The Discrepancy Between Perceived Importance and Actual Delivery of Business Education in Residency: A Survey of Program Directors

Financial Literacy in Plastic Surgery Training: Importance and Current Status

BACKGROUND

Medical training is known to impose financial burden on trainees, which has been shown to contribute to burnout, even possibly compromising patient care. Financial literacy allows for management of financial situations affecting professional and personal life. The authors aimed to evaluate the financial status and knowledge among plastic surgery residents.

METHODS

A survey regarding finances and financial literacy of plastic surgery residents was sent to all the current accredited U.S. residency programs. The same survey was distributed internally. A descriptive analysis was performed, and multiple Fisher exact tests and a t test evaluated comparisons.

RESULTS

Eighty-six residents were included. Most trainees had a student loan (59.3%), with 22.1% having loans more than $300,000. A majority had at least one personal loan debt other than educational (51.1%). Residents with more debt were significantly less likely to pay off their balances monthly. A total of 17.4% of trainees had no plan for how to invest their retirement savings, whereas 55.8% reported not knowing how much they need to save to retire. One in five trainees did not feel prepared to manage personal finances/retirement planning after graduation, a majority had no formal personal finance education in their curriculum, and 89.5% agreed that financial literacy education would be beneficial. Our institutional data largely mirrored national data.

CONCLUSIONS

Many residents are lacking in financial knowledge, despite most having significant debt. Additional financial literacy education is needed in plastic surgery training. Curricula development at an institutional or national society level are possible paths toward a coordinated response to this need.

Changes to reproductive endocrinology and infertility practice, research, and training as investor mergers increase

Private equity investment in fertility clinics has rapidly increased and is leading to unprecedented changes in the field of reproductive endocrinology and infertility (REI). The goal of this paper was to review private equity's current integration in REI and discuss both benefits and challenges of investor involvement. We found that at least 25% of fellowship programs and medical schools were affiliated with private practice fertility clinics, not free-standing academic clinics. Approximately half of medical schools and nearly all REI fellowship programs that were affiliated with private practices were also backed by private investors. Research participation remains robust in private equity-affiliated REI clinics. With the changing infrastructure, we discuss the potential influence on trainee experience and research while also acknowledging the unique advantages that investor involvement may offer.

A SWOT Analysis of Hot Topics in Plastic Surgery Resident Education: Consensus From the ACAPS 10th Annual Winter Meeting

Background

With the aim of facilitating a critical self-reflection on how to align plastic surgery education with making excellent plastic surgeons, a rotating small-group session followed by live interactive audience polling was used to perform a SWOT (strengths, weaknesses, opportunities, and threats) analysis at the 10th Annual American Council of Academic Plastic Surgeons Winter Meeting.

Methods

The final day of the conference included a 3-hour session of rotating small groups followed by live interactive audience polls discussing the following six relevant educational topics: the Plastic Surgery Common Application and resident selection, aesthetic surgery education, leadership development and business education, embedded fellowships and focused training, mentorship, and faculty retention.

Results

A total of 60 individuals participated in the activity. A SWOT analysis was successfully performed for each educational topic, and a minimum of four opportunities were identified per topic to help guide future endeavors. Examples of opportunities include releasing recommendations for the implementation of holistic review; developing formal guidelines for aesthetic surgery education in residency via collaboration between ACAPS, American Society of Plastic Surgeons, and The Aesthetic Society; creating extended focused elective rotations; integrating business education into formal curricula for all training levels; enforcing transparency regarding position expectations and offerings including salary, call schedule, and current challenges; and more.

Conclusion

The results of this study will help guide future initiatives by the ACAPS to improve resident education and academic retention.

Practice Management in Plastic Surgery: A Survey Comparing Skills Acquired During Residency and Those Applied in Independent Practice

BACKGROUND

Understanding the extent of practice management education within plastic surgery residency may serve to enhance elements of current curricular training.

METHODS

A survey was sent to private practice plastic surgeons who completed training between 2008 and 2020. The survey elicited opinions about their practice management training during residency and experiences as attendings.

