Issue link: https://beckershealthcare.uberflip.com/i/1335763
25 PRACTICE MANAGEMENT Where we normally would spend a dollar, we now thought, "Well, let's be cautious and spend 60 cents and just hold on to the 40 cents and see what happens in the fall and into the winter." We generally made less distributions than we normally would, which allowed us to extend ourselves deeper into the year and just added a little bit more of a conservative mindset among our shareholders. Financial planning is a key part of our future — as it should be in every practice. Q: Are there any expansion plans in the works that you can share? AB: Yes, there are a couple but due to the nature and timing of things I am not at liberty to share details. Our goal in 2021 was to have an expanded platform of musculoskeletal services that could align with the needs of the patients and the payers as well as related health systems. I think we will increase our alignment with systems and payers. We believe that larger health systems and payers are eager to partner with a platform that helps them achieve success in orthopedics as a component of the whole health de- livery ecosystem. Larger systems have the added pressure of concerns around everything from cardiology to oncology to COVID-19 and a whole host of other items. We feel that by providing a high-quality musculoskeletal platform that they can tap into and partner with effectively, we can play a positive role in being best in class for that segment of the total healthcare dollar. Q: We've seen a significant number of mergers and acquisi- tions in the orthopedic field this year. Do you think these larger groups are the future for orthopedics? AB: We do. We've known for a couple of years that the regulatory changes that were initially brought on, aggressive changes to electronic medical re- cords, for example, that was the first wave that put a lot of pressure on smaller private practices, and I would say that continues to be a pressure point for us or for any of the orthopedic practices. Healthcare is in an odd spot right now in the sense that the push toward greater transparency and quality, which we welcome with open arms, is con- tinuing to accelerate. So people want to know, "How good is the provider that I'm seeing?" e hospital price transparency rule taking effect in January is going to increase patients' knowledge of cost and value — as they perceive it — so the consumer demand for that information will only increase. All of those things continue to put administrative pressure on us. Smaller practices can't survive that in the long term. One of the things that we think is a critical component is cybersecurity. Ac- tually, cybersecurity is something that if you asked me five years ago versus the sophistication that is required of us today, it's massively different from what it was in the past. ose kinds of things compounded are going to make it very, very difficult for small practices, and those smaller practices are ei- ther going to partner together and form larger groups or they have to do something else. Q: Is there anything else you'd like to add that we haven't touched on? AB: I'd like to emphasize that we were very focused on our OrthoHealth program. We feel that the quality of life combined with what we call ortho- pedic health — meaning great nutrition, appropriate sleep, monitoring all of our healthcare vitals and doing so in an optimal manner that keeps you out of our surgical offices — is really one of the necessities of healthcare for the future. We're excited about what can happen and what that'll do. We've got a very large physical therapy presence across the Chicagoland area. We plan on using that footprint to help people stay healthy and to actually prevent them coming to us in the first place. We view that holistic approach as an import- ant cornerstone of our future. We aim to be known for health excellence all year round, not just healthcare when needed. n Northern Neurosurgery & Spine to move into $16M facility with surgery center By Alan Condon F argo, N.D.-based Northern Neurosurgery & Spine is set to lease space in a $16 million medical facility with a surgery center in Dulu- th, Minn., according to the Duluth News Tribune. The center "will provide boutique clinical and sur- gical care not currently available in our market un- der one roof," Ben Fagerlie, administrator at the practice, said in a news release. Titanium Partners is redeveloping the United- Health Group building. UHG will remain on the top floor with its 600 on-site employees. A physical therapy practice and Dermatology Du- luth will also lease space in the building. Construction is set to begin in June and end in late 2021. n PE firm, US Orthopedic Alliance partner to foster growth initiatives By Alan Condon U .S. Orthopedic Alliance teamed with Castleford Capital, a New York City-based private equity firm, to form USOA Strategic Capital to support growth initiatives and partner- ship opportunities. The partnership provides an opportunity "for or- thopedic practitioners considering an investment to expand their practice, upgrade a surgery center, or merge with other practices," Jeffrey Marlough, managing director of Castleford Capital, said in a Dec. 1 news release. Lake Forest, Calif.-based U.S. Orthopedic Alliance provides management services for more than 100 orthopedic surgeons, 12 ASCs and one specialty hospital. Services offered by the company include revenue cycle management, contracting, risk management, and value-based care resources such as infrastruc- ture, technology and data analytics. n