Becker’s ASC Review sat down with Regent COO Nap Gary, Knightsbridge Surgery Center physician-owner Dr. Herb Riemenschneider and Knightsbridge Administrator Dave Moody for an inside look at creating a successful physician/hospital ASC joint venture. The physician-owners of Knightsbridge, after opening the ASC in 2001, partnered with Regent and OhioHealth in 2007. An excerpt from the article is below. Please click here for the full article. First Steps to Creating a Physician/Hospital ASC Joint Venture Develop a clear-sighted strategy. A successful joint venture will begin with the right intentions. “I have seen a lot of joint ventures formed primarily for defensive purposes. Ultimately, that does not work well,” says Mr. Gary. ASCs and potential partners of a productive joint venture will work to align goals and refrain from rushing into a partnership out of a sense of fear. Gain commitment from physician partners. “A business isn’t going to flourish without commitment from its core group of people,” says Dr. Riemenschneider. “If the physicians are committed, their ability to endure and be productive is unmatched.” Find the right management company for your ASC. Knightsbridge Surgery Center had a relationship with a management company prior to Regent that did not work. A management company that aligns with an ASC’s needs is an important advocate and partner during the process of becoming a joint venture center. CEO of Regent Surgical Health Tom Mallon took the lead on creating the Knightsbridge Surgery Center and OhioHealth joint venture, lending a hand that both Mr. Moody and Dr. Riemenschneider say was of the utmost importance. Attend industry events to network and interact with several companies to find a fit. Hire the best possible internal leadership. “Hire good people for your center. Consider this as much as the outside management company decision,” says Dr. Riemenschneider. A stellar administrator and staff will be vital to making the road to the partnership a smooth one. Consult with legal counsel. As large entities with equally large market clout, hospitals and health systems can easily muscle their way into dictating the terms of a joint venture. “It is very important to have a good attorney that is familiar with joint ventures,” says Mr. Moody. An experienced attorney will aggressively negotiate on an ASC’s behalf and ensure the center’s terms are brought to the table. Please click here for the full article.