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The Ambulatory Surgery Center (ASC) industry is largely fragmented, with approximately 68% of ASC facilities operating independently as of 2023. This fragmentation presents unique challenges and opportunities for private practices seeking to strengthen their recruitment strategies.
Industry Consolidation: A Growing Trend
The healthcare landscape is rapidly consolidating. From 2012 to 2024, the number of physician practices owned by hospitals, health systems, and other corporate entities increased by 46%, according to the Physician Advocacy Institute. This trend is echoed by payers and health systems, with 16 hospital mergers and acquisitions reported by Becker's in the first half of 2024 alone.
In North Carolina, for instance, Charlotte-based Atrium Health, Chapel Hill-based UNC Health, and Winston-Salem-based Novant Health collectively hold a 49.6% market share. Payers like Blue Cross Blue Shield of North Carolina, UnitedHealth Group, and Cigna Health Group dominate even more, with a combined 95.5% market share.
The Impact on ASCs
This consolidation is also affecting the ASC sector. Nearly 2,000 ASCs are now partnered with national operators, reflecting a shift in ownership. Dallas-based United Surgical Partners International, for instance, controls 7.1% of the national ASC market, operating 520 ASCs and 24 surgical hospitals across 38 states.
UnitedHealth Group's Optum, the largest employer of physicians with 90,000 affiliates, is expanding rapidly, acquiring physician groups, health systems, and other providers. The ASC industry is expected to consolidate faster than it has over the past few decades, driven by physicians nearing retirement and looking to cash out or bring in new surgeons.
Opportunities for Private Practices
Despite the consolidation, independent ASCs provide valuable lessons for private practices aiming to strengthen their recruitment strategies. Here are key takeaways:
1. Emphasize Quality of Care
Independent ASCs are known for their quality of care, driven by a strong doctor-patient relationship and a focus on the patient experience. Private practices can leverage this by promoting their commitment to personalized care, attracting candidates who value patient-centric approaches.
2. Highlight Autonomy and Professional Satisfaction
In an independent setting, physicians often have more autonomy and professional satisfaction. They can make decisions that directly impact patient care, which is appealing to many healthcare professionals. Highlighting this aspect can be a strong recruitment tool.
3. Leverage Independence for Flexibility
Independent ASCs offer more flexibility in terms of working hours and patient interactions. This can be a significant draw for potential recruits who seek a better work-life balance and a more hands-on role in patient care.
4. Promote Growth and Ownership Opportunities
With many physicians approaching retirement, there are opportunities for new surgeons to step in and grow within the practice. Promoting potential paths to partnership or ownership can attract ambitious professionals looking for long-term career growth.
5. Utilize Technology and Innovation
As the healthcare industry consolidates, larger entities often have more resources for technological advancements. Independent practices can remain competitive by investing in innovative technologies and streamlined processes, showcasing their commitment to staying at the forefront of medical advancements.
6. Build a Strong Brand and Culture
A strong brand that emphasizes the values of independence, quality care, and patient satisfaction can attract like-minded professionals. Cultivating a positive work culture and reputation in the community can enhance recruitment efforts.
The ASC industry’s shift towards consolidation provides critical insights for private practices aiming to strengthen their recruitment strategies. By emphasizing quality of care, autonomy, flexibility, growth opportunities, technological innovation, and a strong brand, private practices can effectively attract and retain top talent in a competitive healthcare landscape.
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Madison Traylor - madison@advancedscopetalent.com
Article information from: https://www.beckersasc.com/leadership/with-more-asc-owners-cashing-out-who-is-stepping-in.html
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