IC 204-2022: The Business of Medicine: Hospital-Based, Academic, Private Practice – Learning How To Succeed-The Business of Medicine: Hospital-Based, Academic, Private Practice

The Business of Medicine: Hospital-Based, Academic, Private Practice – Learning How To Succeed (1/5)

Video Transcription

Video Summary

The speaker begins by stating that they have heard many talks on coding and coding in the shortest amount of time, but this has been one of the best ones. They mention that they come from a private practice perspective and ask the audience how many are also in private practice. They then discuss the challenge of balancing clinical practice and the business of medicine, highlighting the declining reimbursement and increasing costs. They mention the consolidation of groups and the shift towards outpatient care. The speaker emphasizes the importance of value-based care and outcomes, both for research purposes and for benchmarking against peers. They then focus on creating verticals to replace professional compensation, discussing various aspects such as owning the patient journey, regulation and compliance, imaging services, physical therapy, durable medical equipment, orthobiologics, reputation management, and outcomes. The speaker concludes by noting that despite their efforts, income has stayed the same, and that the ASC side has been the most important contribution to income. The talk is presented by a speaker from Midwest Orthopedics of Rush, Chicago.

Asset Caption

Brian Cole, MD, MBA

Keywords

private practice

reimbursement

outpatient care

value-based care

verticals

income