Integrated Medical Partners: News & Updates
Radiology Mergers and Acquisitions: Remain Independent or Join Together?
This article addresses issues uncovered in a recent Diagnostic Imaging survey that found nearly 70 percent of private practice radiologists said they were concerned about being acquired by a local hospital and losing business. A majority also reported that they wanted to remain independent.
A practice merger or acquisition — it’s a concept that often unnerves the independent radiology practice or imaging center. It’s also a professional relationship that’s quickly becoming more common, and many of you might find yourself wanting to know how best to handle it.
In fact, a recent Diagnostic Imaging survey found nearly 70 percent of respondents were “very” or “a little” worried about being acquired by a hospital or health system. It’s likely that an increasing number of radiology practices will be faced with the possibility as healthcare reform barrels toward an accountable or coordinated care model. Industry experts predict integrated providers, including ones with imaging specialists, will be the leaders within the new systems.
“Integration is not a question. It’s a given. It is happening and is going to happen with greater intensity and with greater velocity and vector over the next 10 years,” said Doug Smith, managing partner of Integrated Medical Partners Strategic Positioning & Consulting, a healthcare consulting firm specializing in integrated imaging strategy development. “Either be the consolidator or be consolidated. Make up your mind what to do.”
Historically, when an imaging practice or center has joined with a hospital, the fusion has been either a traditional merger or a traditional acquisition. However, Smith said, two additional models exist today: the merge-light and network models.
In a merge-light situation, both entities share a tax ID number, a board of directors, and an executive committee. However, they retain their original compensation, benefits, and management structures. Within the network model, practices, such as pediatric and neurointerventional radiologists, affiliate and refer cases within the same web of providers. Linking this way alleviates any worries about providers within the network poaching patients, Smith said.
Whether you opt to move forward with a merger or acquisition or prefer to remain independent, there are steps you can follow to make either process less arduous. Either way, Smith said, first identify what you want your end-goal to be.
LEADING HEALTH INDUSTRY STRATEGIST & CONSULTANT JOINS INTEGRATED MEDICAL PARTNERS.
Milwaukee, WI; May 16, 2011 — Integrated Medical Partners, a diverse and full-service provider of profit-improvement solutions for medical-imaging practices, is pleased to announce its merger with Barrington Lakes Group, a physician-group practice management and consulting firm and a recognized thought leader in the diagnostic imaging services sector.
The addition of Barrington Lakes Group’s formidable knowledge, experience and reputation in maximizing practices’ strategic decision-making and profitability expands Integrated Medical Partners’ breadth and depth of services. At the same time, the union increases both companies’ ability to fulfill on their commitments to excellence and their imaging clients’ success.
According to Bill Pickart, president and CEO of Integrated Medical Partners, the merger is a perfect match. “Merging with Barrington Lakes Group adds significant service capability to our clients, whether independent imaging practices or in the hospital-affiliated physician setting,” says Pickart. “Barrington Lakes Group brings to us a practice-management and strategic-consulting capability that we felt was vital to broadening our services and being of optimal value to our clients.”
Douglas G. Smith, FRBMA, managing partner of Barrington Lakes Group, will join Integrated Medical Partners’ leadership team as senior executive vice president of strategic initiatives. He will also continue as Barrington Lakes Group’s managing partner, providing the leadership and consulting excellence for which Barrington Lakes Group has become known and valued. Both Smith and Pickart acknowledge that the merger is part of both organizations’ commitment to helping clients engage the substantial changes occurring in healthcare, particularly those affecting radiology group practices.
“As we looked forward at the emerging healthcare space,” says Smith, “Barrington Lakes Group made a decision to join with a team of professionals who ‘get it’ with respect to client-service excellence, commitment to continually providing the tools and services necessary for clients’ success and to best serving practice leaders in an ever-changing — and ever-challenging — environment. I came to respect and admire Integrated Medical Partners’ team, portfolio of services, client-centric culture and commitment to excellence,” he adds. “I wanted to be part of and contribute to that mission.”
Integrated Medical Partners, LLC, is a Milwaukee, WI, company dedicated to maximizing physician practices’ efficiency, profitability and long-term stability and success by leveraging vast expertise and a full complement of technology- and information-based services.
Founded in Barrington, IL, Barrington Lakes Group, Inc. is an experienced and reputable niche healthcare consulting firm specializing in strategic and leadership development and profit-improvement implementation for radiology groups, imaging centers and imaging services divisions for hospitals and health systems.
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