1 00:00:00,080 --> 00:00:02,319 Are your patients looking for an easy way 2 00:00:02,319 --> 00:00:04,719 to pay for health care? Wanna level up 3 00:00:04,719 --> 00:00:07,139 the way you do business? Then the CareCredit 4 00:00:07,279 --> 00:00:09,359 health and wellness card just might be the 5 00:00:09,359 --> 00:00:09,859 answer. 6 00:00:10,160 --> 00:00:13,539 For over 30 years, CareCredit, a Synchrony solution, 7 00:00:13,759 --> 00:00:16,454 has been providing patients with a modern, flexible 8 00:00:16,454 --> 00:00:18,375 way to pay for their health and wellness 9 00:00:18,375 --> 00:00:18,875 expenses. 10 00:00:19,414 --> 00:00:22,875 CareCredit seamlessly integrates with your business, helping minimize 11 00:00:23,015 --> 00:00:25,975 account receivable, all while your patients enjoy budget 12 00:00:25,975 --> 00:00:27,595 friendly financing options. 13 00:00:28,054 --> 00:00:30,214 To learn more about how CareCredit works for 14 00:00:30,214 --> 00:00:31,274 you and your patients, 15 00:00:31,679 --> 00:00:32,420 visit carecredit.comforward/beccarspodcast. 16 00:00:36,399 --> 00:00:38,640 This is Gracelyn Keller with the Becker's Healthcare 17 00:00:38,640 --> 00:00:40,799 Podcast, and we are live at the business 18 00:00:40,799 --> 00:00:42,659 and operations of ASCs. 19 00:00:43,280 --> 00:00:46,125 I'm currently joined by Jacob Corbell, who serves 20 00:00:46,125 --> 00:00:48,145 as the CEO of Midwest Cardiovascular 21 00:00:48,524 --> 00:00:49,024 Institute. 22 00:00:49,564 --> 00:00:51,164 Jacob, thanks so much for taking the time 23 00:00:51,164 --> 00:00:52,524 to be here today. We'd love to have 24 00:00:52,524 --> 00:00:54,284 you introduce yourself and tell us a little 25 00:00:54,284 --> 00:00:56,465 bit more about your work in the industry. 26 00:00:57,085 --> 00:00:59,039 Thanks. I'm I'm happy to be here. So 27 00:00:59,039 --> 00:01:01,600 I have worked, on the private practice side 28 00:01:01,600 --> 00:01:03,539 in cardiology my whole career, 29 00:01:04,159 --> 00:01:06,959 most recently the last 4 years, in the 30 00:01:06,959 --> 00:01:10,099 western suburbs of Chicago, Midwest Cardiovascular Institute, 31 00:01:10,719 --> 00:01:11,219 29, 32 00:01:12,319 --> 00:01:13,939 cardiologist, private practice. 33 00:01:14,405 --> 00:01:15,685 And so I I think, 34 00:01:16,325 --> 00:01:18,344 most of my career has been spent, 35 00:01:19,045 --> 00:01:20,905 working for physicians in cardiology 36 00:01:21,604 --> 00:01:22,905 and how those physicians, 37 00:01:23,444 --> 00:01:25,924 obviously run their practice and also how they 38 00:01:25,924 --> 00:01:28,424 integrate and interact with local health systems. 39 00:01:29,230 --> 00:01:31,709 Wonderful. Well, thanks for being here. Let's start 40 00:01:31,709 --> 00:01:34,909 our conversation today talking about ASC volume. So 41 00:01:34,909 --> 00:01:37,250 this is expected to increase by 16% 42 00:01:37,549 --> 00:01:38,609 across the country 43 00:01:38,990 --> 00:01:40,049 by the year 2032. 44 00:01:40,924 --> 00:01:42,765 With this growth, what is the most pressing 45 00:01:42,765 --> 00:01:45,265 challenge to maintaining a positive patient experience? 46 00:01:46,364 --> 00:01:48,525 Well, I think it starts with access, and 47 00:01:48,525 --> 00:01:51,185 I think it's it also starts with cost. 48 00:01:51,484 --> 00:01:53,424 I think right now, we have an unaffordable, 49 00:01:53,645 --> 00:01:57,209 unaccessible health care system. And especially in cardiology, 50 00:01:57,510 --> 00:01:58,010 where 51 00:01:58,310 --> 00:01:59,530 right now we're expecting, 52 00:01:59,909 --> 00:02:00,650 by 2050, 53 00:02:00,950 --> 00:02:03,109 61% of adults in America to have heart 54 00:02:03,109 --> 00:02:05,209 disease. That is a staggering statistic, 55 00:02:05,590 --> 00:02:07,430 that more than half of the adult population 56 00:02:07,430 --> 00:02:09,610 in America will have cardiovascular disease. 