Sessions Offer Business and Technical Perspectives and Trends
September 14, 2020
While there are International Organization Standards (ISO) for prosthetic components, there is currently no standard for the most crucial element of the prosthesis—the socket. The technical presentation "Is Your Socket Strong Enough? How Do You Know?" discussed how increasing use of additive manufacturing and recent legislation in Ohio that allows noncertified people to provide prosthetic care through devices created for free using 3D printers emphasizes the need for testing standards that would form a baseline for safety. Speakers in this session presented on activities of the ISO work group dedicated to O&P devices. Another topic of interest in this session was how finite element analysis technology used in the aerospace and biotech industries can be adapted to the O&P profession to predict socket fit and inform design decisions.
In the business arena, a panel addressed the aspects of selling an O&P business in the session "Selling an O&P Business—Key Information to Consider."
When the seller of an O&P business believes the time has come to put the business on the market, of all that needs to be considered and addressed, it is why they want to sell their business that is perhaps the most essential question.
The panel discussed the ins and outs and key information to consider when selling an O&P business, from the owner's evaluation of his or her decision to initiating the process through integration.
The topic is timely for a host of reasons, said Mike Schlesinger, president of corporate business development for Hanger, who has 39 years of financial and mergers and acquisitions experience. "[Specifically] the ongoing impact of comprehensive healthcare reform, resulting in a reduction in reimbursement rates and a more complex regulatory environment," said Schlesinger, who has worked on the closing of more than 140 O&P transactions totaling more than $430 million in revenue.
Schlesinger also added that the time to sell will be greater now and in the coming years because the consolidation of the O&P industry has accelerated with the implications of larger competitors with more resources at the regional and national levels.
Why the seller wants to sell is one of the most crucial aspects when starting the process, Schlesinger said. "Understanding your why influences your plan and actions throughout the sale process. As you go through this process, prioritize what's most important for you, your employees and your patients," he said.