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An Eye On Same Store Growth
Established in 1999, Titan Health Corporation has earned a solid reputation as a nationwide ambulatory surgery center development, acquisition and management company. While the company undoubtedly understands the importance of securing new projects and opening new centers, Titan’s dedication to helping existing centers grow and physician partners flourish is really what’s helped the company grow so substantially over the last few years.
“We value our existing partnerships immensely and are committed to their success,” noted Titan president and CEO Marc Jang. “Our success is defined by the success of our facilities.”
Making that connection takes an honest and enduring commitment – and a focused, specialized plan to meet the unique needs of physicians and specialty centers. Titan takes the time to really understand each market and assesses each center individually so the company can accurately customize its partnerships according to local regulations and market conditions.
Titan’s same store growth program, managed by Cindy Whisner, vice president of business development, includes face-to-face meetings and training sessions with center administrators as well as manuals, worksheets, training materials and tools. All are designed to help Titan’s centers learn about best practices from other facilities and continue to strategically build their business, partnership base and case volume over time.
Titan’s commitment to a solid same store growth program and a well-designed and -implemented process begins before a new center project is even finalized and continues for the duration of the partnership. Seeking additional physician partners who are well suited to the needs of the center and its current physicians is imperative for increasing case volume and ensuring that each center operates optimally and to full capacity.
“It’s important that the syndication process continue to play a big part even after the center’s doors open,” Whisner explained. For Titan, same-store expansion can come in the way of internal growth, whereby a physician partner recruits another partner to the practice or merges with another practice within the community to drive new volume, or via external means, where Titan actively seeks new partners who are interested in center ownership or are seeking a more efficient work environment. While each center’s role may be unique, Titan’s role remains the same, which is to ensure physician majority ownership and control.
“Even though we take a minority ownership position, Titan is definitely not a consultant or a passive equity partner,” stressed David Hall, chairman for Titan.
While existing center growth remains a top priority for Titan, the company is still committed to ongoing expansion at the corporate level. The de novo development company got its start in the pain management realm and then expanded into orthopedics, and is now effectively tackling the multispecialty arena as well. Titan, headquartered in Sacramento, CA, with regional offices in Raleigh, NC, and Nashville, TN, currently has 16 fully operational center partnerships in ten states and five more currently under development/construction.
Having that level of market density has made it possible for Titan to standardize its approach and further drive efficiencies and productivity for existing centers. Further adding to its success and growth capabilities is Titan’s ability to cost-effectively acquire centers in either troubled or turnaround situations while, at the same time, working to syndicate new physicians who can immediately add to existing center business.
Although physicians have numerous options when it comes to building and managing the ASC of their dreams, Titan has a proven track record in truly making those dreams a reality – and keeping them alive well into the future.
“We have an extremely knowledgeable and experienced management team that has the resources and commitment to drive ongoing success,” said Hall. “Our path to success comes from helping our centers grow. With Titan, it truly is a partnership every step of the way.”
For more information about Titan Health and the services they offer, please visit www.titanhealth.com or call 916-614-3600.
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What advice would you give an administrator looking to increase his or her center’s same store growth?
When it comes to same store growth, there are five key steps to consider:
1 Define your market. Before you even begin meeting with prospects or laying out your center’s same store growth strategy you must first understand your market and how your ASC differs from your competition. A good market analysis should provide you with an accurate snapshot of your area, the competitive landscape and possible opportunities. Make sure the information you gather is thorough and objective.
2 Work with your physicians to understand their goals and objectives. What specialties are they interested in adding to the center? How many additional physicians need to be recruited, and how much volume are they hoping to gain? Understanding this information will help you plan for new or additional equipment needs as well as determine what your current physicians have to offer in terms of schedule flexibility.
3 Network with existing partners and local resources for prospects. Same store growth works best when coupled with a well planned and executed strategy rather than a blind, shotgun approach. Don’t try and drum up interested prospects by running generic ads or sending out mass mailings; rather, question your doctors as to groups, physicians and nearby areas they think might be good to target. Vendors are also an excellent source of leads. Your success rate will dramatically increase if you can narrow down your community so you’re focusing only on the right people.
4 Meet with prospects in person. Make a personal connection while also allowing yourself valuable time to describe your center, define the opportunities available and explain what prospects need to do to participate. Be prepared to discuss those items that potential physician partners will find important:
· Available block time
· Center specs and floor plan
· List of current center equipment
· List of current physician partners, their specialties and where they were trained
· Center valuation
· Paperwork to be completed and steps to follow if interested in joining
· How to access the center and who to call
5 Be involved in the community. Leverage open house and media coverage opportunities to educate the local community about your center, the services you offer and your physicians. Also encourage your physicians to participate in local medical society meetings and groups, and to make talks and presentations in an effort to meet new prospects and further spread the word.
How has Titan’s corporate strategy changed over the last few years?
Titan’s focus has shifted from one of small, concentrated single specialty ASCs to one of large, multi-specialty centers, hospital ASC joint ventures and acquisition turnarounds.
The surgery center industry has seen tremendous change throughout the past decade and continues to evolve due to changing regulations and shifting reimbursement rates for procedures performed in an outpatient setting. For these reasons, we at Titan decided to broaden our focus, capitalize on our ASC experience and strengths, and diversify as a company.
Not only has our new corporate strategy served us well, it’s also allowed our centers to enjoy increased efficiencies and benefits from the standardization of processes and the addition of new resources and partnerships. |
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