Organic Growth through Technology Solutions with Peter McCann
Below is an excerpt of the full interview conducted with Peter McCann. Download the PDF now for the full article.
Key Takeaways
Guiding Principles
- We are selling patient satisfaction.
- Fundamentally, private practices like to be private, especially in orthopedics. We developed a model where they feel that they are still in that private practice and they have control.
Key Organic Growth Opportunities in Orthopedics
- ASCs.
- Provider recruitment.
- Enhanced patient acquisition through technology solutions (e.g., self-scheduling).
- Orthopedics is unique in the fact that 65% of referrals come from former patients and these former patients really drive the success of the given practice
Approach to Scaling the MSO
- Remain focused on core specialty – avoid distracting expansion too far from core focus until a later date
- Prioritize add-on acquisition fit over growth for the sake of growth. Physician to physician relationships to create exclusive discussions with attractive practices that are otherwise not involved in a broad process
- Preserve local practice culture, systems and autonomy – at least until the MSO has matured over the next 5+ years. In the meantime, limited centralized services and light central MSO team – heavier interim reliance on specialized third-party service providers.
- Focus on data analytics to allow for centralized performance visibility across dispersed network and disparate systems. Requires clean data mapping in order to arrive at meaningful, actionable dashboarding results.
Value-Based Care in Orthopedics
- Concept remains early stages in orthopedics – will require further development over 10+ years.