About the Rest

In this series, we will dive deep with some of the most intriguing professionals in the specialty of Anesthesia! Through these five questions, we will be foster important conversations, gain insight into where the specialty is going, and learn how we can influence that future.Tune in next Monday for our first episode of this special series and enjoy the ride! Send us Fan Mail Follow us at:InstagramFacebookTwitter/X Learn more about your ad choices. Visit megaphone.fm/adchoices

The FTC just notched its second win against the biggest roll-up in anesthesia history. Welsh Carson settled first. Now USAP. So who actually won, and who pays next? Joe Rodriguez sits down with Randy Moore and Gary Keeling for the kind of conversation that usually happens at the bar after the conference, not on the record. No "where did you go to school" warm-ups. Just three operators reading the headlines everyone else is misreading. Gary drops the frame that defines the episode: this is two Goliaths at war. Private equity built 70 percent market share with borrowed money. Insurers answered with the No Surprises Act and rate cuts. Now IDR is swinging back, hospitals are eating the shortfall through subsidies, and the FTC just stepped into the ring. Anesthesia providers are standing in the middle of all of it. Then the gloves come off on the anesthesiologist assistant fight. Sixty bills in thirty years. Gary says there's enough work for everybody and braces for the hate mail. Randy makes the case that should worry every workforce planner in the country: this shortage isn't a cycle anymore, it's structural, and it's not normalizing for five to seven years. Joe closes with the contrarian bet he's making with his own money. If you book the cases, staff the rooms, or sign the subsidy checks, this episode is your briefing. Takeaways The FTC win is a settlement, not a verdict. USAP admitted no fault and the terms are still being executed. The real signal is that the roll-up playbook now carries regulatory risk that didn't exist a decade ago. The Goliath framework: insurers wanted fragmented anesthesia markets they could play against each other. PE consolidated to fight back. The NSA flipped leverage to insurers, IDR is flipping it back, and hospitals absorb every swing through subsidies. PE's debt structure is the tell. Buy with borrowed money, load the debt onto the asset, run admin on a skeleton crew, jettison through bankruptcy when it breaks. Margin expectations beyond 6 to 15 percent in a service business are the warning sign. AA legislation has a 30-year losing record. Roughly 60 attempts, 47 straight failures from 2010 to 2019, and only 5 of 40 passed in 2025 during a historic shortage. If it was going to break through, that was the year. Randy's call: the workforce shortage is structural, not cyclical. Every CRNA program is expanding cohorts and demand still outruns supply. No meaningful normalization for five to seven years. The pipeline counterweight: 147 nurse anesthesia programs with 17 more coming. Joe's on the record preparing for demand growth to slow. Cycles always turn. Gary's operator test: the 2 percent of groups with excess staff aren't lucky, they built culture and systems. Everyone else is churning providers and renting locums at whatever price locums name. Want more Dr. Joe Rodriguez? Tik Tok: @jrodcrna21 Instagram: @jrod.crna & @abouttherestpod YouTube: @AboutTheRest Thanks for my co-hosts: Randall Mooore, DNP, MBA CRNA are Executive VP of Strategy and Chief Anesthetist Officer, former AANA CEO. Gary's is VP of Anesthesia Services, Revenue Cycle Management To Learn More about Human Content Visit: ⁠⁠⁠http://www.human-content.com⁠⁠⁠ To Learn More about About The Rest Visit: www.abouttherest.com Got a Question? [email protected] Part of the Human Content Podcast Network Learn more about your ad choices. Visit megaphone.fm/adchoices

20 exam windows invalidated. Roughly 150 graduates who thought they had a job in September now retaking a national certification exam. And a workforce gap between CRNAs and anesthesiologists that's up to 11,000 and accelerating. Joe Rodriguez sits down with Randy Moore and Tracy Young, three days into Tracy's term as president of his professional association. They don't agree on all of it. That's the point. The docket opens with the CAA certification crisis: what NCCAA found, why Tracy says the CRNA community shouldn't take a victory lap, and what it means for hospitals already stretched thin. From there, Randy walks through the supply and demand curves reshaping the locums market, Tracy lays out the data on the widening CRNA-anesthesiologist gap, and both agree a locums company bubble is forming, even if they disagree on the timeline. The sharpest moment of the episode: Randy makes the case that anesthesia groups have spent years selling themselves as a cost to minimize instead of an investment that drives OR volume, and argues that's the real reason contracts get lost. Plus: a difficult conversation about a real-world medication error making national headlines, handled from a systems and second-victim lens rather than a blame lens, and Joe closes with a personal reflection on what changes when you stop trying to win every argument. Takeaways: Test-bank leaks don't just fail an exam. They retroactively threaten seven years of certifications. Confidentiality isn't a control, it's a hope. Anesthesia supply is exploding on a delayed timeline. Cohort increases decided during COVID take three-plus years to hit the market. 2025's record graduate numbers are the first wave, not the peak. Pricing anesthesia is not a simple supply and demand exercise. Margins are sticky. Recruiting gets easier before rates ever move, and the real correction only lands when a hospital's actual costs force the renegotiation. Anesthesia groups lose contracts for one reason about 70% of the time: they can't cover the points of service. Cost is rarely the actual failure point, even though it's the stated one. Framing anesthesia as a cost to minimize instead of an investment that unlocks OR volume is the biggest strategic error facility partners make, and anesthesia groups reinforce it every time they lead with price. Power without discipline just wins arguments. Power used well finds the best answer and lets the argument go. _____________ Want more Dr. Joe Rodriguez? Tik Tok: @jrodcrna21 Instagram: @jrod.crna & @abouttherestpod YouTube: @AboutTheRest Thanks for my co-hosts: Randy Moore (EVP & National Chief CRNA, NorthStar Anesthesia) Gary Keeling (VP of Anesthesia Services, Coronis RCM) To Learn More about Human Content Visit: ⁠⁠⁠http://www.human-content.com⁠⁠⁠ To Learn More about About The Rest Visit: www.abouttherest.com Got a Question? [email protected] Part of the Human Content Podcast Network Learn more about your ad choices. Visit megaphone.fm/adchoices

