Engagement and connection appear to be prominent factors in the productivity and success of independent primary care physicians. A recent study of 1,029 physicians, as reported by Becker’s Hospital Review, found that primary care physicians who own their practice tend to be more engaged and more productive than those employed by a healthcare organization or hospital.
In the study, primary care physicians’ responses to questions were combined with data on productivity, such as work relative value units (wRVUs) that physicians generate. The research study found that in terms of productivity, PCPs who owned part or all of their practices generated 26.9 wRVUs per day on average, as compared to employed physicians who generated 23.1 wRVUs per day.
Physician work RVUs “account for the time, technical skill and effort, mental effort and judgment, and stress to provide a service.” Research data that was used to develop the RVU formula originally came from a Harvard University study in the late 1980s. The RVU measurements have since been refined and, in fact, the Centers for Medicare & Medicaid Services (CMS) is required to review and update (when appropriate) RVUs every five years.
The researchers also found that 37.5 percent of primary care physicians (PCPs) who owned part or all of their practices were more engaged in their practice, compared to 26.3 percent of those PCPs who worked for another organization. Engagement with patients and internally has been shown to contribute to the PCP’s effectiveness in terms of positive patient outcomes.
Independent physicians may be more productive and more engaged because of their vested interest in their practice ownership. Not only do they have a financial stake in the practice as the owner or partner, they are also able to develop strong relationships with patients and have a deeper involvement in their patients’ healthcare outcomes.