Why independent private practices will continue to be a permanent fixture December 20, 2017
Contrary to popular belief, the private practice is not headed toward extinction. Though the numbers are down slightly, just under half of all physicians owned equity in their practice in 2016. Even with the added administrative burdens of regulations and reporting requirements, independent physicians are still focused on providing quality care and on developing productive relationships with their patients.
For many independent physicians, that autonomy is more important than the potentially higher income they might see as employees of larger healthcare facilities. Independent physicians are able to manage their practice to be sustainable while at the same time providing quality healthcare to their patients on a more personal level.
As recently reported in Medscape, the independent private practice is here to stay, as a permanent fixture on the healthcare landscape, mostly due to “emerging new business models, cost-saving technological advancements, and the tenacity of physicians determined to practice medicine on their own terms.”
Independent physicians are exploring a number of alternative practice models, including the direct primary care practice (DPC). Some smaller independent practices have also made the move, literally, to share office space and other resources in an effort to be more efficient with their financial investments.
Many independent physicians actually leave employment in a larger healthcare facility to launch their own practices. According to the Medscape article, “more than half (52%) of all self-employed doctors responding to Medscape’s 2014 Employed Doctors Report say they were previously employed.”
Technology tools such as electronic health records (EHRs) help independent physicians manage their patients’ medical information, their billing and scheduling records, and their communication with patients, adding to their opportunities for success.
Elation Health continues to support independent physicians with our EHR solution, fulfilling our mission to strengthen the relationship between patients and physicians, and enable phenomenal care for everyone.