Setting up an in-office independent medical examination company

In a time of declining reimbursement for patient care services, establishing an in-office IME company enables orthopedic practices to generate additional revenue to subsidize clinical activities without compromising the credibility and integrity of their physicians; however, the decision to enter the medical/legal consultation business should be considered carefully. A thorough analysis of the industry, applicable laws, costs-versus-benefits, and the local marketplace is critical in helping the practice to evaluate the feasibility of establishing the new business and develop a product that is well differentiated. The practice should approach the day-to-day management of the IME company with the same careful attention that it pays to the management of its orthopedic service. This includes creating a staffing and information technology infrastructure that supports the new business and allows for its growth. An attitude of continuous learning whereby the physician-reviewer seeks out information about the customer's needs and market shifts enables the practice to respond swiftly to these needs and shifts and further position itself as an innovative provider of medical/legal services.