2011: Evolution of the Private Practice

We are hearing constant reports of the death of the private practice so we found it refreshing to read this article from Physicians Practice about the evolution of the private practice.

Although the current healthcare climate is forcing changes to today's and even yesterday's typical private practice model, the private practice will always be an alternative for entrepreneurial physicians who want to control their own practice. According to the article although healthcare economics have changed, federal regulations now impact office operations, and the workforce has dramatically changed, there is still and will always be a need for private practices and a profitable way to run them; particularly for larger single or multi-specialty practices that can afford professional management and have diversified their services (such as through ancillary services) so that they can benefit from revenue that does not require physician effort.

Key factors for the survival of private practices in the future are implementation of new technology and EMR, operating under lower overhead, and hiring adequate support staff (both administrative as well as medical). The stereotype for private practices is that these physicians work longer hours and have little to no vacation; while this might still prove to be true in today's private practice physicians can still control their practice and income while having a good quality of life with adequate support from partners and PAs/NPs.

Although a lot of hospitals will be acquiring groups and employing physicians, private practices can still negotiate different types of terms and models with hospitals while still maintaining control of their practice.

According to the article, if physicians are able to accept new ways to run a private practice than private practices will survive any healthcare and economic climate.


Read the full article in Physicians Practice, or click here:
http://www.physicianspractice.com/pearls/content/article/1462168/1752472