From Private Practice to Partnership: Your Roadmap to Partnering with a Cardiology Platform

In a dynamic healthcare landscape, many factors are driving top-tier cardiologists to consider partnering with like-minded practices under a platform while remaining on board as practicing physicians. If you and your partners have never considered an ownership structure change before, the idea might seem overwhelming. However, it shouldn’t be. Healthcare has seen consolidation across all specialties as independent practices continue to face increasing headwinds. Cardiology is in the “early innings” of independent consolidation. Countless medical professionals have successfully made the transition from private practice while achieving their professional and personal goals.

This guide will help you navigate the process of transitioning your cardiology practice to achieve your desired outcome. It reviews the trends that are driving cardiologists to consider merging their practices with others that share a similar mission as the ideal next step in their career journey, ways to prepare your practice to go to market, and the criteria platforms will use when evaluating your practice. The guide also advises you on what to look for in a potential partner to ensure a good fit long term. Finally, it outlines the typical process and timeline for a transaction, as well as the most common deal structures. It also covers what to expect of the due diligence process and how to ensure success over the long term.

Top Trends Driving the Transition of Cardiology Practices

A confluence of industry challenges is reshaping the future of cardiology private practice, with financial pressures and concerns about the economic viability of the private practice model often topping the list. The reimbursement pendulum continues to swing back and forth—first with shrinking payments for diagnostic imaging services, now with higher payments for cardiovascular procedures performed in ambulatory surgery centers (ASCs). There continues to be downward pressure on reimbursement, there is no guarantee that the reimbursement environment will remain favorable, and higher payments alone won’t solve the challenges of running a private cardiology practice.

Rapidly rising wages weigh heavily on a practice’s finances, while inflation continues to drive up equipment and medical supply costs. Keeping current with the latest equipment and systems is also expensive, especially given the rapid pace of technological advancement. Yet premier cardiologists strive to continually innovate and ensure they’re offering the most effective cardiovascular services.

Balancing the administrative tasks of running a practice with the desire to provide the highest quality care is an ever-present challenge, especially for physicians who are interested in scaling the business. As regulations evolve and the required IT infrastructure grows more complex, running an operationally sound and compliant practice becomes difficult without the benefit of economies of scale. And though many cardiologists believe scaling the business is critical to driving better outcomes and higher efficiencies—providing strength in numbers—the increased competition from hospitals and large multi-specialty practices can hinder the growth and viability of the independent practice. In looking for the right partner for your practice, it is possible to achieve all the benefits you enjoy in private practice while hedging against the many headwinds faced in private practice today.

Get the Complete Guide to Cardiology Practice Partnerships

Our comprehensive guide is designed to help you confidently navigate the intricate process of transitioning your cardiology practice and reach your desired outcome. You’ll learn how to:

• Prepare your practice: Discover how to make your practice attractive to potential partners. This includes aligning all stakeholders on the transition and ensuring your financial statements are well-organized and ready for review.
• Evaluate potential partners: Learn about the criteria platforms will use when evaluating your practice, including operational efficiency, a solid reputation for quality care, and growth potential.
• Navigate the transition process: Get familiar with the typical timeline and steps involved in a practice transition, from initial conversations to finalizing the deal. The guide also explores common deal structures and what to anticipate during the due diligence phase.
• Prepare your staff & ensure long-term success: Learn how to reduce staff turnover before the transaction closes and the importance of a transition plan so your team knows what to expect moving forward.

Partnering with a cardiology platform is more than just a financial transaction; it’s a strategic decision that can open doors to new growth opportunities and innovation in your career. With the right preparation and insights, you can manage this transition effectively.

Download our guide today and take the first step toward achieving your goals.