#007: Tracy Young: Becoming a Power Player in the Business of Anesthesia

Overview:

Tracy Young – CRNA, MBA and CEO of YPS Anesthesia Services, talks to Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy Podcast. Tracy walks us through his nursing career and how he became a successful anesthesia entrepreneur. Tracy also delves into anesthesia contracts, subsidies, mergers, billing structures and how to prepare for recessions.

 Episode Highlights:

  • Tracy discusses how he started his nursing career.

  • How did Tracy make his first leap into entrepreneurship?

  • What recommendations does Tracy have for getting anesthesia contracts?

  • How competitive is it to get hospital contracts?

  • Which marketing methods does Tracy ‘s find to be effective?

  • What’s currently going on with subsidies in the medical industry?

  • How does the process for moving your services into other states occur?

  • What are some of the growth challenges Tracy has encountered?

  • Is there an industry standard for mergers?

  • Is billing outsourced or done internally?

  • What’s the billing structure for a smaller company?

  • What are some of the rules and regulations companies should be aware of to avoid trouble?

  • A good healthcare lawyer is important for growing companies.

  • How should someone start branching out to do office anesthesia?

  • How do you overcome the obstacles for the demand of an anesthesia physician over a CRNA?

  • Is Tracy preparing for a future recession?

  • Will the big anesthesia providers swoop in and buy up the smaller providers during a recession?

  • What was one of Tracy’s biggest unexpected failures?

  • What advice does Tracy recommend for up-and-coming anesthesia entrepreneurs?

 3 Key Points:

  1. When sending out proposals focus on the following: what you do that’s special, what makes you different and then highlight these features. Be succinct and clear; provide accurate financial data.

  2. 70% of hospitals subsidize their anesthesia department in some way.

  3. 2013-2015 was probably the peak of the mergers and acquisitions market. Multiples, the amount a person is willing to pay for the revenue stream that the company generates, were expanding drastically.

 Tweetable Quotes:

  • “We have a full non-clinical team of CFOs, accountants, operating officers, credentialers, schedulers, a pretty large non-clinical team and we’re also growing business development and marketing.’” – Tracy Young

  • “Most proposal writing is guided by what’s inside the guidelines of the RFP process. So there are certain questions they ask that must be answered.” – Tracy Young

  • “A trend that we’re seeing in the marketplace is more and more patients are having large, high-deductible plans.” – Tracy Young

 Resources Mentioned:

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