57 00:02:09,944 --> 00:02:13,064 So we've got to solve for access. Patients 58 00:02:13,064 --> 00:02:14,025 need to be able to get in to 59 00:02:14,025 --> 00:02:14,844 see a cardiologist 60 00:02:15,625 --> 00:02:17,645 as quickly as possible. The ER, 61 00:02:18,425 --> 00:02:20,365 should never be the front door to cardiology 62 00:02:20,504 --> 00:02:23,145 care. And and we think the ambulatory surgery 63 00:02:23,145 --> 00:02:26,049 center really becomes an extension of that accessible 64 00:02:26,349 --> 00:02:27,489 outpatient experience 65 00:02:27,949 --> 00:02:29,469 where patients can get in to see a 66 00:02:29,469 --> 00:02:31,569 cardiologist. Again, in Chicago, not uncommon 67 00:02:32,189 --> 00:02:33,949 to wait 3, 4 months to see a 68 00:02:33,949 --> 00:02:34,449 cardiologist. 69 00:02:35,229 --> 00:02:37,009 We think it should be the next day. 70 00:02:37,389 --> 00:02:39,489 It should never go past 3 days. So 71 00:02:39,574 --> 00:02:41,094 a patient should be able to get in, 72 00:02:41,094 --> 00:02:43,094 see a cardiologist, and then have an option 73 00:02:43,094 --> 00:02:44,235 if they need a procedure, 74 00:02:45,495 --> 00:02:47,354 an option for a lower cost, 75 00:02:48,134 --> 00:02:51,014 more high experience setting like an outpatient surgery 76 00:02:51,014 --> 00:02:53,735 center. You know, other specialists in medicine have 77 00:02:53,735 --> 00:02:56,080 been, you know, doing these surgery centers for 78 00:02:56,080 --> 00:02:58,400 a long time. Cardiology is new to the 79 00:02:58,400 --> 00:03:01,120 game. In 2020, Medicare approved the the the 80 00:03:01,120 --> 00:03:03,680 coronary stent, and that really has now brought 81 00:03:03,680 --> 00:03:04,180 cardiology 82 00:03:04,560 --> 00:03:07,200 into the ambulatory surgery center fold. So the 83 00:03:07,200 --> 00:03:07,700 patients, 84 00:03:08,245 --> 00:03:10,485 it would be very unlikely for a patient 85 00:03:10,485 --> 00:03:12,165 to spend more than 4 to 5 hours 86 00:03:12,165 --> 00:03:12,985 in the center. 87 00:03:13,525 --> 00:03:15,925 The cost of the patients anywhere between 60 88 00:03:15,925 --> 00:03:18,405 to 80% less as it would in a 89 00:03:18,405 --> 00:03:20,884 hospital setting where they would probably spend between 90 00:03:20,884 --> 00:03:22,264 12 and 24 hours. 91 00:03:23,289 --> 00:03:25,449 And going off of that, what strategies have 92 00:03:25,449 --> 00:03:27,530 worked for your organization to tackle some of 93 00:03:27,530 --> 00:03:29,930 those challenges? And what's a recommendation you have 94 00:03:29,930 --> 00:03:31,870 for health care leaders looking to stay ahead? 95 00:03:33,050 --> 00:03:34,830 That's a great question. I think strategically, 96 00:03:35,209 --> 00:03:38,254 again, if what you're doing as an organization 97 00:03:38,555 --> 00:03:41,354 is not increasing access and access is not 98 00:03:41,354 --> 00:03:43,995 just a buzzword. Access is can patients come 99 00:03:43,995 --> 00:03:45,294 in and see your doctors. 100 00:03:45,915 --> 00:03:46,974 And if they can't, 101 00:03:47,354 --> 00:03:49,354 or the time that it takes for them 102 00:03:49,354 --> 00:03:50,094 to do that 103 00:03:50,460 --> 00:03:52,780 provides a barrier to receive care, you're not 104 00:03:52,780 --> 00:03:55,199 providing access. And so I think strategically, 105 00:03:56,699 --> 00:03:59,580 you start being accessible by having doctors more 106 00:03:59,580 --> 00:04:00,080 efficient. 107 00:04:00,699 --> 00:04:03,840 Doctors need to be just doing physician work. 108 00:04:04,295 --> 00:04:06,375 Physicians can't be sitting in front of a 109 00:04:06,375 --> 00:04:07,514 computer doing 110 00:04:07,974 --> 00:04:10,135 non medical work all day long. You need 111 00:04:10,135 --> 00:04:12,395 to have support staff and a care team 112 00:04:12,615 --> 00:04:14,615 that allow all those in the care team 113 00:04:14,615 --> 00:04:16,555 to operate at the peak of their licensure. 114 00:04:16,615 --> 00:04:19,289 So your strategy should be about making doctors 115 00:04:19,289 --> 00:04:21,529 more efficient, giving them the support to just 116 00:04:21,529 --> 00:04:22,349 being doctors. 