There’s no doubt that anesthesia is a big business but not every CRNA pays attention to that side of the profession. It might not be something you’re immediately interested in, but it’s important to help you understand your true value as a CRNA. Today we’re going to ask Tracy Young, MSNA, MBA, CRNA, the CEO of YPS Anesthesia, about a number of important topics involving the business side of anesthesia and what the future might hold as the industry evolves.
Click the timestamps below to help you navigate through the many topics we discussed.
On This Episode:
The anesthesia profession continues to grow at an incredible rate and it’s afforded CRNAs many opportunities to work and provide their services all around the world. We try our best to document many of the people and providers on this podcast, but we don’t always spend enough time on the business side of what we do.
That’s why we made sure to find time to sit down with Tracy Young, MSNA, MBA, CRNA, at the NCANA/S.C.A.N.A. Joint Conference in Asheville. He’s the CEO of YPS Anesthesia, which he started in 2003 and has grown to 68 facilities in seven states. If anyone has a strong grasp of the business side of anesthesia, it’s Tracy and we’re excited to get his thoughts on a wide range of topics on this show.
Not only are we in a unique time with COVID impacting healthcare, but the future of the CRNA profession could be at risk as well. We’ll let Tracy explain during our conversation today.
As you get started on the episode, keep an ear out for these topics:
- His experience as a business owner in this industry.
- The trials and errors he’s made along the way.
- What does it take to build a business like this.
- The other areas of business that’s he’s interested in.
- How are hospitals dealing with this COVID environment
- How he provides a workplace that CRNAs want to be a part of.
- The pros and cons of 1099 vs W-2 work
- Heathcare insurance
- Helping CRNAs understand their true value
- As salaries increase for CRNAs, the future changes
- The fear of another class of anesthesia provider
Check it out the interview at the top of the page and use the timestamps to help you navigate through the many topics we discussed.
2:41 – Excited for our guest today
3:58 – Background on Tracy
6:00 – How much the business has grown
7:42 – Trials and successes
9:56 – CRNAs that want to build a business
12:41 – Other areas he’s interested in beyond anesthesia
18:47 – How COVID has changed hospitals and health facilities
22:57 – Creating a great workplace
28:12 – Flexible models
30:12 – 1099 vs W-2
36:45 – Advice for healthcare insurance
39:17 – Understanding your value
45:14 – Cost effectiveness of CRNAs
50:46 – Future for CRNAs
54:45 – What scares him the most about the future
56:36 – Lightning round
“It’s a difficult environment to operate in so groups such as mine and other groups out there are demanding more subsidies, and hospitals don’t have money trees planted out back that they can just hand more money to anesthesia. So they’re going to the marketplace to see if someone can be more efficient.”-Tracy Young, MSNA, MBA, CRNA