At the 12th Annual Spine, Orthopedic and Paine Management-Driven ASC Conference in Chicago on June 13, Blair Rhode, MD, operator of the Orland Park (Ill.) Orthopedics Center for Sports Medicine and owner of the orthopedic implant company Orland Park-based RoG Sports Medicine; Jon O'Sullivan, principal and founder of the financial advisory firm HealthEconomix; and Jarod Moss, senior vice president of business development for United Surgical Partners International, discussed trends in orthopedics during a panel discussion moderated by Amber McGraw Walsh, JD, a partner at McGuireWoods.
Here are four insights the panelists offered during the discussion.
1. Orthopedic practitioners tend to be more independent than other specialists. "Orthopedics is unique in its ability to have some scale of magnitude but also to stay independent," Ms. McGraw Walsh said, broaching the topic of what makes the specialty stand out.
Mr. O'Sullivan agreed, saying "orthopedics tend to be more independent in thinking and working styles."
2. Bundled payments are the way of the future. For orthopedic specialists, the opportunity lies in bundled payment and self-pay models, Dr. Rhode said. Although he believes the healthcare system will eventually shift to a single-payer model, "for the time being, there are still self-insurance unions…and they're looking for the best price," which can be offered through bundles, he said.
Mr. Moss said bundled payments offer a solution for reforming the discussion with payers from its current state of "getting in a room and beating each other up."
"We're trying to change the conversation with payers from the historical back-and-forth to more of a strategic partnership and working together," Mr. Moss said.
3. Focus on patient engagement is intensifying. Along with the rise of consumerism in healthcare, orthopedic specialists are focusing more on patient engagement tools and direct patient marketing, Mr. Moss said. "The orthopedic surgeons we work with see the opportunity to directly create demand as patients make their own decisions," he said.
Mr. O'Sullivan said he has also witnessed an increase in the use of online portals to engage and educate patients. He also mentioned the rise of "pre-hab" programs: "It's a joint camp the patient goes to well before their surgery, so they can be better positioned to have a better outcome because they've done some conditioning some strengthening."
4. Orthopedics is ripe with opportunities for cost reduction and innovation. From cases to implants to facilities, a "huge amount of money" goes into orthopedics, Mr. O'Sullivan said. "Wherever there's money, people are looking for strategies to change the equation."
Mr. Moss said orthopedics has high growth projections for the future, and the amount of money and variation within the specialty provides "lots of opportunity to provide solutions."
More Articles on Orthopedics:
Is Bundled Payment the Biggest Opportunity for Orthopedics?
4 Popular Professional Service Agreement Options in Orthopedics and Spine
5 Things to Know About Orchid Orthopedic Solutions' Growth