Orthopaedic Practice Ancillary Services and Practice Diversification-Webinar Recording - Orthopaedic Practice Ancillary Services and Practice Diversification

Webinar Recording - Orthopaedic Practice Ancillary Services and Practice Diversification

Video Transcription

Video Summary

In this in-depth presentation, Steve Fiore, CEO of Orthopedic Specialty Group, shared insights on enhancing orthopedic practices through ancillary services and diversification. He highlighted the importance of ancillary services like imaging, therapy, and DME (Durable Medical Equipment), which constitute significant revenue streams. Fiore detailed the necessity of evaluating the capital investment for these services, considering the costs associated with technology and human resources.<br /><br />Fiore discussed the challenges with ancillary services, such as compliance with Stark regulations and managing designated health services (DHS). He emphasized the need for innovative strategies, citing examples like leasing companies and trauma management entities, and mentioned how ancillary revenue can support physician compensation, especially given declining reimbursement rates for traditional services.<br /><br />There was also mention of transitioning to no buy-ins for new partners to attract young physicians, allowing flexible buy-ins into real estate or surgery centers instead. Fiore noted some creative financial practices, such as creating LLCs for leasing and developing trauma companies to handle specific financial aspects of the practice.<br /><br />Throughout the presentation, Fiore stressed the importance of strategic planning, risk management, and continual evaluation to sustain and grow orthopedic practices amidst financial and operational challenges. Interaction with attendees included questions about expanding services and managing overhead effectively.

Keywords

orthopedic practices

ancillary services

diversification

revenue streams

Stark regulations

physician compensation

strategic planning

risk management