Driving Efficiency and Growth in Orthopedic Practices with Michael Meneghini, MD
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This is Carly Beam with the Becker Spine and Orthopedics Podcast, and I'm thrilled to be joined today by Dr. Michael Meneghini, CEO at Indiana Orthopedic Institute. Dr. Meneghini, thank you for joining us today.
Thank you for having me. It's a pleasure.
So before we dive into our discussion, can you just introduce yourself and share a little bit about your background?
Sure can, yeah. As you said, my name is Michael Meneghini. I'm the founder and CEO of the Indiana Orthopedic Institute. Before that, I was a full professor of orthopedic surgery at Indiana University Health here in Indianapolis, and we started the Indiana Orthopedic Institute About three years ago, just myself and an anesthesiologist and a small team, and now we're up to almost 100 employees and 14 surgeons and two anesthesiologists and growing across the state in three different markets. That's incredible. Yeah, it's been great. It's been a crazy ride. Healthcare, as you know, is in a state of change all the time, rapid change, I would say, and it's been an amazing ride.
Yeah, I mean, it sounds like change is just kind of the only constant really with health care. I would agree. Yeah. Well, Dr. Meneghini, the first question I wanted to kind of ask you is where do orthopedic practices most commonly lose their efficiency? And can you talk about some of the operational changes that can deliver quickest financial impact without affecting the quality of care?
Yeah, it's a great question. I think where I see operational inefficiency, and it's not just in really orthopedics, but in all of health care, is the progressive, I would say, the middle layer of bureaucratic and administrative bloat that we have. And I think traditionally in health care, we've been very fortunate to have enough financial resources in this country over years where that layer got pretty thick. But it's pretty distant from the doctor-patient relationship. And I think that's where efficiency of care has gone down. And we can talk about in surgery or we can talk about just in general the practices. And we're focusing, I think, on just the general practice of orthopedics. And I think if you look at how we can improve that, that layer, that middle layer of administrative efficiency,
work that needs to be done. I think that's where artificial intelligence and AI is really going to play a role. So if you have a specific team, like we have revenue cycle management team of a few people, getting them to perform at a higher level, getting better claims, getting better results, faster results for the patients so they can get their surgeries authorized by commercial insurance and Medicare, et cetera. That's good for patient care. It's good for patient access. And it also helps us be much more efficient and even keep our costs down. So I think utilizing technology in that way is going to be an advantage in the practice and also in the operating room.
Yeah, and I'd love to hear what's an example of AI success that you've seen in your practice so far?
I think there's a couple places. So one is definitely on the revenue cycle management side. The other aspect really is, I think, the ambient listening that's in electronic medical records and those software programs. So the fact that you can go into an office now. I mean, physicians get consumed with dictating and box checking in electronic health record. And if you look over the last 20 years, as EMRs have... become totally ingrained in the healthcare models. You'll see a lot more physicians, nurses, providers staring or typing at a computer, just documenting, which takes away from patient care. I think the future is allowing the doctor-patient relationship to get back to its core where you can focus on the patient and what you're doing, providing care.
And all that extra stuff is waste. I actually... It's funny you mentioned this because tomorrow I give a lecture to orthopedic fellows on being efficient and the definition of efficiency isn't moving faster. It's removing the waste. And I think, you know, what we've just talked about here, removing the bureaucratic waste from the physician and patient interaction is a way to make it much more efficient.
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