The healthcare landscape is evolving quickly – and urology is not immune. Across the industry, costs continue to increase, the urology workforce shrinks, and independent practices are plagued with numerous challenges. This perfect storm of obstacles makes running a successful independent urology practice particularly difficult. As a result, many turn towards the promise of consolidation for financial support and to ease some of the business operations burdens. Unfortunately, while there are some benefits to consolidation, many independent practitioners end up missing the autonomy and flexibility they had when running their practices on their own.
While overcoming the challenges of urology practices may feel nearly impossible, you don’t have to overcome them alone. Other independent doctors like you are partnering with urology practice management experts to improve practice operations and further secure their independence.
A urology practice management expert can support you with the tools and expertise needed to secure your independence.
The Current State of Urology
Increasing Demand
As with other specialties, the demand for urological services in the US continues to increase as the population ages.
- The number of Americans 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050 – a 47% increase.
- The Medicare population (those 65 and older) utilizes urology services at three times the rate of other age groups.
- The demand for urologists is highest in rural areas – where 62% of counties in the US do not have a practicing urologist.
Shrinking Workforce
Unfortunately, as demand increases, the workforce, although it is growing slowly, cannot keep up.
- Supply for new urologists is significantly impacted by the Balanced Budget Act of 1997, which limits the number of government-subsidized residency positions and their funding.
- Urology is one of the oldest subspecialties. 58% of private-practice urologists are 65 and older, and 33.8% of male and 34.5% of female urologists plan to retire before 70.
- Even with significant growth, the urology workforce won’t recover to meet current levels until 2042.
Ongoing Consolidation
Outside of workforce shortages, urology practices continue to consolidate – leaving patients with few options regarding prices and care.
- Between 2014 and 2022, the number of urologists working in private practice decreased from 64% to 51%, while the number of employed urologists increased from 49% to 65%.
- The number of urologists in multi-specialty groups increased from 1% in 2010 to 28.2% in 2016
Urology Practice Challenges
Consolidation appeals to many independent doctors because of the growing challenges of running a specialty practice.
- Financial pressures as Medicare continues to decrease physician conversion factors and reimbursement rates as general practice operation costs continue to increase.
- Administrative burdens continue to grow more complex, with changing rules and requirements for each payer – forcing urologists to spend an average of 14 hours per week on paperwork and administrative asks.
- Workforce shortages of not just doctors but other supporting staff, such as nurses and administrators, who are all needed to support practice operations.
Running a successful practice takes more than just being an excellent doctor – you need a urology practice management partner to support you in running the business side of your practice.
Curious where your practice finances stand compared to other private urology practices?
Try our Profit & Loss Calculator
It’s Time to Find a Urology Practice Management Expert
While consolidation may be the right option for some practitioners – it’s not the only option. For urologists looking to maintain their independence but ease some of the headaches of practice operations, we recommend finding a urology practice management expert, such as TRIARQ Health.
Urology practice management experts allow you to maintain your practice independence without sacrificing the flexibility you enjoy.
The right partner will provide the urology practice management services needed to help your practice thrive.
A urology practice management partner will provide you with specialty-specific tools and expertise to improve all aspects of your practice. This includes both administrative and financial processes so you can steer your practice toward sustainable independence. If you select TRIARQ as your urology practice management partner, we will be able to manage and streamline all the administrative challenges you’re currently facing with tools and services, such as:
- Technology management, including selecting, managing, and maintaining IT systems
- Financial optimization, such as billing and coding, and keeping up with complex prior authorization processes
- Employee management, like handling the costs of support staff as well as hiring, managing, and training them
- Payer relations, including all the complexities of prior authorization and constantly changing processes
- Regulatory compliance, such as adhering to HIPAA regulations, government directives, and other policies involving business risk
- Practice operations, including streamlined care coordination for strengthened practice operations
- Market dynamics will help you understand where your practice stands compared to similar practices, hospitals, and health systems in your area.
Your urology practice management partner will provide the tools and services needed to secure your practice's independence while you focus on patient care.
Get Started with Urology Practice Management Services
Our goal at TRIARQ is to help you grow and maintain a successful independent urology practice – and we do this through comprehensive urology practice management service offerings. By working together, we can transform the business side of your practice to further secure your independence and relieve the headaches of modern healthcare bureaucracy. We’re here to handle your administrative challenges so you can focus on what really matters – caring for your patients.
Prepare for the Future with TRIARQ Health
Healthcare is changing – fast. If you’re not ready to adapt to the needs of today’s market, you will be left behind. This can feel like a huge burden when you’ve already spent years setting up and running your practice. However, you don’t have to navigate these changes alone. We’re here to help you evolve your practice operations to meet the needs of today’s competitive landscape. As your urology practice management expert partner – we’re here for you.