117 00:04:22,889 --> 00:04:23,870 Again, physicians, 118 00:04:24,409 --> 00:04:26,089 they wanna take care of patients. They wanna 119 00:04:26,089 --> 00:04:26,750 see patients. 120 00:04:27,529 --> 00:04:30,589 If half their time is becoming a clerical 121 00:04:30,969 --> 00:04:32,189 data entry clerk, 122 00:04:32,584 --> 00:04:34,425 it's not what they signed up for. And 123 00:04:34,425 --> 00:04:36,904 and so allowing doctors to just take care 124 00:04:36,904 --> 00:04:38,524 of patients, making them efficient 125 00:04:38,824 --> 00:04:40,824 will allow you to see the volume needed 126 00:04:40,824 --> 00:04:41,964 to create the access. 127 00:04:42,745 --> 00:04:45,084 So that's really the strategy, access and efficiency. 128 00:04:45,610 --> 00:04:48,090 And then and then specifically to ambulatory surgery 129 00:04:48,090 --> 00:04:50,490 centers. Again, we are a private practice. We're 130 00:04:50,490 --> 00:04:52,250 building a very nice surgery center. We will 131 00:04:52,250 --> 00:04:55,290 open, in January, and we joint ventured with 132 00:04:55,290 --> 00:04:56,350 our local hospital. 133 00:04:56,650 --> 00:04:59,404 We think that but even though Medicare, 134 00:05:00,185 --> 00:05:03,625 most of your industry trends are are going 135 00:05:03,625 --> 00:05:04,125 outpatient, 136 00:05:04,745 --> 00:05:07,384 we still believe our our community hospital should 137 00:05:07,384 --> 00:05:08,285 be very successful. 138 00:05:08,665 --> 00:05:10,504 So we want them to partner with us. 139 00:05:10,504 --> 00:05:12,024 You know, 1, we're sharing in the risk 140 00:05:12,024 --> 00:05:14,240 and to everyone is growing, 141 00:05:15,100 --> 00:05:17,519 whether it be revenue, whether it be procedural 142 00:05:17,579 --> 00:05:18,879 volume, whether it be innovation. 143 00:05:19,500 --> 00:05:21,579 Everyone, the physicians and the health system are 144 00:05:21,579 --> 00:05:22,399 growing together. 145 00:05:23,100 --> 00:05:25,100 And switching gears just a little bit toward 146 00:05:25,100 --> 00:05:27,754 the financial side. How can leaders ensure their 147 00:05:27,754 --> 00:05:29,914 staff are well equipped to help patients navigate 148 00:05:29,914 --> 00:05:32,074 the financial aspects of care? And how does 149 00:05:32,074 --> 00:05:34,014 this benefit patient provider relationships? 150 00:05:35,115 --> 00:05:36,634 Well, I think you've gotta be transparent. I 151 00:05:36,634 --> 00:05:38,730 think you've gotta be open with patients. We 152 00:05:38,730 --> 00:05:40,889 we like to tell our patients what their 153 00:05:40,889 --> 00:05:42,490 out of pocket costs are gonna be before 154 00:05:42,490 --> 00:05:44,750 the procedure, and we think that should be 155 00:05:44,970 --> 00:05:46,509 standard operating procedure. 156 00:05:47,290 --> 00:05:49,930 I think that's another problem with medicine today 157 00:05:49,930 --> 00:05:52,154 and health care today is to it's not 158 00:05:52,154 --> 00:05:54,074 like when you go to Target and you 159 00:05:54,074 --> 00:05:56,634 have 15 items, you know what you're paying 160 00:05:56,634 --> 00:05:58,794 and Target knows what they're getting paid before 161 00:05:58,794 --> 00:06:00,394 you walk out the door. In health care, 162 00:06:00,394 --> 00:06:01,375 you have no idea. 163 00:06:01,754 --> 00:06:03,435 So you you go see a doctor today 164 00:06:03,435 --> 00:06:04,112 and you get an ultrasound and you get 165 00:06:04,112 --> 00:06:04,187 some testing done. You really don't know what 166 00:06:04,187 --> 00:06:05,134 you're paying. You have a copay, but 167 00:06:05,850 --> 00:06:08,697 You really don't know what you're paying. You 168 00:06:08,697 --> 00:06:10,610 have a co pay. But what is the 169 00:06:10,610 --> 00:06:12,170 insurance gonna cover? What are you gonna have 170 00:06:12,170 --> 00:06:13,850 to come out of pocket? What's the practice? 