The roadmap to orthoics and prosthetics financial success in 2023.
Achieve business growth fueled by great patient outcomes.
It all starts with a roadmap. A well-planned roadmap will tell you what needs to happen and when. When financial goals aren’t underpinned by thoughtful strategic context, they slow down the path to growth. After developing phased roadmaps and frameworks inspired by what’s possible yet grounded in reality, we understand what it takes to put orthotic and prosthetics businesses on the growth path.
The O and P market is growing…
The orthotics and prosthetics business is growing at an unprecedented rate. Approximately, $4 billion dollars is spent on orthotics and prosthetics devices.
It is vastly seen as a business that has stable, recurring revenue from new patients and patients who need periodic replacement of devices. Close to 1.8 billion dollars is spent by O and P patient care providers on devices, supplies and components of O and P products.
It is not all gravy.
The reimbursement rules of O and P are complex and can trip up novice billers. They sign contracts with third-party insurance companies to provide services for referred patients and be reimbursed. These payer contracts are drawn for a period of 1-3 years. Renewing contracts and maintaining licensure remain ongoing challenges for orthotics and prosthetics businesses. And with growing emphasis on patient financial communication and engagement, it is essential for orthotics and prosthetics practices to put the patient in the middle of everything.
The patient centric O and P roadmap
Improving the patient experience is key to build financial resilience.
The financial success of orthotics and prosthetics businesses hinges on positive patient outcomes. A validated and intelligent patient outcomes tracking tool provides patient outcome measures to improve the patient experience. This can result in better clinical practice performance and improved patient retention.
The patient data provided can distinguish O and P businesses and offer greater value to major stakeholders and referral sources.