Successful orthopedic practices will stay ahead of key business trends to thrive in the new value-based arena.
Jed S. Vanichkachorn, MD, of Richmond, Va.-based Tuckahoe Orthopaedics, spoke to Becker's ASC Review, sharing how his practice is thriving in a value-based world with a strong patient base.
Question: As healthcare transitions toward the value-based payment model, how is your practice measuring outcomes and what are the remaining challenges for physicians?
Dr. Jed Vanichkachorn: We have been collecting CG-CAHPS (Clinician and Group Consumer Assessment of Healthcare Providers and Systems survey) and surgical outcomes for about two years now. The challenge is how to evaluate the data and present it as a meaningful argument to payers, patients and hospitals.
Q: How do you maintain and grow a strong patient base?
JV: Traditionally, we have built our business by word of mouth only. In the last two years, we have expanded our geographic footprint with satellites to bring the care to the population. We have also launched an extensive digital and video marketing campaign with much success.
Q: What are key business trends in your orthopedic practice?
JV: [Key business trends are] consolidation of smaller practices and hospital employment.
Learn more from Dr. Vanichkachorn at the 24th Annual Meeting: The Business and Operations of ASCs in October 2017. Click here for more information.