RESULTS

Forty-nine private practice plastic surgeons completed the survey with a mean of 5 years in practice. 96% of respondents entered private practice immediately following their final training program. 48% of respondents cited "autonomy" as the primary reason for pursuing private practice. Surgeon's narrative responses regarding practice management skills learned outside of residency revealed the most grouped into the following themes: "Finance, Marketing, Accounting, Human Resources (HR), Operations" (n = 19), "Hiring, Firing, Employee Management" (n = 17), "Insurance Coverage, Billing, Coding" (n = 13), "General Skills" (n = 12), and "Starting & Running a Practice" (n = 11). 71.4% of respondents reported that they learned practice management skills from on-the-job training. Almost all respondents felt that there should be formal training in practice management (n = 35), with "Finance & Accounting" and "Management" cited as the most important skills to learn as a plastic surgeon. 51% of current surgeons felt allowing senior residents additional opportunities to rotate in private practices was the best way to enhance residency curricula.

CONCLUSION

Incorporating practice management skills into training curricula will address the demonstrated knowledge gap and accelerate plastic surgeons' career growth.

LEVEL OF EVIDENCE V

This journal requires that authors assign a level of evidence to each article. For a full description of these Evidence-Based Medicine ratings, please refer to the Table of Contents or the online Instructions to Authors www.springer.com/00266 .

Gaps in Practice Management Skills After Training: A Qualitative Needs Assessment of Early Career Surgeons

PURPOSE

Shifts in American healthcare delivery mechanisms pose significant hurdles to new physicians. Surgeons are particularly susceptible to these changes, but surgical residency educational efforts primarily focus on technical and clinical training to the exclusion of business and management practices. This study conducted a needs assessment of perceived gaps in practice management skills among early career surgeons to guide future training curricula.

METHODS

This study was an exploratory qualitative study following the Consolidated Criteria for Reporting Qualitative Research. Purposive sampling was used to identify early career (<5 years following fellowship completion) surgeons across the United States. A semi-structured interview guide was created from interviews with surgical administrators and physician administrative curricula. Transcripts were de-identified and analyzed using a constructivist grounded theory approach.

RESULTS

Ten surgeons from 6 specialties and 6 institutions were interviewed along with 3 surgeon administrators. Three major domains of need were identified: (1) fundamentals of procedural coding, clinical billing, & compliance, (2) finding/building a practice, and (3) navigating organizational challenges. First, surgeons thought trainees would benefit from a better understanding of reimbursement schema and the basics of health policy. They also thought that more exposure to malpractice litigation, especially for handling case review or expert witness requests, would be helpful for discerning how to handle such issues early in their career. In addition, early career surgeons expressed a desire to have dedicated mentorship time, a primer on evaluating job offers with simulated contract negotiation, and guidance regarding administrative roles. Finally, surgeons requested training in change management techniques, care pathway construction, and the basics of staffing decisions.

CONCLUSIONS

There are significant practice management gaps in surgical training which may be amenable to targeted educational efforts during a residency or fellowship program. Future research will test the generalizability of these findings as well as build curricula that adequately meet these needs.

Business of Medicine in the Academic Plastic Surgery Community: A Survey of American Council of Academic Plastic Surgeons Members

PURPOSE

Business fundamentals, such as leadership, negotiations, and personal finance, remain as an overlooked component of residency education. It remains unclear how faculty members in academic plastic surgery particularly view the integration of a business curriculum within plastic surgery residency curriculum and how one's personal exposure to business concepts may impact their perception on the importance of learning such concepts in surgical training.

METHODS

A 15-question survey was distributed through the American College of Academic Plastic Surgeons members in order to assess how academic plastic surgeons perceived the importance of a business curriculum and, if applicable, how the formalized study of these concepts were incorporated within plastic surgery residency programs. Surgeons were also queried about barriers toward organizing and executing such a curriculum and about the importance of certain topics for education.

RESULTS

Fifty-five academic plastic surgeons, representing 25 institutions, completed the survey. More than 60% of academic plastic surgeons either strongly agreed or agreed to a formalized business curriculum being a necessary component of residency curriculum, and more than 70% either strongly agreed or agreed to wishing for more instruction in such concepts.

