What are the best investment ideas for gastroenterologists?

Two gastroenterologists discuss the best investment ideas, both time and financial, to ensure success in the field.

 

Ask a Gastroenterologist is a weekly series of questions posed to GI physicians around the country on business and clinical issues affecting the field of gastroenterology. We invite all gastroenterologists to submit responses.

Next week's question: What is the best piece of professional advice you've ever received?

Please submit responses to Carrie Pallardy at cpallardy@beckershealthcare.com by Thursday, March 26, at 5 p.m. CST.

Dr. Larry GoodLarry Good, MD, FACG, founder, CEO Good Pharmaceutical Development, CEO, Compassionate Care Center of New York: The best investment ideas for gastroenterologists are not financial. They are investments in him or herself in his or hers practices. Analyze practice strategies and office efficiencies, focus on the desired patient population, optimize follow-up and streamline overhead.

Gastroenterologists should invest in the best new technologies and procedural skills. They should network with consumer and patient advocacy groups. Gastroenterologists should develop strategic alliances with the pharmaceutical and medical device industries. Deeper knowledge, more diverse skill sets and a fundamental understanding of the dynamic face of medicine in the 21st century are the foundations of success moving forward.
    
Patrick Takahashi, MD, CMIO and Chief of Gastroenterology Section of St. Vincent Medical Center (Los Angeles): From Dr. Patrick Takahashithe investment standpoint, I believe investing resources in an ambulatory surgery center is still profitable. If a physician is bringing business to an ASC, it would be a great source of "passive income" that could be garnered from the collection of facility fees.  Although the amount of reimbursement from facility fees has continued to decrease, the decline is much less than what has been seen from professional fee reimbursements.  

Depending on the situation, investments may prove fruitful for those gastroenterologists who wish to perform procedures in an office setting.  For those physicians who remain independent, this is a viable alternative to joining other physicians in an ASC venture. Decision making will not need to be shared, and the revenue stream will come directly to the gastroenterologist.  

Investing money into a stellar electronic health record system would be potentially cost saving if looked at from an efficiency standpoint. A gastroenterologist's practice consists of delivery of reports to the referring physicians, while obtaining data from those same physicians from a pre-procedure standpoint. If an EHR allows a physicians or staff to consummate and distribute data efficiently, this will prove to be invaluable in the amount of time saved, as well as the delivery of effective healthcare.

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