Outsourcing and referrals has been the trend in medicine for many years, the rationale being it allows specialists to focus on their core skills. But as the squeeze on physicians’ reimbursements continues, interest in ancillary services has been increasing. A report showed that starts of new ancillary services rose from 19% of physicians in 2013 to 21% in 2014 and it continues to rise.
What are the primary ancillary services for orthopedic practices? Probably number one is radiology-related services including MRI. This is an area which requires a significant investment and a well-researched business plan that may or may not benefit the bottom line.
Medical devices, however, is an area that can be a big revenue booster with virtually no investment of capital.
“The biggest hurdle to a higher profit margin is the cost associated with implants
and other expensive medical supplies or devices.” – Success Stories from Outstanding Orthopedic Practices, Medical Group Management Association
There is an erroneous belief that all medical devices are expensive, and in order to get the best you have to spend a lot of money. We are working to dispel that false notion on a case-by-case basis, and we’re winning!
If your practice is outsourcing fitting for braces and other medical devices, we might be able to help you recover that lost revenue stream. Every day we’re working with orthopedic physicians and helping them retain money that used to go elsewhere.
Your bottom line is in your control. Let’s have a discussion about steering revenue back your your practice.
“Control your own destiny, or someone else will.” – Jack Welch