Today’s cardiology practices face many challenges. In the evolving healthcare landscape, these practices are forced to deal with increasing administrative burdens, competition, and costs. Finding ways to overcome these challenges can feel overwhelming, forcing cardiologists to split their time between the business side of their practice and caring for patients. Many cardiologists look towards consolidation as an option to help alleviate these burdens. However, while this is a viable option for some, many are left missing the flexibility and autonomy they once had.
It’s important to remember – consolidation is not the only option. Practices that partner with cardiology practice management experts find they can hold onto their practices while improving administrative processes and patient outcomes.
Remember, not all cardiology practice management partners are created equal, so finding one with the expertise required to support your specialty is essential.
The Current State of Cardiology
It's important to examine the current cardiology landscape to fully understand the breadth of practice challenges cardiologists face.
Increasing Demand
As the baby boomer population ages and the US continues to struggle with obesity, the number of individuals at risk for cardiovascular disorders is increasing.
- The number of adults over 65 in the US is projected to nearly double in the coming decades, reaching 82 million by 2050.
- By 2050, 184 million people, or about 61% of adults, will have some form of cardiovascular disease (diabetes, obesity, high blood pressure, etc.).
- New medications and scientific breakthroughs mean patients are living longer with cardiovascular disease, resulting in a doubling of prevalence over the last 2 decades.
- Obesity rates continue to increase. As of 2023, in 23 states, more than one in three adults has obesity.
- Researchers have found a link between severe COVID-19 infection and major cardiac events – increasing the risk for a heart attack as much as having a history of heart disease.
- Cardiovascular diseases are the leading cause of death in the US, claiming more lives than cancers and chronic respiratory diseases combined.
Decreasing Workforce
Unfortunately, just as demand for cardiologist services grows, there is a continued decline in the available workforce.
- By 2030, there is a predicted cardiology deficit of 120,000 physicians.
- More than 60% of today’s cardiologists are over 55 and nearing retirement; at the same time, it is estimated that there will be a net loss of 500 cardiologists per year as retirement outpaces graduating medical students.
- As cardiologists near retirement, many reduce their call coverage and work a reduced schedule to achieve a better work-life balance.
- While sub-specialization is vital to healthcare, it reduces the number of general cardiologists essential for initial access to care. Nearly 30% of cardiology students go on to subspecialty training after fellowship.
Ongoing Consolidation
And, of course, cardiology practices are not immune to ongoing consolidation in the healthcare industry.
- More than 70% of cardiologists are currently employed by hospitals or large health systems – a shift that began nearly 15 years ago.
- Cardiologists are increasingly working in larger practices – also showing a significant link between the growth of cardiology practices in areas with high hospital concentration.
- The shift of some cardiac procedures to outpatient settings has piqued the interest of private equity, which is looking to capitalize on the shift from hospitals to ambulatory surgery centers (ASCs).
Challenges Facing Cardiology Practices
Consolidation, workforce shortages, and increasing demands create the perfect storm of challenges for cardiology practices.
Financial Pressures
Cardiology practices are under immense financial pressure as costs associated with running a practice increase, but reimbursement payments decrease—as much as 29% lower for cardiologists and 58% for heart surgeons. With decreasing margins and rising costs, the fee-for-service reimbursement model is no longer working. These pressures and incoming challenges continue to make consolidation appealing as doctors look for faster ROI for their practices.
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Administrative Burdens
Like all specialties, cardiologists are dealing with significant administrative burdens. Cardiologists spend an average of 16 hours per week on paperwork, from dealing with prior authorizations, keeping up with payer protocols, or just dealing with standard billing and coding complexities. This time takes away from patient care and ultimately contributes to stress and burnout.
It’s Time to Find a Cardiology Practice Management Partner
If you find yourself overwhelmed with the business side of running a practice, you don’t have to do it alone. Working with a specialty cardiology practice management partner gives you access to various services to improve practice operations, from finances to prior authorizations, to billing and coding, to appointment setting, and more. These optimizations work together to alleviate administrative burdens and strengthen practice finances.
The right neurology practice management partner will work with you to optimize business processes so you can maintain your focus on patient care.
TRIARQ Health: Your Cardiology Practice Management Partner
While many cardiologists feel that consolidation is the only path for their practice, TRIARQ Health provides another option. We work with specialty providers like you and provide comprehensive cardiology practice management services to strengthen operations.
We have specialty-specific expertise and can provide services and technology solutions to enhance operational efficiency and patient satisfaction. We can help you with:
- Technology management, including selecting, managing, and maintaining IT systems
- Financial optimization, such as billing and coding, and keeping up with complex prior authorization processes
- Employee management, like handling the costs of support staff as well as hiring, managing, and training them
- Payer relations, including all the complexities of prior authorization and constantly changing processes
- Regulatory compliance, such as adhering to HIPAA regulations, government directives, and other policies involving business risk
- Practice operations, including streamlined care coordination for strengthened practice operations
- Market dynamics will help you understand your practice's position compared to similar practices, hospitals, and health systems in your area.
Our priority is to help you grow and maintain your cardiology practice as you continue to focus on patient care.
Prepare for the Future with TRAIRQ Health
Healthcare today is changing at a rapid pace. If you’re still doing what you’ve always done, you’ll soon be left behind. It’s time to improve practice operations to meet the modern demands of today’s healthcare system. If it feels intimidating, don’t worry; we’re here to help. Our comprehensive cardiology practice management offerings will strengthen your practice to meet market demands. By working with us, you’ll know that your business operations are running smoothly while you continue to care for your patients.