In a constantly changing regulatory environment, it can be difficult for ASC owners to determine strategic principles to guide their futures.
Three healthcare experts offered their insights on the subject June 16 during Becker's 16th Annual Future of Spine + The Spine, Orthopedic and Pain Management-Driven ASC Conference in Chicago.
Vincent Galan, MD, medical director of Georgia Pain Care and president of the Center for Pain and Spine; Sev Hrywnak, MD, CEO of the Sev group and owner of the Advanced Ambulatory Surgical Center of Chicago; and Thomas Crossen, chief development officer of Regent Surgical Health, were the panelists.
Here are three insights from the panel:
1. "Our plan is a blend between strategic and opportunistic. Many ASC organizations would like to be increasingly strategic, but we are also opportunistic. Leads come to us, and then we evaluate their strategic nature," said Mr. Crossen. "We've grown accustomed to different markets that are ASC-friendly, and a strategy that has worked is finding places that are less competitive simply because it is very difficult to build an ASC in terms of obtaining a certificate of need. If we see a state where there is not a lot of competition today, the process is lengthy and arduous, but you can't be scared of a fight. In those states where we're a first mover, we're happy to balance that with likelihood of success as that unfolds and less competitive areas begin to get built up."
2. "Our strategic plan is one-page long and one line. I've learned about the hard realities of our industry from being in the healthcare business for 20 years; we are positioning ourselves to sell from five to seven years into it," said Dr. Hrywnak. "With my restaurants, I can control costs, and I can get people there. I can control what goes on in my retail locations, but I can't control all the variables in healthcare. We changed our strategy to say, let’s position ourselves to sell. I see opportunities down the road to be acquired, because hospitals will not have the money to be doing these surgeries in the next couple years, and that's when people are going to come to buy this practice."
3. "I own the surgery center, so I always look at cost and efficiency. Even though I like to do fancy procedures and get paid for them, I found out later that even though we like to be out there doing those things, we also believe in partnering with the industry," said Dr. Galan. "We partner with organizations to do research, which is a great way to be up there in the front lines of healthcare. I've always believed in knowledge, and my father used to say, 'They can take everything away from you, but they cannot take away what you know,' and I've carried that with me."