Financial Strategies to Improve Your Practice (AANA25)-Financial Strategies to Improve Your Private or Employed Practice; What You Need to Know!

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Video Summary

In a recent discussion by several orthopedic specialists, the focus was on adapting to changing times in the medical field and exploring alternative revenue streams. The conversation opened with an acknowledgment of the evolving healthcare landscape, encouraging physicians to embrace change as an opportunity. Doctors shared insights into navigating these changes creatively, including revisiting coding practices for surgeries and orthopedic procedures to optimize income, emphasizing the importance of using the right keywords and understanding bundled services.<br /><br />An intriguing notion was the shift in revenue dynamics, with clinic visits becoming more financially rewarding due to increased E&M (Evaluation and Management) values, compared to surgical procedures. This trend calls for orthopedic surgeons to adapt by valuing clinic time as much, if not more, than surgical time, which was traditionally seen as the primary revenue source.<br /><br />Further exploration covered ancillary services such as in-office MRIs, physical therapy services, and employing physician extenders to boost practice efficiency and profitability. These ancillaries were highlighted as essential tools, potentially increasing earnings by 20% to 50%.<br /><br />The session also touched on the direct engagement with employers for musculoskeletal care, noting that as employers move towards self-funded models for health insurance, direct contracting with service providers could be mutually beneficial.<br /><br />A particularly innovative revenue strategy discussed was the concierge model, with one practitioner sharing their success, highlighting its potential with an annual revenue impact reportedly at a 300,000 mark, based on providing personalized ongoing care for a fee.<br /><br />Throughout, the emphasis was on being proactive, understanding the financial flows within practices, and identifying how to remain highly efficient and patient-centered while maximizing economic returns.

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Keywords

orthopedic specialists

alternative revenue streams

healthcare landscape

coding practices

E&M values

clinic visits

ancillary services

in-office MRIs

physical therapy

physician extenders

direct contracting

concierge model