Partnership, Ancillaries, and Other Considerations

Abstract

Healthcare is a continually changing environment, which impacts the formation and ongoing success for an orthopedic group practice. Generational changes coupled with a dynamic healthcare environment create many challenges for orthopedic group practices. As orthopedic surgeons, you spend years studying medicine and surgery, but in most cases almost no time is devoted to any formal training in business or management. For those surgeons who plan on entering private practice, the day you leave your residency or fellowship and step foot in your new office is the first day you also start participating in the business of running your practice. Understanding what is involved in becoming a partner in your practice, realizing the details of practice management, and ultimately integrating into a sustainable practice model require preparation. The path to partnership, buy-in and buy-out, ancillaries, and related practice entities has changed dramatically over the years. This chapter will address the current state and environment for these issues as we see it. Proper planning will lead to the continued growth and long-term prosperity of the practice.