South Jersey cardiology group is sold to Lourdes

One of South Jersey's largest private cardiology groups has been sold to Lourdes Health System.

The move by Associated Cardiovascular Consultants is part of a trend, as heart specialists grapple with falling Medicare reimbursements, increased costs, and changes in federal law.

The group's seven offices - in Cherry Hill, Egg Harbor, Hammonton, Medford, Swedesboro, Voorhees, and Woodbury - will remain in place. So will its relationships with other hospitals, president Steven Fox said Tuesday.

Fox said the group of 31 cardiologists first discussed selling about two years ago. By changing payment formulas and increasing the emphasis on quality of care, the new federal health law encourages practices to join larger systems, he said.

"We didn't want to wait to the last minute. We wanted to be the first ones in," said Fox, who would not disclose the sale price.

The practice already sent most patients who needed complicated procedures, such as bypass surgery, to Lourdes' hospitals in Camden and Willingboro, where they were seen by the group's cardiologists or the health system's surgeons.

As hospital employees, the cardiologists will work with Lourdes on programs to improve care and save money, and will be paid in part based on how well they succeed.

The trend could grow quickly, said Patrick White, president of MedAxiom, a Florida-based networking organization for cardiology groups.

As of August, about 22 percent of groups responding to a national survey of its members had joined a hospital system, most in the last four years. He expects that to reach 80 percent by the end of next year.