Private equity is making significant inroads into cardiology practices, with MedAxiom’s 12th annual survey highlighting this trend. Nearly half of private cardiology practices were owned by private equity firms in 2023, a sharp increase from a few years ago when private equity ownership was negligible.
This trend aligns with data showing that cardiology has become a focus for private equity as firms acquire practices across various specialties. Some experts caution that the push for profitability may impact patient care.
MedAxiom’s CEO explained that views on private equity in medicine are divided, especially in cardiology. While private equity can be a valuable capital partner for struggling cardiovascular groups, others see it as finance encroaching into healthcare.
Currently, cardiology hasn’t experienced major issues related to private equity involvement, though it is still early. The CEO also stressed the importance of prioritizing patient welfare as these ownership shifts unfold.
Compensation, Production, and Ownership
The MedAxiom survey provides insights into compensation, production, and ownership in cardiology. Data from 202 cardiovascular programs, representing 5,663 physicians and advanced practice providers (APPs), reveal an increase in compensation for cardiologists in both private and integrated practices.
Invasive cardiologists led in compensation for the first time across both practice types, surpassing electrophysiologists and interventional cardiologists. Three subspecialties within integrated practices—invasive cardiology, interventional cardiology, and electrophysiology—saw median total compensation exceed $700,000.
Productivity also rose, with private-practice cardiologists producing higher work relative value units (RVUs) than their integrated counterparts, especially in general/non-invasive fields.
Cath Lab Trends
In interventional cardiology, the PCI to catheterization ratio has decreased slightly, reflecting advances in diagnostic technologies like cardiac CT over traditional methods such as nuclear SPECT. Certain procedures, like left atrial appendage occlusions, have also risen to nearly match PCI rates for acute MI cases.
There are hints that TAVI volumes might be stabilizing, with 2023 showing a similar rate to previous years. This could be due to facility and staffing constraints as much as patient demand.
Post-Pandemic Resilience
The cardiology field has shown a robust recovery post-pandemic. New patient visits and patient panel sizes have continued to increase, reaching new highs for full-time cardiologists. The resilience of both patients seeking care and providers delivering it underscores the strength of the cardiovascular community.
MedAxiom’s survey offers a comprehensive look at cardiology trends, reflecting a specialty that remains resilient and adaptable to changes. Findings suggest that cardiology is well-compensated, responsive to regulatory shifts, and prepared to navigate challenges in the evolving healthcare landscape.
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