Southfield, Mich.-based Providence Hospital and Novi, Mich.-based Providence Park Hospital, both part of St. John Providence Health System, have entered into a 50-50 joint venture with 43 local surgeons to co-manage the hospitals' inpatient and outpatient surgery services, according to a Crain's Detroit Business report.
The two hospitals and the surgeons began operating Providence Surgical Co-Management LLC on May 1. Each surgeon purchased an unspecified amount of shares in the LLC, with total surgeon ownership amounting to 50 percent, according to the report.
Surgeons were made eligible for investment based on the number of surgeries performed at Providence Hospital. Surgeon investors will receive hourly compensation for management and committee services as well as incentive payments for meeting certain quality and efficiency benchmarks, according to the report.
The goal of venture is to improve quality, patient satisfaction and efficiency across the 10 surgical specialties included in the new entity.
Gary Goodman, MD, a thoracic surgeon, will serve as chairman of Providence Surgical Co-Management.
Read the Crain's Detroit Business report on St. John Providence Health System.
Related Articles on St. John Providence Health System:
Michigan's St. John Providence Health System Begins 50-50 Co-Management Deal for Cardiovascular Service Line
Michigan Physician Group Enters Unique Co-Management Deal With St. John Providence Health
Michigan's St. John Providence to Spend $30M This Year on Improvements
The two hospitals and the surgeons began operating Providence Surgical Co-Management LLC on May 1. Each surgeon purchased an unspecified amount of shares in the LLC, with total surgeon ownership amounting to 50 percent, according to the report.
Surgeons were made eligible for investment based on the number of surgeries performed at Providence Hospital. Surgeon investors will receive hourly compensation for management and committee services as well as incentive payments for meeting certain quality and efficiency benchmarks, according to the report.
The goal of venture is to improve quality, patient satisfaction and efficiency across the 10 surgical specialties included in the new entity.
Gary Goodman, MD, a thoracic surgeon, will serve as chairman of Providence Surgical Co-Management.
Read the Crain's Detroit Business report on St. John Providence Health System.
Related Articles on St. John Providence Health System:
Michigan's St. John Providence Health System Begins 50-50 Co-Management Deal for Cardiovascular Service Line
Michigan Physician Group Enters Unique Co-Management Deal With St. John Providence Health
Michigan's St. John Providence to Spend $30M This Year on Improvements