Becker’s Spine Review is a publication for orthopedic and spine surgeons and surgery center administrators. Each week, Becker’s releases additions to their Ask Spine Surgeons series, and earlier this month, spine surgeons were asked to share their most successful professional investments made over the course of their careers and about the business side of medicine. Check out Dr. Richard Kube’s responses, below!
Question: What is the best professional investment you have ever made?
Richard Kube, MD. Founder and CEO of Prairie Spine & Pain Institute (Peoria, Ill.): In the world of realized investments, without a doubt it is our surgical facility. Not only has it been a reliable source of passive income, but it has also made time more efficient and improved my quality of life. It is truly an incredible thing to be able to bring a higher level of service to the patients, at an increased value and greater product control and have it be a cash positive part of the business. I recommend that anyone capable of doing a large number of procedures in the ambulatory setting do an internal analysis and if the numbers work, pull the trigger.
Question: What business aspect of spine care do you wish you had known more about before starting your career?
I guess you could, in some way, say all of it because I think most fellows are ill-prepared to be business owners upon graduation. In particular, I would have liked to have known more about ambulatory facilities earlier. That has been a very rewarding part of our practice and had I known more earlier, we would have likely started our facility sooner. I think it would also be good to have a greater understanding of human resources and the hiring process. That can be a very time-consuming part of the practice if there is turnover, and it is financially inefficient as well.