Costs are rising while reimbursement rates continue to drop.
Matthew Harb, MD, orthopedic surgeon at the Centers for Advanced Orthopaedics in Bethesda, Md., connected with Becker's to answer, "What is the biggest threat to the orthopedic industry?"
Note: This response has been lightly edited for length and clarity.
Dr. Matthew Harb: The biggest threats to the orthopedic industry are rising costs and decreasing reimbursement. The costs associated with running an orthopedic practice has significantly increased, a trend that has become incredibly evident in the past few years. The cost of rent, payroll, supplies, equipment and employees have all surged in recent years. This forces practices and providers to either see more patients in shorter amounts of time, cut staff, shut down practice locations, or fall victim to a private equity buyout — all of which has diminishing effects on patient care. To make the situation worse, reimbursement has failed to keep up with inflation. Instead, it has declined year-over-year, stressing the situation further.