CONCLUSION

This study elucidates how academic plastic surgeons perceive the education of business fundamentals during plastic surgery training. Although the majority of respondents found such teachings as valuable, our findings suggest limited resources allocated to these important concepts. Future efforts should incentivize plastic surgery programs to provide formal instruction within the business of medicine and, in doing so, position trainees for success in their careers.

Rhinology Medicare reimbursements have not been keeping up with inflation

BACKGROUND

Studies have suggested that physicians are steadily being paid less per Medicare service over time based on inflation-adjusted dollars. The objective of this study was to determine whether this phenomenon was true for rhinologic procedures.

METHODS

This study was a retrospective analysis of the 2000-2021 Centers for Medicare & Medicaid Services (CMS) Physician Fee Schedule investigating fees for in-office endoscopies (Current Procedural Terminology [CPT] codes 31231-31238), in-office balloon ostial dilation (CPTs 31295-31298), in-facility low-relative value unit (RVU) surgeries (<10 work RVUs [wRVUs]; CPTs 31239-31288 and 61782), and in-facility high-RVU surgeries (>10 wRVUs; CPTs 31290-31294). Total number of and reimbursements for these services was obtained from yearly National Part B Summary Datafiles.

RESULTS

Between 2000 and 2021, adjusted reimbursements for low- and high-wRVU rhinologic surgeries decreased by 50.0% and 36.1%, respectively. The average compound annual growth rate (CAGR) decrease was 3.3% and 2.1%, respectively. Excluding a 48.3% unadjusted reimbursement increase between 2000 and 2004, endoscopies saw an adjusted reimbursement decrease of 29.4% from 2004 onward, an average CAGR of -2.1%. From 2011 onward, balloon ostial dilations saw a decrease in adjusted reimbursement of 43.8%, an average CAGR of -6.0%. Nevertheless, after inflation adjustment, National Part B data reveal that Medicare paid more, in total, for these procedures in 2019 than in 2000 due to increasing utilization.

CONCLUSION

Medicare reimbursements are complex, adjusted yearly, and undergo constant federal scrutiny due to the increasing costs of health care. These results suggest that, in terms of real dollars, rhinologic procedures have seen a large gradual decrease in Medicare reimbursement, which is important information for policymakers and surgeons alike.

Pushing the Needle of Entrepreneurship and Innovation: Where Do Plastic and Reconstructive Surgeons Stand?

Background:

Plastic and reconstructive surgery has a well-recognized history of disruption and innovation. It remains unclear, however, how the specialty’s priority on innovation materializes into commercialization or bench to bedside led by plastic surgeons.

Methods:

Our analysis utilized Pitchbook (Seattle, Wash.), a market database of companies and investors, for ventures that have designed innovations related to plastic and reconstructive surgery. Companies were categorized into 5 focus areas: provider (outpatient surgical or hospital entity), aesthetics (cosmetics/injectables), devices (instrumentation, lasers, implants), regenerative medicine (tissue engineering/wound healing), and software (digital solutions). Company websites, LinkedIn (Sunnyvale, Calif.) profiles, and Crunchbase (San Francisco, Calif.) were reviewed to determine the leadership roles of plastic surgeons.

Results:

Plastic surgeons primarily serve as advisors, as opposed to founders or chief executive officers (CEOs). Our analysis additionally found that provider and software solutions had a greater degree of plastic surgeon-led leadership, whereas regenerative medicine and device innovation remains less frequented. There was a relatively balanced representation of academic and private plastic surgeons in entrepreneurial pursuits.

Conclusions:

Plastic surgeons typically serve as board advisors, as opposed to founders and CEOs. Reasons for disengagement from leadership roles may include satisfaction with clinical work, time constraint, lack of business knowledge, financial constraint, and opportunity cost associated with starting a venture. To promote participation in innovation, future studies should explore tangible ways to engage in such opportunities. In doing so, plastic surgeons can own the “organ” of innovation, and continue to contribute to the legacy and the advancement of the specialty.