2021 Annual Meeting Startup & Practice Management Access Pass-Group 2, Part 2

Video Transcription

Video Summary

The speaker discusses practice management challenges faced in various orthopedic practice settings, emphasizing the need to understand healthcare economics regardless of environment—solo, group, or hospital-employed. Drawing from personal experience managing a $12 million mid-size practice, they highlight issues like declining reimbursements and increasing consolidation. A key success strategy shared was implementing electronic medical records in 2002 to reduce transcription costs, saving about $8,000-$10,000 per surgeon annually. They advocate for physicians to engage with financial officers to monitor economic health regularly and adapt to changes proactively. When joining a practice, important considerations include growth, insurance mix, competition, and ancillary services like MRI and PT availability. Driving patient volume relies heavily on surgeons' work ethic, effective marketing, and practice organization to retain patients within the system. Resources like the Academy and NGNA are recommended for learning practice management, though materials are limited. Overall, understanding financial metrics and strategic practice management are critical for long-term success.

Asset Caption

Dr. Louis McIntyre

Keywords

orthopedic practice management

healthcare economics

electronic medical records

practice financial strategies

patient volume growth