Managing the academic orthopaedic practice as a business

• Published in: Instructional course lectures Vol. 55; p. 663
• Main Authors: Schaffer, Jonathan L, Zembo, Michele M, Hamilton, James J, Isenman, Albert W
• Format: Journal Article
• Language: English
• Published: United States 2006
• Subjects: Humans; Marketing of Health Services - methods; Orthopedics - organization & administration; Practice Management, Medical - organization & administration; United States; United States
• ISSN: 0065-6895

Efforts by academic orthopaedic surgeons to provide patient care, educate trainees, and perform research into the various facets of musculoskeletal afflictions are being challenged by changes in technology, financing, and demographics. In the current economy, efficient, cost-effective management is essential for survival of an academic or private orthopaedic practice. All practitioners should be acutely aware of the principles involved in the management of a private practice, but academic practices must also deal with such factors as the teaching of residents and medical students, the expectation of comprehensive coverage, indigent case load, and research. Orthopaedic surgeons in the academic environment must proactively manage their practices as businesses to maintain sufficient financial viability to support the other endeavors. Academicians therefore must have an understanding of the principles that will impact their practice and assist in the analysis of an academic practice's productivity.