The current anesthesia healthcare environment is changing at a rapid pace. In a world of constant consolidation, it can be difficult to hold onto your independence – but it is possible. Here are some steps you can take to secure your anesthesia independence.
Want all the details on how to keep your anesthesia practice independent?
Download our eBook:
Group Independence: A Fusion
Anesthesia Action Guide
How to Remain Independent
Find a Partner
The right financial partner will help you optimize practice operations. These improvements will increase revenue and financial stability. This increased revenue will then provide you with the resources and confidence need to maintain your independence.
When your practice is running smoothly, there is significantly less pressure to succumb to a buyout.
Your financial partner supports you with services like:
- Revenue cycle management
- Practice management
- Contract negotiation
- Scheduling and efficiency analysis
Once you have secured the right partner, they will be able to provide you with insight into how other anesthesia practices are doing. Having this expertise available will give you an easy way to compare your practice with the rest of the market. Plus, having practice data metrics will help you determine where to fine-tune your own operations. In addition, your partner can help you with other improvements like:
- Establishing strong group governance: Having good internal group governance is the key to avoiding internal conflicts. Groups with a strong supportive culture are able to make critical decisions effectively. As part of this process, determine who the decision-making body is, who has authority, and find ways to enhance group communication.
- Strategic planning: This process helps you determine the future of your practice. It can be a tedious process, but it makes it clear to everyone what the goals of the practice are and makes it easier to go back and track progress. We recommend starting by deciding long term goals (1-year and 5-year goals), then creating an action plan to achieve those goals. Make sure to consider which key performance indicators (KPIs) you want to watch to track progress.
- Growing your business: The evolution of healthcare has made it a requirement for anesthesia groups to provide cost-effective and high-quality care. In many cases, having a slightly larger practice makes this easier. We recommend small groups consider a single-specialty merger if they are looking to maintain their anesthesia independence but want increased job security. Groups can also expand to additional locations, hospital systems, and facility types. This allows for less reliance on hospital services and can improve your payor mix – and revenue numbers.
It all works together. Practice optimization increases revenue resulting in financial stability and less pressure to sell.
You Don’t Have to Do It Alone
The best way to secure your anesthesia independence is to work with a partner, like Fusion Anesthesia. We can help you understand how your practice compares to others in your region or even nationally. Plus, we can provide insightful practice metrics, guidance on how to improve operations, and additional services to keep everything running smoothly. Securing your independence can be challenging – but you don’t have to do it alone.
Want to secure your anesthesia independence?
Find out how in our eBook.