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New Britain General: NAPA takeover

92122

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CrazyJake

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I would think hospital CEOs wouldn't want to deal with AMCs. If your going to drop your group why doesn't the hospital just take over thus eliminating the private group and no outside entity (AMC). Keep all $ for hospital. Is the AMC lure too much?
 

aredoubleyou

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It was purely voluntary so the older guys could cash out for several million each

This is sadly seemingly the rule, not the exception. Its shocking how the "old guys" bury in language in their bylaws saying that a handful of them can, without a vote, do things like this. I'm seeing it over and over. Human nature I guess.
 

Seba

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I work for an AMC and they are the most incompetent people you could imagine. This is such a bad thing for anesthesiology. It will continue to erode the perception and practice of this specialty. I have seen several really great practices sell out cause the partners wanted a big pay day before reimbursement cuts hit. But the thing is the business model for the AMCs I have gotten familiar with I don't think are sustainable. I think something will give, either the AMCs will start folding or anesthesiologists will be contracted to such small numbers that the field will wither away. There are certainly other scenarios that could happen but either way AMCs are bad for this profession. I am leaving after one year of working for my current employer and I am going either academics or true group owned, partnership track private practice.
 

bostonblaz

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These guys didn't have a choice. New brittan was bought out by the Hartford health system and NAPA had the contract for the health system. Same thing happened at the Bakus hospital. Their choice was join NAPA or go find another job. Blaz
 

BLADEMDA

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$150 x 8 x 5 x 46 (assume 6 weeks vacation) = $276,000
$175 x 8 x 5 x 46 (assume 6 weeks vacation) = $322,000

Not that bad. I'll take it!
Compare that "private practice" pay with Academics.
Why would you prefer an AMC job over a academic gig paying $300K with better benefits and better hours?
 

olaf

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Are u sure they had no choice? Long Island Jewish bought Lennox hill but kept the old gas group. LIJ uses NAPA for most sites but I heard they kept the old group to keep the RFP process competitive. Otherwise NAPA would have the monopoly on LIJ sites and there would be little room for negotiation when contracts expire. This is all third hand info but it makes sense to my puny business brain.
 

BLADEMDA

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New Britain Anesthesia, P.C. was advised by Cross Keys Capital, LLC in this transaction


The group sold themselves to NAPA. It was purely voluntary so the older guys could cash out for several million each

If New Britain didn't Voluntarily sell then why was a middleman like Cross Keys Capital used for the sale? Cross Keys charges a significant transaction/brokerage fee for Groups being acquired by AMCs.

Hence, this was a Voluntary sale where the owners received significant compensation for selling to an AMC because Cross Keys got paid a hefty sum.


http://www.crosskeyscapital.com/ckc/index.php?option=com_content&view=article&id=47&Itemid=54
 

leaverus

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Nowhere in particular
Compare that "private practice" pay with Academics.
Why would you prefer an AMC job over a academic gig paying $300K with better benefits and better hours?

Cuz it's still actually not bad. Even apart from the fact that it's way more than i currently make in pp now, it doesn't even take into account call or weekends. So 275k+ for a straight 7-3 gig is not too shabby.
 

cchoukal

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How many of these jobs are out there, Blade? One or two?

Blades numbers are not far-fetched in my experience with colleagues on the west coast and the midwest. But you have to want to be in academics. The committees, the responsibility, the residents. It's a different job altogether. And it's not like academic programs are just clamoring to hire a bunch of $hit-hot mid-career PP guys either. They want people that can further the academic mission of the department (i.e., get grants, publish papers, develop something), and for better or worse I'm not sure that that includes "teach residents how to step up the mic," so to speak.
 

W222

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Cuz it's still actually not bad. Even apart from the fact that it's way more than i currently make in pp now, it doesn't even take into account call or weekends. So 275k+ for a straight 7-3 gig is not too shabby.

Where do you practice? If you are in private practice and not making at least 275-300k then you are getting hosed.
 
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