With rising inflation, recruiting issues, fluctuations in health care staffing, and constant changes in the payer environment, practice stability is exactly what most Gastroenterology practices are looking for.
With more than 50% of private Gastroenterology practices turning to a private equity platform or a hospital for partnerships, you may consider what that level of support would mean for your practice.
Before we look at the advantages of partnering with a private equity platform, we recommend practice owners take this self-assessment to determine how ready your practice is (and how ready you are as a physician owner) to enter into such a partnership.
We recommend taking this assessment yourself and then having one close member of your leadership team take the quiz. While many owners possess great self-awareness, our lens is often unrealistic when viewing something so emotionally close to us.
Read through the following questions to determine if a private equity platform is a logical next step for you and your practice.
You consistently hit revenue roadblocks and find yourself thinking/saying, “If we can see more patients, we won’t have this issue.”
1 – all the time 2 – frequently 3 – occasionally 4 – rarely 5 – never
How comfortable are you with your current profit margin?
1 – not comfortable 2 – it’s tight, but we’re afloat 3 – manageable 4 – comfortable, but room for growth 5 – very profitable and financially healthy
How stable/supportive are your relationships with payers?
1 – not at all stable 2 – somewhat stable 3 – neutral 4 – relatively stable 5 – great
Is your internal ops team running efficiently and able to roll out new services to patients?
1 – no way 2 – somewhat 3 – not sure 4 – probably 5 – definitely!
How comfortable are you with a practice operations transformation and improvement?
1 – yes, let’s do it 2 – relatively uncomfortable 3 – neutral 4 – slightly comfortable 5 – don’t touch my team
Are you deploying the right digital tools to support a better patient and employee experience?
1 – no way 2 – somewhat 3 – not sure 4 – probably 5 – definitely!
How would you rate your current referrals from primary care physicians and other referral sources?
1 – no referrals 2 – very few 3 – some, but inconsistent 4 – consistent, but could be more 5 – consistent and frequent referrals
Are you proactive about recruiting new doctors and succession planning for your current partners?
1 – no 2 – passive, not proactive 3 – neutral 4 – proactive but inconsistent talent 5 – proactive and attracting good talent
If you averaged a 3.5 or below for the previous questions, then your practice (and your mindset) may benefit from a partnership with a private-equity-backed GI platform.
About private equity-backed platforms
There is strength in numbers. Partnering with a private equity-backed GI platform means being proactive about both growing and stabilizing your practice. It means being willing to undergo a practice transformation to address standardization, workflow redesign, tech-enabled automation, and whatever else would suit your specific needs and the needs of your patients.
A partnership with a private equity-backed platform is a lot like a marriage. It is a long-term commitment focused on building a solid foundation from which to grow together. It’s important for practice owners to not only find the right partner but also to be the right partner.
Physicians are Partners, not Passengers
One of the biggest concerns Gastroenterologists have about joining a private equity platform is the fear they will lose all autonomy and control. At Pinnacle GI Partners, we believe that physicians are partners. When decisions are made, they’re made together.
Physicians who Partner with Pinnacle GI Partners can expect:
- A team whose focus isn’t just the transaction but what we as partners can do together.
- To work jointly with our business leaders to drive our business forward.
- That Pinnacle GI believes that one size does not fit all. We work to preserve the local practice structures to ensure continued engagement and affiliation.
- To join a network of best-in-class Gastroenterology physicians committed to highly effective care and lowering health care costs.
“One of the reasons we partnered with Pinnacle GI Partners is for the preservation of private practice. The preservation of excellent care,” shared Pinnacle GI physician partner Partha Nandi, M.D. “When physicians can focus on the patients and do what we do best, patients thrive. That’s when we can get the best outcomes.”
Invest together to build the GI practice of the future
Investing in the future is essential to growing practices. To do this requires resources and funding that can be difficult for private practices to access. According to the Medical Group Management Association, the most important areas for increased training include: operations/IT (31%), revenue cycle management (27%), human resources (26%) and analytics (11%).
Pinnacle GI Partners offers private practices the opportunity to grow through:
- Comprehensive, integrated Gastroenterology — from prevention to cure.
- The ability to practice at the leading edge of patient care and research.
- Increased opportunities to train, mentor, and develop the next generation — including physicians, leaders, researchers and clinicians.
- Deploying technologies to meet the needs and expectations of the 21st-century patient.
“We started to have more responsibilities of running our day-to-day operations of the business aspects and the contractual obligations and ancillary functions and services that became overwhelming as physicians,” said Scott Plaehn, D.O., a Pinnacle GI physician partner.
Deploy tools and expertise to ensure your continued success
Pinnacle GI Partners helps alleviate this pressure — and others associated with running a private practice. We offer:
- Expertise in executing the right strategy with hospital systems and payers.
- Operation expertise to develop new ASCs, improve practice efficiency, and grow new practices and service lines.
- Marketing capabilities to sustain patient growth.
- Business systems to drive administrative efficiency.
“I’m happy to get back to the clinical skills that we trained many years for,” shared Plaehn. “Other people spend many years training for business skills, so why not bring the two together”
To learn more about partnership opportunities with Pinnacle GI Partners, contact our team to schedule a discovery call, contact us.
