The Future of Independent Orthopedic Practices
AAOS 2023 wrapped up in Las Vegas last week. This event was TRIARQ Health’s first large industry conference since COVID; being back among the industry’s top surgeons and vendors was invigorating. Great work is happening in the world of orthopedic surgery. Yet, at the same time, we spoke with many providers who were at a crossroads with their practices. Many of these doctors are considering whether or not they sell their practices to a private equity partner, become hospital system employees or strive to maintain their independent practice. The providers we spoke with are adamantly opposed to the former and were looking for ways to combat the rising costs of running their practices.
There is a palpable ferocity in the providers adamantly opposed to being acquired. They see that their fee-for-service revenue is inconsistent and lower than ever. Their costs are rising, and there is growing complexity in managing daily operational tasks. The doctors we engaged with understood that a transition to value-based care (VBC) was the way they could change the equation, streamline costs and integrate new capabilities to enable the sustainability of their private practice. Some of the best conversations we had were with those doctors that were ready to make the shift to VBC. Some of the best questions we got were, “How can we do that?” and “How do I truly know the total cost of care for each patient?”
Changes Are Happening Fast
The fact is that payers and providers are rapidly moving beyond traditional roles to be integrated health services companies, enabling success through innovative partnerships. Adopting a VBC approach can help provider organizations build a reputation as high-quality, cost-effective care leaders. VBC attracts new patients, talent, and partnerships with other organizations in the healthcare ecosystem. In addition, partnering with payers in new ways allows providers to integrate new capabilities and access new opportunities in Revenue Cycle Management (RCM) and VBC. We call this the “Journey to Value.”
The Journey to Value requires practices to evolve their current RCM processes from just billing and collections to one that becomes a sophisticated tool to manage costs and enable doctors to provide the best quality care at the greatest value. At TRIARQ Health, we have that tool, and our mission is to help independent orthopedic practices achieve better financial and clinical outcomes and deliver more efficient, effective, patient-centered care.
There is a way for independent orthopedic practices to stay independent, and TRIARQ Health is the right partner. We are not like other RCM or EMR vendors. We are a partner on the journey to value.
The Strengths of TRIARQ Health
TRIARQ Health offers an easy-to-use, comprehensive suite of high-quality tools and services to help independent orthopedic practices streamline processes, improve patient care, and increase profitability. Our combination of EMR, service line masters, practice management, clinical care team, and revenue cycle certified experts equips orthopedic practices with everything they need to thrive in today’s challenging healthcare industry.
We take pride in helping independent practices thrive and focus on what’s most important to them. Contact us if you are ready to learn more about the journey to value.