Driven by value-based care, independent small and solo practices are on the rise June 29, 2018
After several years of decline in the number of independent practices in the US, a recent study has shown a recent increase. The study, conducted by Black Book Research, found that “independent and physician-led group practices began to rally back up to 72.0% in 2017.” Previously, the trend had been toward independent physicians moving to hospital employment or employment in a practice with only some ownership.
Doug Brown, Founder of Black Book Research, states that the recent trend is probably a result of population health and value-based care models “driving more coordinated, integrated and consumer-centric physician organizations.” Brown adds that “Physicians not affiliated with hospitals are recognizing there are long-term savings if they assume risk and manage population health in the same way as a hospital in an ACO.”
To that end, however, many independent physicians are hiring consultants to help them determine the requirements and benefits of joining an Accountable Care Organization (ACO). When asked about the move to value-based care and how it would affect their practice, many stated they have “no strategic plan activated for transforming population health management or value-based care solutions end-to-end to confront known deadlines because there are no internal experts identified.”
Very few of those physicians surveyed have begun value-based care software vendor selection activities. Of the 900 physician organizations that participated in the survey, “95% of group practice and large clinic Chief Information Officers state they do not have the information technology or staff in-house needed to transform value-based care end-to-end as their physician and or executive team envisions.”
Overall, the research indicates that while more physicians are choosing to remain or to become independent because of value-based care initiatives, they continue to need expert help in understanding how to benefit from the population health and value-based models.