In the ever-changing healthcare market, starting a new venture can feel like a big risk.
Becker's connected with Vladimir Sinkov, MD, the founder and CEO of Sinkov Spine Center in Las Vegas, to learn valuable tips that anyone wanting to break into the ASC market should know.
Question: What advice would you give someone who wants to open their own ASC?
Dr. Vladimir Sinkov: I would give them the same advice as anyone opening a new for-profit business:
1. Make sure there is a market for your product – if your area is already over-saturated with ASCs, opening another one might not be the best idea.
2. Make sure you can be profitable within a reasonable amount of time – explore what are the dominant payers in your market and what type of reimbursement you could count on. Then evaluate the costs of running the ASC and decide if the reimbursement levels would support that.
3. Make sure you have adequate staff to run the business – for ASC that means finding administrative and clinical staff to run it as well as a sufficient number of physicians that would be willing to perform surgeries and procedures at your ASC.
4. Control overhead costs – negotiate reasonable rates with medical supply and implant vendors and create policies to avoid unnecessary waste.
5. And of course, make sure your ASC is accredited and complies with all federal, state and local laws and regulations.