New technology is one of the drivers of increasing healthcare costs, according to Dr. Cherf. Orthopedics is a device-intense and device-sensitive specialty, because it uses a great deal of devices and the costs of devices are significant. "Managing these costs will have the most significant impact on your bottom line," Dr. Cherf said.

He shared 10 strategies for physicians to manage orthopedic technology:

1. Collect and analyze data.
2. Educate stakeholders.
3. Encourage collaboration and discourage greed.
4. Eradicate waste.
5. Leverage provider alignment.
6. Develop and manage supply chain contracts.
7. Propagate buyer power.
8. Mitigate oligopolistic supplier power.
9. Maintain compliance.
10. Understand and provide value.

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