USAP allegedly paid a competitor $9 million to stay out of the Dallas market. A Texas teachers' pension system says it's paying twice the going rate for anesthesia because of it. Joe Rodriguez (Chief Growth Officer, Guide Anesthesia) is joined by Tracy Young (COO, Essential Anesthesia) and Gary Keeling (VP, Anesthesia Services at Coronis Health) to unpack the USAP consolidation fallout, why anesthesia pay works the way it does, and the debt mechanics behind CHG Healthcare's acquisition of Krewe Anesthesia. First: Representative Tom Oliverson's Houston Chronicle testimony and the Texas Teacher Retirement System's claim that USAP charges double the going rate, including the allegation that USAP paid Envision $9 million to stay out of the Dallas market entirely. Tracy makes the business case for what USAP did before making the ethics case against how they did it. Second: why anesthesiologists and CRNAs actually get paid what they get paid, and why "fair" isn't a market principle derived from your length of training. It's derived from what two parties subjectively determine. Third: CHG Healthcare's acquisition of Krewe Anesthesia, traced back through Leonard Green Partners and the collapse of Crozer Health. Tracy breaks down how debt-funded acquisitions work and why the model only survives as long as interest rates stay low. Plus: Joe's three-part fix for what's actually driving healthcare costs, and a listener question on practicing anesthesia in New York. Takeaways: Comparing anesthesia rates to "the market average" is meaningless. Most rates are too compressed to cover the actual cost of staffing anesthesia care. Anesthesiologists and CRNAs get paid what they get paid for one reason: that's what the market is willing to pay. Supply and demand, not sympathy or spin. Fairness is not a market principle, per se. Compensation is only ever what a buyer is willing to pay and a provider is willing to accept. Locums companies are becoming management companies because hospitals want one vendor to own the whole staffing headache, not five vendors to coordinate. Solving healthcare costs at the system level takes three things: real investment in public health, broad coverage delivered privately, and better use of the professionals already in the system. Want more Dr. Joe Rodriguez? Tik Tok: @jrodcrna21 Instagram: @jrod.crna & @abouttherestpod YouTube: @AboutTheRest Thanks for my co-hosts: Randy Moore (EVP & National Chief CRNA, NorthStar Anesthesia) Gary Keeling (VP of Anesthesia Services, Coronis RCM) To Learn More about Human Content Visit: ⁠⁠⁠http://www.human-content.com⁠⁠⁠ To Learn More about About The Rest Visit: www.abouttherest.com Got a Question? [email protected] Part of the Human Content Podcast Network Learn more about your ad choices. Visit megaphone.fm/adchoices

UnitedHealthcare posted $5.5 billion in profit this quarter. Another state just opted out of physician supervision requirements. And CMS quietly gutted what's left of anesthesia's quality reporting program. Joseph A. Rodriguez, Co-Founder and Chief Growth Officer at Guide Anesthesia, is joined by Randy Moore, Chief Anesthetist Officer and Executive Vice President for Strategy, and Gary Keeling, VP Business Development at Coronis Revenue Cycle Management, for a wide-ranging read on where anesthesia economics are actually headed. They don't agree on how much of this changes practice on the ground. That's the point. Ohio becomes the 27th opt-out state, and the three break down why the practical impact rarely matches the headline. CMS's 2027 proposed rule drops the conversion factor again and dismantles MIPS reporting, Gary explains why almost nobody hits the threshold anymore. UnitedHealthcare's quarterly numbers spark a sharper conversation about what a 7% margin on $112 billion in revenue actually signals about the system underneath it, and about the difference between a flawed idea and a poorly executed one. A new rural healthcare bill promising higher CRNA and anesthesiologist reimbursement gets a clear-eyed "it won't work" from all three. Plus: the pre-op smoking conversation nobody has ever actually had, and why "productivity, not cost" might be the real headline healthcare keeps missing. TAKEAWAYS Opt-out status changes almost nothing for practice models outside of all-CRNA sites already considering the switch. The headline outruns the operational impact by a wide margin. MIPS in anesthesia has become a check-the-box exercise with no measurable link to patient outcomes. Most providers no longer even hit the reporting threshold. Every CMS reimbursement cut gets absorbed the same way: pushed onto facility subsidies, which raises the cost of entry for new and smaller groups and accelerates consolidation. A rural anesthesia reimbursement bump sounds like an access fix but doesn't change the math for anesthesiologists or hospitals. Small percentages of small numbers stay small. Extreme profit sitting next to a broken system is not proof that free enterprise failed. It's proof that execution failed. Confusing the two is what pushes public opinion toward bad solutions. Healthcare's financial strain reads as a cost problem when it's actually a productivity problem. Fix throughput and OR utilization, and a large share of the "cost crisis" narrative disappears. Want more Dr. Joe Rodriguez? Tik Tok: @jrodcrna21 Instagram: @jrod.crna & @abouttherestpod YouTube: @AboutTheRest Thanks for my co-hosts: Randy Moore (EVP & National Chief CRNA, NorthStar Anesthesia) Gary Keeling (VP of Anesthesia Services, Coronis RCM) To Learn More about Human Content Visit: ⁠⁠⁠http://www.human-content.com⁠⁠⁠ To Learn More about About The Rest Visit: www.abouttherest.com Got a Question? [email protected] Part of the Human Content Podcast Network Learn more about your ad choices. Visit megaphone.fm/adchoices