In a blog writing that I did on Healio.com, I explain why it’s not only logical, but also necessary to the survival of physician specialists to carefully consider how their time is allocated as part of their business practice. We see this approach in almost every industry outside of medicine. But, I’d argue it is critical to our success in our chosen field of medicine.
Read Here: Healio: The Business Minded Surgeon Blog
Dropbox CEO Drew Houston has a vision of what is missing in modern software. This will especially ring true for those in medical practice. Have you considered that in an era of big data and analytics in healthcare, one of the most obvious ways that data can lead to a more productive practice is often overlooked? Specifically, let’s consider the appointment and pre-appointment phases of patient scheduling.
What do patients really want from our technology investments? This article shines light on what is really important to consumers and the answers may surprise you. It’s a must read article for any physician owned practice.
How many times have you read about the importance of diversifying your retirement portfolio? As we all know, diversification balances risk and reward and converts an individual’s financial assets from a disparate collection of individual investments into a coordinated package with mutually reinforcing components. And, that package becomes a very valuable entity—one that could be sold at any time and converted into an annuity if the owner wanted to begin reaping the rewards prior to retirement age. That process, selecting and packaging individual investments into a tradeable commodity, is called “securitization”, a term that got a lot of press in the sub-prime lending crisis of 2009. Is a similar phenomenon at work in healthcare today?
An average Orthopaedic Surgeon is worth $2.7 M per year to a hospital, but only gets paid about $500,000 if employed. This is an important number for private practice surgeons to know, because they are generating a portion of that $2.7 M for the hospitals where they perform operations, send patients for imaging studies and physical therapy, etc.
As patients have become more and more responsible for the costs of their healthcare encounters, it has tremendously increased the bad debt that practices are encountering. The two strategies I recommend in the post below are both now in our grasp: verifying the payer and plan at the time of request, and building in the ability to pre-pay deductible in order to get a better selection of appointment times to choose from.
Propublica recently published Medicare quality data for Orthopaedic surgeons and ranked surgeons nationwide based on this data. The data itself was highly suspect and prompted significant erroneous conclusions nationwide, causing damage to thousands of doctors who did not deserve to be smeared.