Varsity Healthcare Partners (“VHP”), a leading healthcare services private equity investment firm, announced today a growth equity investment with Partners First Cardiology (“Partners First”, “PFC”, or “the Company”). Based in Austin, Texas, PFC is a cardiology and cardiovascular physician practice management company focused on serving independent-minded cardiologists and cardiovascular specialists with cutting edge clinic support and outpatient facility development services. VHP is partnering with Partners First and its management team – led by Founder and CEO Rob Jardeleza – to consolidate market leading, clinically differentiated cardiology and cardiovascular practices, while developing affiliated cardiac catheterization labs with PFC’s partner physicians.
Three leaders shared their predictions for cardiology in ASCs over the next 12 months with Becker’s ASC Review.
A local health-care management company has sold its controlling stake in Bakersfield Heart Hospital to a Tennessee-based group, the 47-bed facility announced Friday. According to a news release, Surgery Partners Inc. bought a majority interest in the medical center from Hospital Management Group. Terms of the deal were not disclosed. Surgery Partners, founded in 2004, owns and operates surgical hospitals, ambulatory surgery centers and physician practices. The company has more than 180 locations across 30 states.
Changing federal and state rules are driving a rapid migration of cardiology procedures to the outpatient setting, according to ECG Management Consultants Principal Naya Kehayes and Associate Principal Sean Hartzell. Both ECG leaders spoke to Becker’s ASC Review about this shift in the healthcare landscape and how ASCs can seize this new revenue opportunity.
St. Peter’s Health Partners Medical Associates (SPHPMA) is pleased to announce that Cardiology Associates of Schenectady (CAS), PC, has signed a letter of intent (LOI) to join its rapidly growing medical group effective January 1, 2021. Since its founding in 1990, CAS has been on the cutting edge of cardiovascular care for residents of Schenectady and Saratoga counties and the surrounding area. Composed of 25 cardiologists and 10 physician assistants, CAS currently offers a full range of cardiovascular testing, diagnostic, and treatment services for residents of Schenectady, Montgomery, Fulton and Saratoga counties.
Strong sector tailwinds and expansion dynamics signal ‘hearty’ growth opportunities for cardiology practices in the U.S., according to a report from KPMG. The cardiology physician market in the U.S. generates approximately $51 billion annually, and is expected to grow at a CAGR of 2.3 percent between 2020 and 2025. As demand for cardiology services is growing and a large number of active cardiologists are nearing retirement, the estimated deficit of cardiologists in the U.S. is expected to reach 7,080 physicians, by 2025. Most recently, the specialty has witnessed an increasing trend towards the provision of cardiovascular procedures in the outpatient setting, particularly in ASCs.
Covenant Health is pleased to welcome Parkway Cardiology Associates, a long-standing medical practice providing heart care in Oak Ridge and the surrounding area, to the health system. The practice has joined Covenant Medical Group, a division of Covenant Health that employs and manages more than 150 physicians and 80 practice locations throughout the region. Parkway Cardiology Associates includes board-certified interventional and general cardiologists L. Todd Justice, MD, FACC, CCDS; Milan J. Sheth, DO, FACC; Saadi A. Siddiqi, DO, FACC, RPVI; and Rakesh K. Vohra, MD. The physicians have more than 90 years of combined medical experience treating heart disease.
Two Lincoln medical practices are teaming up to share ownership of the city’s newest surgery center. Pioneer Heart Institute and Advanced Medical Imaging announced they have united in a joint ownership of the new surgery center at 7555 Pioneers Blvd. The 10,000-square-foot surgery center, which AMI built next to its existing imaging center and which opened last year, does a number of interventional radiology procedures and now will add both inpatient and outpatient cardiology and vascular procedures. The two entities have billed the center as the first cardiac surgery center in Nebraska.
The former Peninsula Regional Health System announced Tuesday its new name: TidalHealth. The name was chosen after months of research through interviews with patients and staff of the entities that make up TidalHealth Ð- Peninsula Regional and Nanticoke hospitals; the McCready, Ocean Pines and Millsboro Health Pavilion; the many specialty and primary care offices of its affiliated provider network; and the providers of services such as laboratory and radiology. Peninsula Regional Medical Group, the Nanticoke Physician Network, Delmarva Heart and Peninsula Cardiology have officially joined under the new name TidalHealth Medical Partners. Better together, the physician groups have united in a shared mission: to improve the health of the communities they serve.
MedAxiom, an American College of Cardiology Company and the premier source for cardiovascular organizational performance solutions, has released its eighth annual Cardiovascular Provider Compensation and Production Survey. The report reveals trends across cardiology, surgery, advanced practice providers (APPs) and non-clinical compensation that help cardiovascular organizations as they face a new normal and are reevaluating compensation models and the definition of work productivity. Key findings include all regions of the country reporting increases in median total cardiology compensation and electrophysiologists ($678,495) and interventional physicians ($674,910) being the top earners. Although the gap has narrowed over the years, cardiologists in integrated ownership models out-earn private physicians at every subspecialty level.
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