Knoxville, Tenn.-based TeamHealth, one of the nation's largest physician outsourcing companies, has just acquired a new leader — Michael D. Snow, MBA. Mr. Snow, who is president and CEO of the company, has had decades of executive-level experience in healthcare, holding positions at HCA, HealthSouth Corporation, Surgical Care Affiliates, Wellmont Health System and Amedisys. After joining TeamHealth as the
company's president in 2013, he was promoted to CEO Sept.1 following the Jan. 9 announcement of former CEO Greg Roth's retirement.
Mr. Snow has inherited a mature company; TeamHealth turned 35 in 2014. With beginnings in emergency medicine, it has migrated into other service lines and broadened its reach to hospitals across the country, though its primary service line is still emergency medicine. The company has historically had an aggressive growth strategy. In 2013, it acquired nine physician groups. In 2014 it has been equally aggressive, with numbers approaching or surpassing those from the previous year.
"We're a growth company — double-digit, top-line growth. And there's an expectation that we will continue to grow through a combination of organic growth, sales, mergers and acquisitions and transactional growth," says Mr. Snow. "This is not a fixer-upper. This company is doing well and has a solid growth record of providing great care with great doctors."
Mr. Snow says his responsibility at the helm of the company is in some ways singular: To keep the company's momentum going through finding opportunities to add service lines, expand existing service lines and ensuring the resources to accommodate more growth. When asked about future growth, he doesn't mention his specific agenda for the company in the coming years, but he does say this: "We can point to our history. Our guidance suggests the level of growth we expect. We are a mid-teens revenue growth company."
Because of the Patient Protection and Affordable Care Act, or maybe because of an improvement in the country's economics, TeamHealth has seen a volume uptick and an improved Payer Mix in both expansion and nonexpansion states. Mr. Snow says that changes in the healthcare market may also result in TeamHealth stepping into risk-based products with health systems where they provide services. "Today we have just a smattering of early pay-for-performance. We’re expecting that to increase over time and migrate to something much more akin to risk contracting, though migration will take quite a bit of time," he says.
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