology and care model with Heartbeat’s virtual cardiac clinical services (clinicians, testing, and telehealth), and will be offered to payers, at-risk entities, and provider networks.
- Cardiology’s Experience-Exposure Paradox: A registry study found that early-career cardiologists tend to take on more complex PCI cases due to the “experience-exposure paradox,” resulting in “modestly worse outcomes.” In the study of more than 28M STEMI patients, early career doctors were significantly more likely than their more experienced colleagues to treat STEMI and urgent indications, and had 8% higher adjusted rates of both mortality and bleeding complications. The take-home? Early-career cardiologists could benefit from mentoring and on-the-job support from more experienced providers.
- Circle CVI Adds inHEART: Circle Cardiovascular Imaging and inHEART announced a global distribution alliance that will make inHEART’s AI-enabled “digital twin” cardiac ablation planning solution available through Circle CVI’s sales network. The partnership further expands Circle CVI’s already broad cardiovascular imaging solutions portfolio, while continuing inHEART’s busy few months, following its FDA clearance and Series A round.
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- HF Age and Dementia Risk: A large UK Biobank study revealed higher dementia risks for people who develop heart failure at younger ages. In the study of 14.4k patients with HF and 442.8k without it, risks for all-cause dementia, vascular dementia, and Alzheimer’s were all higher per 10-year decrease in HF onset age (+18%, +64%, and +27%). All-cause dementia risk was highest for patients who developed HF before age 65 (+67%) and lowest for patients who developed HF after 75 years (+5%).
- CLS Health Adds EP Practice: Houston area multispecialty group CLS Health expanded its cardiology capabilities to electrophysiology, merging with local practice Cardiac Rhythm Center. The acquisition comes shortly after CLS Health acquired Southeast Houston Cardiology and Clear Lake Cardiovascular Consultants, making cardiology CLS Health’s second largest service line after primary care.
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- Measuring True Cardiac Risk: How can AI help physicians “see” beyond conventional lipid profiles? Tune in to this on-demand webinar showcasing how Cleerly’s AI-QCT solution complements conventional approaches to evaluating heart disease risk factors, and improves coronary artery disease diagnosis and heart attack risk assessments.
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