At the 2011 Orthopedic, Spine and Pain Management-Driven ASC Conference in Chicago, Geoffrey Conner, MD, of Orthopaedic Sports Surgery, shared his thoughts on developing a boutique orthopedic practice in the changing healthcare climate.
With the emergence of healthcare reform, physicians will need to rethink how they operate their practice as the industry begins to move away from fee-for-service. In order to stay financially viable, physicians will increasingly need to look toward other ancillary revenue sources and determine which revenue streams are truly profitable and which revenue streams are dying.
Dr. Connor said “tried and true” ancillary revenue sources include 2-dimensional radiography, advanced imaging, DECA, MRI and physical therapy. Newer ancillaries that have emerged include durable medical equipment, pharmacy, PRP injections and ultrasound. Patients may also be interested in more cutting-edge, cash-based services, such as sports performance measurements, enhancement without PEDS, in-office arthroscopy and nutritional support.
Less-profitable ancillaries for sports medicine physicians include MRI and CT, mainly because many other healthcare providers already profit from these services.
Dr. Connor also pointed out social media marketing in this day and age plays a huge role in the ability to bring in patients and maintain a constant revenue stream. This means tapping into Facebook and Twitter, creating a blog and revamping websites to make them sleek, modern and appealing to patients.
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With the emergence of healthcare reform, physicians will need to rethink how they operate their practice as the industry begins to move away from fee-for-service. In order to stay financially viable, physicians will increasingly need to look toward other ancillary revenue sources and determine which revenue streams are truly profitable and which revenue streams are dying.
Dr. Connor said “tried and true” ancillary revenue sources include 2-dimensional radiography, advanced imaging, DECA, MRI and physical therapy. Newer ancillaries that have emerged include durable medical equipment, pharmacy, PRP injections and ultrasound. Patients may also be interested in more cutting-edge, cash-based services, such as sports performance measurements, enhancement without PEDS, in-office arthroscopy and nutritional support.
Less-profitable ancillaries for sports medicine physicians include MRI and CT, mainly because many other healthcare providers already profit from these services.
Dr. Connor also pointed out social media marketing in this day and age plays a huge role in the ability to bring in patients and maintain a constant revenue stream. This means tapping into Facebook and Twitter, creating a blog and revamping websites to make them sleek, modern and appealing to patients.
Related Articles on Orthopedics:
Value-Priced Implants Can Yield Savings for Orthopedics and Spine Surgery
Orthopedics: The Next Five Years
Biologic Joint Replacement: The Future of Joint Replacement Surgery