Beyond the Financials: The Real Value of Membership
At this point in our organization’s young history, we have already seen the strength that our collective size and prominence affords us in terms of negotiating power, whether with the payers, large medical suppliers or technology partners. From a financial perspective, we are winning and reaping the rewards of our shared efforts. I would, however, also submit that the Centers can bring great value beyond the array of financial benefits we have gained thus far.
To start, we have before us the opportunity to mobilize one of the most powerful collections of clinical data in the history of orthopaedics. While on the surface that might seem like a bold statement (and I have never been accused of being modest), it is really quite attainable when considering that The Centers for Advanced Orthopaedics is one of the biggest, if not the largest orthopaedic organization in the country. We have a wealth of patient data that would rival any of our peer groups.
So how do we unleash the power of this clinical data? The future lies in the ability to rapidly and seamlessly collect and mine our shared data to prove the quality of care. Effective data analytics will allow us to show our communities, beyond a shadow of a doubt, that we are truly the greatest and most efficient provider of orthopaedic care in the nation. To achieve this goal, we are partnering with Healthjump, an innovative technology provider that will be rolling out their services across our divisions in the coming months, creating incredible opportunities to leverage our prestige to develop forward-thinking alliances and partnerships.
With this aim in mind, we are forging relationships with transformative players in our space, such as Privia Health, a large regional primary care group fresh off a significant investment round, to be their premier orthopaedic provider. We are also starting the process of joining The OrthoForum, a national physician specialty organization comprised of all the leading privately-owned orthopaedic practices. Each member of this prestigious group is selected to raise awareness in their local market through benchmarking, business ventures and best practices. We can and should be thought of as leaders in establishing best practices for delivering orthopaedic care in our metropolitan areas. Data is power and it is essential that we harness our collective clinical experience as a measure of current and future care.
Another non-financial benefit that is present in such a large group rests with the diverse group of physicians that are owners. We have new young doctors starting in practice, laden with cutting-edge technology and the latest clinical information, contrasting the senior orthopedists who are confronting issues of cutting back and retiring. Roughly one-half of The Centers physicians are less than 50 years of age and 30% are even greater than 60 years of age. This diversity breeds new opportunity.
To facilitate greater communication, why not arrange dinners, perhaps three times a year, as a forum for physicians below 40 years of age to meet and greet, to exchange ideas and perhaps develop new referrals? This would promote comradeship while also helping us work together to build best practices for The Centers for Advanced Orthopaedics.
Similarly, I would offer that perhaps two or three times a year the senior physicians also meet to share anxieties and strategies about reducing practice size and ultimately retiring. From sharing concerns both with young and older physicians, we can create benefit for the entire organization. Finally, I would encourage periodical cross-interaction between the newer, young physicians and the more senior orthopedists, mentorships that will permit the more senior physicians to impart wisdom of experience and the younger doctors to subsequently avoid the pitfalls of inexperience.
Best practices go beyond conventional thinking. While we must run The Centers as a business and strong financials are the foundation of a great company, we need to look past the numbers to focus on people. Forums will provide an arena to bounce around ideas, establish protocols that set standards for orthopaedics and build a great sense of community. This type of purposeful approach to mentorship will allow us to take advantage of our shared potential. If we all contribute, we will work together to honor our retiring physicians, who have dedicated their lives to advancing our professions, and we will also nurture our young physicians as they carry the torches forward.
In closing, I challenge you to bring your best ideas to the table for how we can start to realize the windfall of benefits that go beyond financial incentives associated with joining The Centers. These important initiatives will help us to realize the true value and strength of this organization – something we have only just begun to leverage. I remain incredibly excited to work with you on this important next step in The Centers’ history. As always, think big.