Practice and Provider Marketing

Diverse offerings and growth may increase the value of practices for investors, while having regulatory risks may decrease that value, according to a presenter at the Physician Transactions Conference.

Published literature has shown the postponement and cancellation of elective procedures during the COVID-19 pandemic had a substantial financial impact on orthopedic practices and hospitals.

Orthopedic practice consolidation is rapidly accelerating. External influences are numerous and include the financial stress of the COVID-19 pandemic, as well as hospital and health care system investments in musculoskeletal care.

Owners of newly or already established orthopedic walk-in clinics can market and promote their clinic directly to the consumer, through primary care clinics and within their own office, according to a presenter at the American Alliance of Orthopaedic Executives Annual Conference.

The time and commitment required to work with college and professional teams are significant. When considering the hours during the week and the weekends, in addition to the travel demands, it is commonplace for an acting team orthopedist and the supporting practice to question whether it is worth it.

by Bill Champion

In most average-sized to large-sized markets, there is at least one publication that publishes either a “top docs” or a “#1 in the market” issue. These publications and their online versions are often operated and promoted differently by market, but at the end of the day, two questions remain. Is being identified as a “top doc” of any value to you or your practice? And secondly, is there value in purchasing the advertisement offer that follows shortly after receiving this acknowledgment?

You and your practice receive numerous financial requests to support organizations in the form of sponsorships every single year. These sponsorships can range from hospital-related galas to large sporting events and charitable fundraisers. Sponsorships come in all shapes and sizes and involve a broad range of participants and benefactors. With so many options and so many different audiences, how do you know which sponsorships offer you and your practice real value and which ones are simply spending money?

Online reviews have been infiltrating the internet since the early 2000s and have been further influenced by the growth of Amazon with product reviews and more recently with Google, which implemented reviews as part of its overall search platform. From an orthopedic perspective, reviews have proliferated throughout numerous sites and work so differently that few single strategies can solve the online reputation challenge.