As we approach the halfway mark of 2024, executives share the biggest investment they will make this year.
The ten leaders featured in this article are all speaking at Becker's 21st Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference which is set for June 19-22 at the Swissotel in Chicago.
If you would like to join either event as a speaker, contact Randi Haseman at rhaseman@beckershealthcare.com.
As part of an ongoing series, Becker's is talking to healthcare leaders who will speak at our roundtable. The following are answers from our speakers at the event.
Question: What is the biggest investment you'll make this year?
Michael C. Boblitz. CEO at Tallahassee Orthopedic Clinic: In December of this year, TOC will open the $15 million Spine and Joint Replacement Surgery Center. This is a mission critical investment that allows TOC to play a more active role in reducing healthcare costs for our community. The new center will be one of a select few in the entire US with the full range of robotic services that include MAKO and ROSA for joint replacements, and the O-Arm Navigation for spine surgery. In addition, the center includes private patient rooms with private bathrooms to set the new standard for patient recovery.
Looking beyond our new Spine and Joint Center, our vision 2030 strategy calls for investments in the following this next year:
- Next week, we open our $1 million expansion of our orthotics and prosthetics program to double the footprint of this important service
- Launching one of the only orthopedic physician assistant fellowship programs in the US
- Investing in regional physical therapy clinics to double down on access to conservative care
- Expansion in our Panama City division with a new office at Panama City Beach along with the additions of physical therapy and MRI services
- Evaluating the investment in an ASC in the Panama City region
- Onboarding new physicians in the specialties of spine surgery, trauma, pain management and primary care sports medicine
TOC is celebrating our 50th anniversary this year, and we are very excited for all the great things coming in our next 50 years.
Arti Prasad, MD, FACP. Chief strategic development officer and director of ECHO Minnesota at Hennepin Healthcare as well as professor of medicine at University of Minnesota: It would be my health and wellbeing. This should be one of the quality metrics for health systems’ performance. The work-force wellbeing is critical for optimal patient outcomes. Often, we forget that we – as caregivers – are also human beings, and we deserve to invest time and energy into our own health and wellbeing.
Julie Berzins, RN, BSN, CNOR. Director of nursing and vice president for operations at Indiana Vascular Surgery Center: Monetarily the biggest investment would be our decision to hire a fulltime anesthesiologist. Our patient acuity level is higher than an average ASC, so we invested in the safety of our patients, adherence to patient selection criteria and adequately training our staff. On a whole, investing in our staff is very important, expensive and time consuming. We are making sure to hire the right 'fit' for our center with the right employees with the right training, experience and enthusiasm. Having a strong staff development plan will also make you a magnet for talent and high achievers.
Jenn Danner. Senior director at Orlando Health Eugene Jewett Surgery Center: Our biggest investment this year is in IT infrastructure. This investment is a strategic move that can transform business operations, particularly in inventory management and revenue cycle management. By leveraging advanced IT solutions, we can achieve real-time inventory tracking, reduce errors and enhance decision-making processes. Furthermore, IT can streamline revenue cycle management, improving cash flow through better billing practices, and reducing the time between service delivery and payments. Such investments not only boost operational efficiency but also provide a competitive edge in today's fast-paced market.
Suzanne Mell. Administrator at Mayfield Spine Surgery Center: My biggest investment at the ASC is always my staff. We are fortunate to be able to attract outstanding employees. I believe for many reasons both personal and professional that they are my biggest investment and the reason we have such amazing quality scores and outcomes.
Jene' Becerra, RN, BSN. Nurse administrator and director of nursing at Crown Point Surgical Suites: My greatest investment this year in our ASC will be enhancing patient care and satisfaction through comprehensive staff training programs. By focusing on employee satisfaction and team building, we will create a more cohesive and motivated workforce. This investment will include workshops and seminars to improve clinical skills and patient interaction. We will also implement regular team-building activities to foster a supportive and collaborative work environment. When our staff is happy and well-trained, they can provide exceptional care, ensuring our patients have the best possible experience.
