AANA24 Shoulder All-Access Pass-GENERAL SCIENTIFIC SESSION: On the Road to Happy Hour, But First, Some Business (Main Stage)

Video Transcription

Video Summary

This General Scientific Session focused on the business side of orthopedic practice management, highlighting marketing, overhead realities, and advanced practice providers (APPs). Dr. Clayton Newell emphasized the importance of marketing, branding, and social media presence for practices, noting that 80% of internet users seek health information online, with social media promotion increasing academic citations and patient engagement. Brian Busconi discussed the financial challenges in hospitals, stressing that expenses are outpacing revenues, making "lean" operations essential. He explained that not all overhead is bad; investments in revenue-generating services like MRIs, physician extenders, and surgery centers are vital. Jason Ran and Dr. Brian Cole presented on the role of physician assistants (PAs) and nurse practitioners (NPs), showing how APPs improve efficiency, patient access, and surgeon wellness, often generating revenue while managing non-surgical patient care and reducing surgeon workload. Dr. Matt Provencher detailed ancillary revenue opportunities such as imaging, physical therapy, and surgery centers, emphasizing legal and financial due diligence in these ventures. Kevin Bonner addressed private equity's increasing role in orthopedics, discussing its pros and cons, noting that while some groups thrive, others face downsides like loss of autonomy and financial risks. He urged careful consideration and consultation before entering such partnerships. Overall, the session underscored that strategic marketing, lean management, leveraging APPs, ancillary revenue streams, and cautious consolidation are critical for modern orthopedic practice sustainability.

Asset Caption

Introduction by Moderators: Clayton W. Nuelle, M.D., FAANA, Sommer Hammoud, M.D.

Keywords

orthopedic practice management

marketing and branding

social media in healthcare

financial challenges in hospitals

advanced practice providers (APPs)

physician assistants and nurse practitioners

ancillary revenue streams

private equity in orthopedics

lean operations