ENT Insights & Medical Entrepreneurship w/ Dr. Keith Matheny (Ep. #24)
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Join us in this episode as Nate sits down with Dr. Keith Matheny, a board-certified Otolaryngologist, who's making waves as a visionary entrepreneur in healthcare. Delve into his journey, from med school to choosing otolaryngology, and the challenges faced in the expensive specialty. Explore the complexities of physician reimbursement and the post-authorization hurdles with health insurance providers. Dr. Matheny explains how US ENT Partners, a collaboration of 2,600 physicians, creates cost-efficient solutions on critical ENT supplies. Welcome to an insightful conversation with a healthcare trailblazer!
EPISODE 24
Navigating PRIVATE Practice & MEDICAL Entrepreneurship: Insights for Success in Modern Medicine
Dr. Keith Matheny, a renowned ENT specialist with a focus on rhinology, leads Colin County ENT in Frisco, Texas. Balancing a busy medical practice with entrepreneurial ventures, Dr. Matheny provides valuable insights into the dynamics of ENT practice, the challenges faced by physicians, and innovative approaches to medical entrepreneurship.
Dr. Matheny explains that his practice experiences significant fluctuations in patient volume throughout the year. December 2023 sees a 15-18% increase in patients as individuals reach their annual deductibles and seek to complete treatments before year-end. Conversely, February typically brings a lull, with a slight uptick in March due to spring break. The practice is quieter in September due to national medical meetings but picks up again in October through December. Over the years, Colin County ENT has shifted towards treating more adults, especially those requiring revision surgeries.
From Athletics to ENT
Dr. Matheny's journey into ENT was influenced by his experiences as an athlete and his interest in the intricate anatomy of the head and neck. Initially inclined towards orthopedic surgery due to his sports injuries, he ultimately found his calling in ENT during medical school. This specialty appealed to him for its variety, the significant impact on patients' quality of life, and the opportunity to treat a diverse patient population, from premature babies to the elderly. His work with the Dallas Cowboys organization further highlights the intersection of his medical expertise and personal interests.
The conversation delves into the health risks associated with football, particularly concussions and chronic traumatic encephalopathy (CTE). Dr. Matheny discusses his long-standing relationship with the Dallas Cowboys and the advancements in helmet technology aimed at reducing brain injuries. He acknowledges the pressures on young athletes in Texas to play football and reflects on whether he would allow his own child to play, considering the potential dangers.
Challenges in ENT Practice
Dr. Matheny highlights the financial and operational challenges of running an ENT practice. The shift towards office-based procedures, while reducing costs for patients and insurance companies, has increased the financial burden on practitioners. The need for expensive equipment and disposable supplies adds significant expenses, estimated at $300,000 to $400,000 per doctor annually. Additionally, the lack of business education for physicians exacerbates these challenges, leaving many unprepared to manage multi-million-dollar practices.
Dr. Matheny underscores the necessity of integrating business education into medical training. Many physicians graduate with unrealistic expectations about income and spending, leading to financial instability despite high salaries. Dr. Matheny advocates for early and ongoing business education to help physicians make informed decisions and effectively manage their practices.
Navigating the complexities of insurance and regulatory environments presents additional challenges. Dr. Matheny shares frustrations with insurance companies' use of AI to deny necessary procedures and the administrative burden of managing prescriptions amidst the opioid crisis. These non-patient-facing activities consume significant time, contributing to physician burnout and early retirement.
Innovative Solutions: US ENT Partners
Recognizing the need for cost efficiency in ENT practice, Dr. Matheny founded US ENT Partners, a group purchasing organization (GPO) that helps ENT practices save on supplies and equipment. This initiative has grown to include thousands of physicians and ancillary specialties, creating a "Costco for ENT practices" that benefits both providers and suppliers through mutually advantageous relationships.
Dr. Keith Matheny's experiences offer a comprehensive view of the challenges and opportunities in ENT practice and medical entrepreneurship. By addressing financial literacy, advocating for business education, and pioneering cost-saving initiatives, Dr. Matheny provides a roadmap for physicians to navigate the complexities of modern medical practice. For those interested in learning more, Dr. Matheny's insights and services can be explored through his work with US ENT Partners and other entrepreneurial ventures.
About Dr. Keith Matheny
Dr. Keith Matheny cofounded US ENT Partners in 2018, bringing nearly 20 years of experience working as a practicing ENT physician. Dr. Matheny practices at Collin County ENT in Plano, Texas. He received his bachelor’s degree from Baylor University and his medical degree from University of Texas-Houston, as well as completed his residency at Vanderbilt University.
Otolaryngology-Head & Neck Surgery is his chosen medical specialty, caring for a variety of patients (premature infants all the way to seniors) across 7 distinct sub-specialties. He treats multiple diseases such as Chronic Sinusitis, Allergic Rhinitis, Otitis Media & Hearing loss with immense economic & quality-of-life impact. The common vision for his numerous companies is to advance his specialty via improvement in the quality and efficacy of patient care, to optimize the business of providing that care, and to contribute to technological innovation to improve how physicians can help improve their patients' quality of life.
Learn more about Dr. Keith Matheny's work at https://usent.com.
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