William Foltyn. COO at Florida Pain Medicine: Our biggest investments in 2024 are in technology, patient acquisition and people. Upgrading the digital process for our patients will provide a more positive front-end experience while streamlining processes for our employees. We are exploring new channels for acquiring patients including SEO and expanded payer mix. Finally, training existing staff and finding new talent remains a focus.
Carlos Carrasco. President at Orlando Health Jewett Orthopedic Institute as well as senior vice president at Orlando Health: To meet the growing needs of our community, we are expanding our clinics into new areas. To plan for this need, we are also increasing capacity in our surgery center and building out our remaining operating rooms on the inpatient platform. In addition to these investments, we are expanding access to our advanced imaging and rehabilitation services at the same time to allow for coordinated, integrated care across our program and sites.
Andrey Ibragimov. Director at Ingalls Same Day Surgery Center: Our focus is on investing in the development of new service lines and bringing cutting-edge technology to our patients. Prioritizing growth in the urology service line is an important part of our strategy.
Maulik K. Bhalani, MD. CEO and medical director at Florida Pain Medicine: The biggest investment we have made this year has been in hiring a COO. He has been instrumental in helping create structure and reorganize our organization. Someone with past experience was critical to the hiring process. He has experience in the pain space and at a higher level, which helps our organization with starting and completing tasks with the eventual goal of increasing our EBITDA.
Jessica Rodriguez. Executive director at OAM Surgery Center: The most significant investment we will make this year is in our team members, recognizing that their growth and well-being are paramount to the sustained success and competitive advantage of our organization. Key areas of this investment plan are designed to enhance employee satisfaction, productivity and professional development.
We are expanding our professional development and education programs, which include more on-the-job training sessions, continuous education opportunities and specified career paths for several roles within the organization. By equipping our employees with the latest skills and knowledge, we ensure they remain at the forefront of industry trends and innovations, thereby increasing their value to the company and their career satisfaction.
We continue to enhance our employee wellness programs. This initiative includes comprehensive health and wellness plans, mental health support and work-life balance initiatives such as flexible working hours and remote work options when possible. Recognizing the critical link between well-being and productivity, we aim to create an environment where employees can thrive both personally and professionally.
We are focusing on continuing our robust employee recognition and reward system. Acknowledging and rewarding employee contributions is essential for maintaining high morale and motivation. We have several tools to help with this including an online recognition platform. This system is designed to celebrate both individual and team achievements, thereby reinforcing a culture of excellence and appreciation.
Our investment in employees is a comprehensive strategy aimed at fostering a supportive, innovative and high-performing workplace. By prioritizing professional development, wellness and recognition, we are not only enhancing our employees' experience but also driving the long-term success and sustainability of our organization.
Michael V. Jablonski, MD. Physician president at Orlando Health Jewett Orthopedic Institute: All our investments in facilities must be supported by a focus on recreating a great clinical and support team to deliver the level of care we are committed to offering. This includes finding the best talent from our physicians to our clinical teams and support staff that allow us to deliver outstanding care to the community.
John Evans. Administrator at Total Spine and Brain Institute: TSBI will invest in moving ahead with a boutique ASC with a focus upon our services in the most cost effective environment possible. We will also invest in information exchange technology with our JV partners designing to enhance our mutual results on a continuous basis.
Helen Aretakis. Administrator at Orthopaedic Surgical Institute: I am very proactive when it comes to technology. I do not like the ‘wait till it is broken’ approach to purchasing. This summer we will be installing a new EMR and new hardware to maximize the capability of that software. A big part of this investment is time and periphery equipment upgrades needed to interface with the new EMR.
Nikolas Jannetta. Director of operations at National Spine and Pain Centers: As an operations leader for the southeast region of National Spine and Pain Centers, I continually identify and invest in key areas of ASC operations: adapting to the shifting landscape of anesthesia services and billing, cultivating a business model that responds to regular insurance payer changes and limitations, and enacting a defense against the possibility of digital attacks that have crippling potential. Despite the fluctuation of the spine space, the answer has remained constant: invest in people. Though building a sound business model and achieving peak operational efficiency are undeniably vital to success, healthcare is a service-oriented field. Investing in the right people and building the right team not only forges stronger professional relationships but also improves clinical outcomes and, ultimately, enhances the patient’s entire experience.