I read an excellent article on ORTHOPRENEUR : Guest Editorial Knowsumerism, Healthcare Reform and Chicken Farming: Five Lessons to Help You Thrive. There is a link to the full article at the end of this intro, well worth reading...
Author: Marshall Steele, M.D
When I sailed my boat from Boston to Annapolis, I had some time to think. Healthcare has changed rapidly during my orthopaedic career. After I completed my military service in 1977, I started a solo orthopaedic practice in Annapolis, Maryland. Arthroscopy was in its infancy and total knees had not been perfected. Sports medicine as an entity did not exist. Neither did MRIs. Total hips stayed in the hospital 14 days and I received $5,000 for the surgery. I looked forward to ER call, as 40 to 50 percent of my income came from the emergency room. Healthcare spending as part of GNP was under ten percent.
When I retired a few years ago to establish a company that develops orthopaedic Destination Centers throughout the U.S., the practice had grown to over 20 providers and 14 orthopaedic surgeons. We were highly specialized and, like Noah’s Ark, had at least two of everything. We owned MRI scanners, PT and orthotics. Outpatient surgical centers were everywhere. Total hips stayed three days or fewer, and I received $1,280 for the surgery. No one wanted to take ER call, including me. Healthcare as a percentage of GNP had climbed to 16 percent.
That’s quite a bit of change, but as songwriter Randy Bachman wrote, “You ain’t seen nothing yet.”
Why?
Read the rest of the article at this link: https://www.orthoworld.com/site/docs/op/online/2010/julaug/editorial_steele.pdf
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