In the past 13 years as I’ve gotten to know people in the profession, I feel confident saying that most did not gravitate toward it primarily because of money. But without stable businesses, dedicated clinicians cannot provide the valuable services patients need. In this issue we look at some of the challenges business leaders confront as they balance providing quality care and profit.
One of the things that independent practice owners must consider is how they will handle their businesses once they make the decision to retire. In “O&P Practitioners Consider Future Succession Options Amid Changing Landscape,” practice owners share their perspectives about what they will need to look at when it comes their turn, using some factors their predecessors also considered. And consultants share their insights about options open to those looking to sell or pass along their practices to the next generation.
As with any business, O&P clinics can only be successful with the right employees in place, and that starts with finding and hiring employees whose skills and work styles fit with the practice. “The Art of Hiring: Finding the Right Candidate in O&P” discusses how managers can effectively identify and recruit new employees in a tight labor market.
Throughout the years, the financial backing behind healthcare businesses has shifted. Institutions once financed primarily by an individual or group of individuals who are directly involved in providing care have shifted toward corporate ownership, and private equity groups have entered the market. While this phenomenon is still somewhat recent in O&P, “Private Equity in Healthcare” explores the research about the impact this model has had in hospitals and nursing homes and what the implications may be for O&P.
Finally, “Medicare Expands Coverage for Microprocessor Knees for K2 Beneficiaries” delves into the details of the policy that opens up MPKs for K2 ambulators previously unable to access the beneficial technology.
Happy reading.
Correction: In “Spider Bite Changes Course of Woman’s Life,” July 2024, Adria “Nikki” Twyman’s amputations were misidentified. She has a right transfemoral and a left transtibial amputation.
