Orthopaedic Practice: 4 Ways to Increase Revenue
Reading Time: 3 minutes read
In-house imaging provides orthopaedic practices with ancillary revenue stream.
“Where you win or lose the game in a medical practice is on the revenue side of the balance sheet.”
Orthopaedic practices, like all medical practices, are feeling the pinch of increased costs, reimbursement pressure, and time-consuming administrative procedures. But on the positive side, there are many opportunities to increase revenue to make your orthopedic practice not only more profitable, but more efficient, for and more satisfying for your patients.
The AAOS created a useful 45-page guide, Enhancing Your Practice’s Revenue: Pearls and Pitfalls (A Primer for Orthopaedic Surgeons (1). It gives excellent recommendations for adding services, staff, and equipment that are likely to generate incremental revenue in an orthopedic practice.
These suggestions include Non-Physician Extenders (NPEs) such as Physician Assistants (PAs), Nurse Practitioners (NPs), and Athletic Trainers (AT/ATCs), who can “increase physician productivity, patient satisfaction, quality of care, and physician revenue.” Another idea for ancillary revenue generation for orthopedic practices is to add non-surgical physicians who can provide coverage when the surgeon is in the OR. Urgent care centers are another opportunity to make use of your physical set-up and location to build revenue after hours or on weekends.
Report: in-house imaging provides ancillary revenue stream
The report also includes a section on imaging services. To set the stage, the report states, “Imaging has become an integral part of many orthopaedic offices. In-house imaging provides an ancillary revenue stream, improves practice efficiency, and may play a role in overall patient satisfaction.”
The CARESTREAM OnSight 3D Extremity System makes in-house imaging a real possibility for orthopedic groups. The OnSight CBCT system was designed for orthopaedic practices and is a fraction of the cost of a traditional CT imaging solution. Also, it fits into an 8′ X 10′ exam room and doesn’t require special wiring—it plugs into a wall socket. So it represents a significant opportunity for orthopaedic surgeons to expedite the imaging they need in order to plan surgical treatment—and keep the revenue in house – an important element of revenue cycle management.
As the AAOS report concludes, “Imaging technology continues to evolve, allowing orthopaedists to diagnose diseases, disorders and conditions more quickly and with even greater accuracy. The result is a win-win situation for patients and doctors alike.”
Learn more about how onsite imaging can help increase revenue.
1Thomas Grogan, MD, and Adam Soyer, DO; Co-Editors, AAOS Practice Management Committee, American Academy of Orthopaedic Surgeons, Enhancing Your Practice’s Revenue: Pearls and Pitfalls (A Primer for Orthopaedic Surgeons)
#RSNA16 # IDoR16
Mahesh Krishnan is the Vice President of CBCT, North America, at Carestream Health