Focused Symposium Presents Hot Topics in the Business of Healthcare

Medical practice is rapidly evolving in response to regulatory changes, new models of compensation, and opportunities to safely perform certain minimally invasive procedures in the outpatient setting. This year at the International Symposium on Endovascular Therapy (ISET), Barry T. Katzen, MD, the founder and Chief Medical Executive of Miami Cardiac & Vascular Institute (MCVI), will moderate a focused symposium on the business of healthcare. The symposium aims to address common questions and impart practical advice to attendees for adapting to anticipated changes to the healthcare landscape over the next few years. In this Q&A, Dr. Katzen previews some of the key points that will be covered.

What are some important developments that will be addressed in the business of healthcare symposium?

Many developments are expected to affect practitioners over the next year on the business side of medicine. We decided to address these developments from multiple points of view in this symposium, and we will be covering several big questions. Is the government driving more work to be done in outpatient centers?  Does treating patients in an outpatient setting lead to better clinical outcomes? Is there any reason for minimally invasive therapies to be performed in a hospital?

What are some considerations surrounding treatment of patients in an outpatient setting?

Office-based labs (OBLs) have been met with skepticism by some members of the medical community and have been criticized as not being driven by quality of care. Some of these criticisms are unfair but still must be addressed. OBLs are often operated by solo practitioners and not subjected to peer review, but at the same time, OBLs are maturing and organizing around quality development metrics.

What are some questions that colleagues have about OBLs?

I often hear practitioners wondering whether they will have a better future working within a healthcare system or caring for patients in an outpatient setting. Many minimally invasive procedures can be done more cost effectively and with good quality in an outpatient environment. Additionally, there has been continued downward pressure on compensation for physicians, and there is a potentially better model of compensation in the outpatient environment. The people that are pioneering or growing outpatient labs are pursuing this career path for a variety of reasons. At ISET, we plan to discuss those reasons and the future of OBLs.

What are some practical tips that will be shared at ISET regarding OBLs?

We will discuss how to set up an OBL, which includes practical considerations such as how much square footage is needed and how many staff members are needed. Stories of success and stories of failure will be shared. It takes a huge investment to start an OBL, and it is important to learn from both the successes and failures of our colleagues.

How will the symposium address questions about the best model of practice for the future?

The best model of practice for the future is a very hot topic. We will address whether physicians should become employees. Is it better to be an independent practitioner? Does it make sense to sell a medical practice to an equity firm? The model of physician compensation is overall moving away from a fee-for-service model in which we are incentivized to perform more procedures, to a model in which we are incentivized to perform fewer procedures. Several talks will delve into these questions regarding model of practice and compensation, including a talk by Sonia Noor, MD, a surgeon who has practiced in a private office environment. Dr. Noor will address measuring productivity and tracking whether you can cover the expenses of the office staff.

What are some other important topics that will be covered regarding the business of medicine?

Yolanda Bryce, MD, a former MCVI fellow, is now practicing in a large cancer institute, an area that people do not usually associate with vascular disease. She is working to treat vascular disease in cancer patients, among other focuses, and she will be discussing how to build a practice in that setting. We will also have a discussion led by Bret Wiechmann, MD, on basic requirements for starting an OBL, and we will have a session focusing on industry leaders and how they decide where to invest in terms of products, partnerships, and clinical trials. Lastly, we will discuss career exit strategies for interventional physicians nearing the end of their careers, and we will cover physician leadership development.

Do you have any final thoughts on the business of healthcare symposium?

We are excited to discuss these hot topics with our colleagues and want to ensure that every minute of ISET is packed with valuable information that can be used immediately in practice.

Focused Symposium:
Business of Healthcare
Wednesday, January 22, 2020 8:00 AM - 10:00 AM
Diplomat 1&2 (2nd Floor)