The U.S. is currently facing increasing economic pressures, with economists predicting the costs of goods to skyrocket as a result of President Donald Trump’s tariff plan.
Healthcare experts found that 82% of hospitals expect costs to increase by at least 15% if pharmaceutical tariffs are imposed, and 90% of experts expect procurement disruptions.
Additionally, economists have predicted that the U.S. is headed towards a recession, with interest and inflation rates both on the rise, according to an April 30 report from USA Today.
One spine surgeon told Becker’s how he is preparing his practice for potential economic downturns.
Ask Orthopedic Surgeons is a weekly series of questions posed to orthopedic surgeons around the country about clinical, business and policy issues affecting spine care. Becker’s invites all orthopedic surgeon and specialist responses.
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Please send responses to Claire Wallace at cwallace@beckershealthcare.com by 5 p.m. CDT Friday, May 16.
Editor’s note: Responses have been lightly edited for clarity and length.
Question: How are you preparing your practice for a potential economic downturn or recession?
Jeffrey Kachmann, MD. Spine Surgeon at North Texas Brain and Spine Center (Frisco): I’m taking a proactive approach to prepare my practice for a potential economic downturn by focusing on a few key areas:
Diversifying revenue streams: I’m exploring ways to offer services that align with both surgical and non-surgical treatments. For example, incorporating outpatient procedures, physical therapy, or pain management services could help stabilize cash flow in the event of reduced surgical volumes.
Building strong relationships with referring physicians: Ensuring a robust referral network is essential. By staying connected with primary care physicians, orthopedists, and other specialists.
Operational efficiency: I’m focused on improving the operational efficiency of my practice. This includes streamlining workflows, reducing overhead costs where possible, and implementing technology to help with scheduling, billing, and patient communications.
Patient communication and education: Open communication with patients about the financial aspects of care is important. I plan to help patients understand the options available to them in terms of payment plans, insurance coverage, and financial assistance programs. A transparent approach helps maintain patient trust, even in uncertain times.
Maintaining high-quality care: Ultimately, the foundation of a successful practice during any economic climate is providing high-quality, compassionate care. Building a reputation for excellent outcomes and patient satisfaction.