171 00:06:13,850 --> 00:06:15,629 It's hard to run a business that way. 172 00:06:15,770 --> 00:06:17,930 And and so I think price transparency really 173 00:06:17,930 --> 00:06:20,410 works both ways. I think those providing care 174 00:06:20,410 --> 00:06:21,230 need to know, 175 00:06:21,995 --> 00:06:23,355 what they have to pay for something, and 176 00:06:23,355 --> 00:06:24,875 those receiving the care need to know as 177 00:06:24,875 --> 00:06:27,274 well. So I think it starts with, 178 00:06:27,834 --> 00:06:28,814 do you have 179 00:06:29,274 --> 00:06:30,574 a sophisticated technology, 180 00:06:31,514 --> 00:06:33,595 relationships with the insurance companies that can tell 181 00:06:33,595 --> 00:06:35,615 a patient what their cost is gonna be? 182 00:06:35,720 --> 00:06:37,639 And do you have a core philosophy that 183 00:06:37,639 --> 00:06:40,120 that matters? Does that matter to your organization? 184 00:06:40,120 --> 00:06:41,580 And we we believe it does. 185 00:06:42,199 --> 00:06:44,840 Yeah. Very excellent point. As we wrap our 186 00:06:44,840 --> 00:06:47,480 conversation here, is there anything else you'd like 187 00:06:47,480 --> 00:06:49,560 to share for closing remarks on the podcast 188 00:06:49,560 --> 00:06:50,060 today? 189 00:06:50,944 --> 00:06:53,345 Well, I think, it's an exciting time in 190 00:06:53,345 --> 00:06:54,324 health care. Obviously, 191 00:06:54,704 --> 00:06:56,944 health care is a very dynamic industry, and 192 00:06:56,944 --> 00:06:58,704 and you have to be prepared every day 193 00:06:58,704 --> 00:07:00,704 for change. There's talk right now in Capitol 194 00:07:00,704 --> 00:07:01,444 Hill that, 195 00:07:01,904 --> 00:07:04,464 site of service neutrality may be a a 196 00:07:04,464 --> 00:07:05,604 a reality where, 197 00:07:06,400 --> 00:07:09,040 the hospital outpatient fee schedule could be prepared 198 00:07:09,040 --> 00:07:10,020 to take a hit. 199 00:07:10,639 --> 00:07:13,680 The private you know, in 2008, 90% of 200 00:07:13,680 --> 00:07:15,620 cardiologists were were private. 201 00:07:16,319 --> 00:07:18,400 Literally 15 years ago, 9 out of every 202 00:07:18,400 --> 00:07:20,900 10 cardiologists own their own practice. Today, 203 00:07:21,855 --> 00:07:23,855 8 out of 10 work for hospitals and 204 00:07:23,855 --> 00:07:25,875 2 out of 10 own their own practice. 205 00:07:26,095 --> 00:07:27,935 And so like everything in medicine, it there's 206 00:07:27,935 --> 00:07:30,035 a pendulum that swings and and there's, 207 00:07:31,214 --> 00:07:33,615 evolving landscapes. I think what you're gonna see 208 00:07:33,615 --> 00:07:35,134 in the next 10 to 15 years and 209 00:07:35,134 --> 00:07:37,110 what your listeners should be prepared for is 210 00:07:37,349 --> 00:07:38,889 a return to private practice. 211 00:07:39,269 --> 00:07:41,849 And and I think that actually benefits patients, 212 00:07:42,069 --> 00:07:45,750 benefits hospitals, and benefits physicians. And I think 213 00:07:45,750 --> 00:07:47,669 that that if the health systems, in fact, 214 00:07:47,669 --> 00:07:49,829 if there's gonna be some regulatory burdens now 215 00:07:49,829 --> 00:07:51,585 on their revenue infrastructure, 216 00:07:52,205 --> 00:07:54,045 they need to find ways to uniquely partner 217 00:07:54,045 --> 00:07:55,805 with hospitals. And I'll be able to wrap 218 00:07:55,805 --> 00:07:57,085 it up with this. One of the greatest 219 00:07:57,085 --> 00:08:00,285 ways private practice physicians and local hospitals can 220 00:08:00,285 --> 00:08:03,105 partner is a joint venture ambulatory surgery center. 221 00:08:03,699 --> 00:08:05,620 Wonderful. Well, Jacob, thank you so much for 222 00:08:05,620 --> 00:08:08,020 sharing you those insights today and taking the 223 00:08:08,020 --> 00:08:09,540 time to join me on the Becker's Healthcare 224 00:08:09,540 --> 00:08:11,699 Podcast. Again, we're live at the business and 225 00:08:11,699 --> 00:08:12,839 operations of ASCs. 226 00:08:13,460 --> 00:08:15,160 Great. Thank you. Thanks for having me.