It’s all about the ancillaries

By Thomas J. Grogan, MD

The medical practice of orthopaedic surgery is fun, intellectually stimulating, and rewarding. However, developing a financially successful practice is challenging. In today’s climate of declining reimbursement, every surgeon needs to spend time developing a practice strategy to ensure financial success in the years to come.

Don’t count on reimbursements
The current favored technique of containing medical costs seems focused on reducing reimbursement rates. Indemnity insurers are giving way to managed care systems intent upon reducing contract reimbursements. The number of employer-sponsored third-party programs is dropping, while government programs such as Medicare and Medicaid—with limited budgets for physician compensation—are expanding. Uninsured and underinsured patients stress the financial fabric of every practice.

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