WakeMed has signed a formal partnership with one of Raleigh's oldest cardiology groups, the latest deal involving local hospitals taking over physicians' practices.
Raleigh Cardiology Associates, which was started in 1979 and now has eight doctors, will become part of Wake Med's physician network Oct. 1. Financial terms of the deal announced Wednesday weren't disclosed.
With health care reform looming and competition increasing, Wake County's largest hospital system is seeking similar agreements with other physicians' practices. In the past year, Wake Med has added about 25 outside physicians and now has nearly 140 in its network. Officials are in talks with more than 80 more.
"We're eager to meet with any physician who has an interest in more closely aligning with the system in this new era of medicine," said Susan Weaver, senior vice president of Wake Med Physician Practices.
Some of the trend is being driven by competition. Rex Health care, Duke Raleigh Hospital and others also are working to attract more physician groups. Hospitals want physicians to refer patients, especially for important revenue sources such as heart care.
Physicians are turning to hospitals as partners as they worry about changes the federal health care overhaul will bring, including lower payments from Medicare. Hospitals can handle billing, hiring and other back-office functions.
"It's becoming increasingly difficult for doctors to make a living" with reimbursement cuts and rising business costs, said Bob Seligson, CEO of the N.C. Medical Society, which represents about 12,000 physicians across the state.
"They're looking for some security," he added. "Whether hospitals will provide that security, it's too early to tell."
Patients won't see much change at the outset. Raleigh Cardiology will continue working out of its offices on Wake Med's flagship campus in Raleigh and keep its existing staff and phone numbers.
But as more physicians affiliate with specific hospitals, it could limit choices for consumers who want to have procedures done somewhere else.
"Patients are going to see a lot of change in how care's delivered over the next several years," Seligson said. "I'm partial to the private practice of medicine, where a doctor is only working for the patient. This is a different model, with different rules."
