Date Posted: Monday, October 302, 2024

 

As healthcare continues to evolve, otolaryngology practices must adapt to keep pace with industry changes. The 2023 Otolaryngology Workforce Report, published by the American Academy of Otolaryngology-Head and Neck Surgery (AAO-HNS), provides updated insights into the challenges and trends within the specialty. The report explores key themes such as physician demographics, recruitment struggles, the rise of advanced practice providers (APPs), and the growing importance of ancillary services.

 

DoctorsManagement works closely with otolaryngology practices to help them navigate these challenges and seize opportunities. DoctorsManagement's consultants provide expertise in maximizing revenue, identifying and integrating ancillary services, improving recruitment efforts, and analyzing billing practices. Here's an overview of the report's findings and how DoctorsManagement can help your ENT practice thrive.

 

Key Findings From the 2023 Otolaryngology Workforce Report 

 

1. Physician Demographics: The 2023 report indicates that the average age of practicing otolaryngologists is 52, with a workforce that is still predominantly male (75%) and white (70%). Many otolaryngologists are approaching retirement, creating both challenges and opportunities for practices needing to recruit new talent.

 

DoctorsManagement specializes in helping ENT practices plan for succession and recruit physicians. With the looming physician shortage, DoctorsManagement can assist your practice in navigating strategic recruitment and structuring compensation packages that attract high-quality candidates, ensuring your practice continues to thrive as senior doctors retire.

 

2. Geographic Distribution and Recruitment Challenges: Urban areas continue to dominate in terms of where otolaryngologists practice, leaving many rural regions underserved. Recruitment remains a significant challenge, with some positions taking years to fill. The report highlights that many practices struggle with attracting and retaining talent due to location, work-life balance, and compensation concerns.

 

For rural or underserved areas, DoctorsManagement helps practices design creative recruitment strategies, including income guarantees, relocation bonuses, and partnerships with local hospitals or healthcare systems. These tools can make positions more attractive to potential hires and create win-win situations for physicians and the communities they serve.

 

3. The Growing Role of Advanced Practice Providers (APPs): The 2023 report shows a continued increase in the use of APPs, such as nurse practitioners and physician assistants, within otolaryngology practices. In fact, many practices are turning to APPs to manage patient load, improve efficiency, and reduce the burden on physicians. The use of APPs has also allowed practices to offer more services without needing to increase physician staff.

 

DoctorsManagement helps ENT practices integrate APPs smoothly. This includes recruitment, onboarding, training, and creating compensation structures that reflect the value APPs bring to the practice. DoctorsManagement ensures that your APPs operate at the top of their licenses, maximizing patient throughput while maintaining high levels of care.

 

4. Maximizing Revenue Through Ancillary Services: Otolaryngology practices are increasingly relying on ancillary services, such as audiology, allergy testing, and cosmetic treatments, to diversify revenue streams. The 2023 report highlights that practices with these services can significantly enhance their financial performance.

 

DoctorsManagement assists ENT practices in identifying and implementing ancillary services that align with their patient population and business goals. From business plan development to ensuring compliance, the DoctorsManagement team can guide you through the process of adding high-margin services like audiology, imaging, and allergy care. DoctorsManagement makes sure that these services not only meet patient needs but also bolster your bottom line.

 

How DoctorsManagement Helps ENT Practices Thrive

 

ENT practices face unique challenges, but with the right strategy, they can not only survive but thrive.

 

Here are a few specific ways DoctorsManagement helps otolaryngology practices optimize their performance:

 

• Revenue Optimization and Billing Analysis
  
  One of the most significant challenges for ENT practices is ensuring that billing and collections are efficient and accurate. Mistakes in coding or underutilization of services can lead to lost revenue. DoctorsManagement's experts perform detailed billing audits to identify missed opportunities, reduce denial rates, and improve collections. DoctorsManagement helps practices streamline their revenue cycle management to ensure they are maximizing every dollar they earn.

 

• Tailored Practice Management Consulting
  
  From workflow optimization to staff management, DoctorsManagement's consulting services are tailored to address the specific needs of ENT practices. The DoctorsManagement team works with you to design efficient processes that allow your practice to operate smoothly, improve patient satisfaction, and increase profitability. The goal of DoctorsManagement is to minimize administrative burdens so that you can focus on patient care.

 

• Strategic Recruitment Services
  
  With the physician workforce aging and recruitment becoming more challenging, DoctorsManagement helps practices develop and implement recruitment plans that attract top talent. Whether you're recruiting a physician or an advanced practice provider, DoctorsManagement assists with crafting competitive offers, structuring bonus systems, and ensuring that your practice stands out in a crowded market.

 

• Succession Planning and Practice Transitions
  
  The 2023 report highlights the ongoing retirement wave within otolaryngology. This makes succession planning more important than ever. DoctorsManagement helps practices prepare for transitions, whether that means planning for a partner's retirement or considering a practice sale. DoctorsManagement helps you assess practice value, negotiate buy-ins or buy-outs, and ensure a smooth transition of ownership.

 

• Expanding With Ancillary Services
  
  ENT practices that incorporate ancillary services like imaging, audiology, and allergy treatment have been able to expand their offerings and increase revenue. The DoctorsManagement team helps practices assess which services are the best fit and provides step-by-step guidance on adding them. DoctorsManagement ensures that everything from compliance to staffing is handled smoothly, allowing you to offer additional services that attract new patients and keep current ones coming back.

 

Thriving in 2024 and Beyond

 

The 2023 Otolaryngology Workforce Report highlights the challenges and opportunities facing ENT practices today. As practices adapt to changing workforce demographics, recruitment challenges, and the need for revenue diversification, having the right partner can make all the difference.

 

DoctorsManagement is committed to helping otolaryngology practices not only adapt to these changes but thrive in the process. Whether you're looking to expand your services, recruit top talent, or optimize your revenue streams, the DoctorsManagement team of expert consultants is here to guide you every step of the way.

 

Contact DoctorsManagement today to learn how your ENT practice can be supported and positioned for success in 2023 and beyond. 

 

Source: Jesse Overbay, JD, Associate Director

 

DoctorsManagement

 

DoctorsManagement.com