Revenue Enhancement Strategies For Orthopedic Surgeons
As payers continue to reduce payments, and as quality monitoring, reporting, performance, and other expectations rise, savvy surgeons are looking for ways to increase revenue and ensure that their businesses are in a position to thrive financially. This article is intended as an overview for orthopedic surgeons regarding various revenue enhancement strategies. In this ever-changing reimbursement environment, a penny saved is a penny earned.
There exist within current federal regulations several opportunities for surgeons to increase efficiency, quality, and patient satisfaction while simultaneously increasing revenue. If not structured in a compliant manner, however, these arrangements can prove to be fatal in a strict regulatory environment including violations of the Stark law, anti-kickback statute, False Claims Act, and imposition of civil monetary penalties as well as the risk of criminal conviction.
In determining which strategy might be best for your practice, it is first important to determine your appetite for risk. The proposed strategies below must be carefully arranged to meet statutory and regulatory requirements. As such, it is crucial that in order to take advantage of these strategies, you consult experienced healthcare legal counsel, and stay informed about ever-changing healthcare laws and regulations.
Copyright (c) 2014 Jack Diamond, Esq., Jeana Singleton, Esq., Samantha Prokop, Esq.
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