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By: Amanda Jester, Luke Mitchell
Published: 11/3/2015
Interventional pain management is a relatively convenient and remarkably profitable specialty for orthopedic and anesthesia providers to offer at the ASCs and office-based facilities where they work, or even in standalone clinics. The service line can also be quite attractive to corporate partners, if you keep the following valuation and legal considerations in mind.
Why pain management is a win-win
Most ORs that host orthopedics can easily slot chronic pain management cases into their schedules (osmag.net/aK7MKq). The treatment of a growing patient need that many primary care physicians are reluctant to handle is particularly attractive to outside investors, as is the long-term nature of the care relationship and, in turn, the recurring revenue of follow-up visits and ancillary services.
For ASCs and office-based facilities, investment, partnership and/or consolidation can help them stay competitive in the surgical marketplace through greater leverage in negotiating insurers' payment rates, the financial support for investments in technology, the ability to attract and retain surgeons, and the flexibility to meet patients' needs and improve care quality.
In recent years we've seen the creation of 8 separate interventional pain management platforms intended to combine individual pain management practices and spin off de novo offices. For facility owners and operators, a focus on the following areas can drive investor and acquirer valuations.
Keeping pain management legal
A pain management group's compliance with certain legal concerns will determine the ease with which a transaction can be completed at the highest valuation. Focus on these areas.
Some states prohibit the corporate practice of medicine and the splitting of professional fees between physicians and non-licensed individuals or entities. Non-licensed investors in these states typically must invest in a management company that holds the practice's non-clinical assets and oversees administrative operations in exchange for a management fee. All clinical matters are left to the practice, which continues to be owned by licensed physicians. This complex structure requires assistance from legal advisors in order to protect the physicians from liability.
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