The opportunity exists for podiatrists to significantly increase practice revenue by fitting at risk patients, already in the practice, with shoes.
According to the Center for Disease Control, in 2011 an estimated 10.9 million people with age 65 or older had diabetes. The Bureau of Labor Statistics states that in 2010 there were 12,900 podiatrists in the US. Assuming 25 patient enrollment in Medicare managed care programs and also that only half of patients with diabetes even see a podiatrist, there is the opportunity for every podiatrist to see on average 316 patients with Medicare and diabetes. If 75% of patients with Medicare and diabetes have risk factors that qualify them for footwear according to Medicare’s requirements, that means that an average of 237 patients with Medicare and diabetes should be fit by for every one of the 12,900 podiatrists, each year. Fitting approximately one pair of shoes per day would earn every single podiatrist approximately $47,000 more each year. Contrast this with that in 2010, approximately 5676 podiatrists fit an average 54 pairs of shoes and earned a profit of approximately $10,800.
The number of people over 65 with diabetes is expected to quadruple over the next 20 years. The bottom line is that by following Medicare and American Diabetes Association protocols, podiatrists have the potential to significantly increase their median net incomes. Medicare has embraced such an approach via its PQRS program that will pay podiatrists an additional 0.5% of the total amount they collect from Medicare. Medicare recognizes that should such a preventative approach to care actually become widely adopted, it has the potential to save money even after all shoes and inserts are paid for.