Neurosurgery practice is in transition to a more consumer-driven market. Patients are looking for a neurosurgery practice with top performance, quality, value and convenience. Therefore, it is important for a neurosurgery practice to have a competitive advantage. No matter how competent, personable or historically successful a neurosurgeon is, each neurosurgeon should have a subspecialty focus to make his/her practice unique and valuable.

 

With declining reimbursements and increasing expenses, neurosurgeons are seeking new ways to expand their practices. One way to increase revenue is to increase the service volume and improve the efficiency of current service (e.g. see more patients). This is easy for a neurosurgeon working at less than capacity and ready to work longer hours; however, if a neurosurgeon is already working at capacity, there needs to be another strategy to increase profits.

 

Another way to increase revenue is to expand the practice into new ventures and incorporate nontraditional revenue sources. Two alternative revenue sources are ancillary services and a share of facility payments. For example, adding new business segments such as integrated services, joint ventures and hospital contracting are traditionally separated from a neurosurgeon’s practice. With these additional and integrated services, patients are able to receive different medical services without traveling to different facilities and hospitals.

 

Adding ancillary services to a traditional neurosurgery practice enables a neurosurgeon to provide more medical services to patients. Having imaging services such as MRI and CT, electrodiagnostic and monitoring services, physical and occupational therapy, pain management and neuropsychological services will benefit both the patient by convenience and higher levels of expertise and the practice by the addition of new revenue sources.

 

Ambulatory surgery center revenue is one of the most accessible of facility revenue streams, as minimally invasive surgery transforms more neurosurgical operations into outpatient procedures. Practices that included facility profits in their alternative practice revenues could generate 40% to 60% more of take-home income from sources other than personal professional services. Alternative revenue sources can help a practice grow even when the practice encounters a decline in traditional professional service revenue.

 

We are here to help define your current and future practice needs to ensure your success. For a complimentary consultation on how to increase the financial success of your neurosurgery practice, please provide the "Quick Contact" information on the sidebar, and we will contact you to schedule a free consultation. We serve the communities of Manhattan, New Hyde Park, Manhasset, Hauppauge, Syosset, New York and nearby areas.

Quick Contact

Form View Counter