1. Do your own injections. Spine surgeons who do not currently perform their own pain injections and instead refer them out should learn how to perform these procedures themselves. Dr. Pettine suggests spine surgeons undergo training in this area and then begin first with lumbar spine injections. “A spine surgeon with a busy practice could generate another $100,000-$200,000 per year by performing these procedures,” says Dr. Pettine.
2. Don’t rely on ancillaries. While many practice administrators may view ancillaries as a cushion for physician fees, Dr. Pettine warns that most of his practice’s ancillaries are essentially breaking even, even in the best circumstances. “Here’s a situation that can’t possibly get any better: we have an MRI scanner that is 100-percent owned by two surgeons; it’s the only open MRI in a 60 mile radius, and it’s still barely profitable,” he says. Other ancillaries at RMA Ortho, such as DME and a pharmacy, do create a profit, but it is still very minimal, according to Dr. Pettine.
3. Invest in an ASC. If a spine surgeon has not currently invested in an ambulatory surgery center, Dr. Pettine urges them to consider doing so. Although an investment doesn’t directly contribute to practice revenue, it does help drive a surgeon’s individual income. “In terms of my annual income, my ownership makes up the largest portion of that, followed by surgical fees,” he says.
Learn more about RMA Ortho.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.
