1. Train in the business world. When physicians go through medical school, residencies and fellowship training, they focus on the clinical aspects of practicing medicine and aren’t exposed to the business side of running a practice. This lack of knowledge and experience in business finances can put physicians at a disadvantage when they step into leadership roles. “Finances, human resources and marketing are all facets that are critical to a healthy business and practice,” says Rich Battista, MD, president and physician with OAA Orthopaedic Specialists in Allentown, Pa. “It’s challenging to try to lead people in the direction that the practice needs to go.” Physicians who have the time and resources to expand their business training or earn an advanced degree in business have an advantage, says Dr. Battista. However, if earning further degrees isn’t possible, physician leaders should seek out articles in business publications to learn more about finances and best business practices.
2. Hire a business office manager. Business office managers are critical to protecting an ASC’s bottom line because they are typically charged with collecting money from patients in a timely and efficient manner, says Ralph Gambardella, MD, an orthopedic surgeon and president of Kerlan-Jobe Surgery Center in Los Angeles. An effective business office manager also monitors payor contracts and reimbursements for procedures. “Our business office manager’s major goals have been aimed at trying to figure out how to receive payments from patients sooner and getting paid correctly for the medical service that was [performed],” he says. “They also are constantly reviewing, updating and changing somewhere around 30 different payor contracts to maximize coverage and making sure the [insurance] companies are reimbursing us properly according to the contracts.”
3. Create a website with physician profiles and links. The website should include surgeon profiles stating their credentials and professional affiliations so the patients know their surgeon’s qualifications. If the surgeon has a professional website or Facebook page, the website should link to those locations as well. “We want to link up the site with the doctor’s sites and other key sites so patients can find them easily,” says ill Rabourn, founder and managing principal of Medical Consulting Group. The number of surgeons with personal websites or connected to Facebook has been growing in recent years and patients often seek out these pages to become comfortable with their surgeon before the procedure. “Facebook pages are something that’s relatively new, but we really encourage the physicians to use it,” Mr. Rabourn says. “They don’t have to be the ones who manage their Facebook page, but it’s an important business tool.”
4. Join the local chamber of commerce. One of the most important aspects of marketing an orthopedic practice is networking within the community and forming a relationship with the other healthcare providers in the area, says Lester Morales, executive director of Laser Spine Institute in Scottsdale, Ariz. By joining your chamber of commerce, Mr. Morales says the practice executives will have access to information about events involving the healthcare community. “From what I’ve been able to experience and see, networking with the community is key,” says Mr. Morales. He suggests executives involve practice staff and physicians with outreach activities in order to create a greater understanding about community needs as well as administrative duties.
5. Make physicians aware of workers’ compensation. Practice physicians should be aware of the workers’ compensation programs in their state to best work with employers and case managers to return patients as quickly as possible to work. Physicians and employers can work together to create a return-to-work program for the employee, which keeps the workers’ compensation premium cost down, says Patrick Hinton, executive director of the Jacksonville (Fla.) Orthopaedic Institute. Having low premiums in workers comp cases is an attractive statistic for payors.
