Insights from the AAHKS Conference 2024: Key Takeaways for Orthopedic Practices
In early November, TRIARQ Health had the privilege of attending the AAHKS (American Association of Hip and Knee Surgeons) Conference in Dallas, Texas. The conference provided an opportunity to connect with orthopedic surgeons and industry leaders. As the orthopedic field continues to evolve, several critical themes emerged from the conversations we had and the sessions we attended. Below are some key takeaways we believe are highly relevant for orthopedic practices navigating today’s challenges.
1. Prior Authorizations: A Persistent Hurdle
Orthopedic surgeons and practice administrators repeatedly emphasized the growing burden of prior authorizations. These administrative challenges strain resources and delay delivering timely care to patients.
• Key Insight: Streamlining processes and adopting technology solutions to automate and manage prior authorizations can help reduce friction in daily workflows.
• Action Point: Consider using tools that integrate seamlessly into your practice’s systems to optimize efficiency and improve patient satisfaction. Read more here.
2. Managing Costs While Optimizing the Physician's Schedules
Many practices grapple with the dual pressures of rising operating costs and stagnant fee schedules. Coupled with the increasing demands of full patient schedules, it’s becoming harder to maintain profitability while delivering high-quality care.
• Key Insight: Practices must adopt a strategic expense management approach while identifying new revenue opportunities.
• Action Point: Evaluate operational efficiency and explore partnerships that can help reduce costs, such as group purchasing organizations or outsourcing non-clinical functions. Explore your P&L here.
3. The Need for a Strategic Plan
Consolidation and pressure from health systems are reshaping the orthopedic landscape. Many surgeons expressed concerns about maintaining autonomy and defining their practice’s future amidst these shifts.
• Key Insight: To remain competitive and sustainable, practices must adopt a proactive, long-term strategy.
• Action Point: Consider how partnerships, joint ventures, or even mergers might align with your practice’s vision. Having a clear roadmap can help mitigate risks and capitalize on emerging opportunities.
4. Adapting to Value-Based Care and Population Health Models
The push toward value-based care continues to impact orthopedic practices. Transitioning to population health models requires a shift in mindset, infrastructure, and resource allocation.
• Key Insight: Practices must identify how to align their services with value-based care metrics while ensuring strong financial performance.
• Action Point: Explore programs that help bridge the gap between fee-for-service and value-based care. Focus on patient outcomes to position your practice as a market leader.
5. Strengthening Referral Networks in a Competitive Market
Building and maintaining a robust referral network remains a priority for orthopedic practices, especially as competition intensifies. Practices that deliver value and foster relationships with referring providers are better positioned to succeed.
• Key Insight: Referrals are built on trust, collaboration, and mutual benefit.
• Action Point: Invest in relationship management tools and dedicate time to engaging with referring physicians. Demonstrating your practice’s ability to deliver consistent, high-quality outcomes is critical to strengthening these connections.
Final Thoughts
The 2024 AAHKS Conference reaffirmed orthopedic practices' resilience and adaptability in the face of numerous challenges. By focusing on operational efficiency, strategic planning, and collaborative care models, practices can better position themselves to take advantage of opportunities and create new ones in the ever-evolving healthcare landscape.
For those who couldn’t attend, we hope these insights provide a valuable snapshot of what’s shaping the orthopedic field today. TRIARQ Health is here to partner with practices to navigate these challenges and ensure success in a competitive environment.