I am Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
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In the current healthcare climate, a striking revelation has emerged: the trend of physicians leaving private practice for employment is negatively impacting patient care quality. This insight, derived from a comprehensive survey conducted by NORC at the University of Chicago for the Physicians Advocacy Institute, holds profound implications for physiatrists.
The survey, involving 1,000 physicians employed across various sectors including insurers, health systems, and private equity firms, sheds light on the challenges posed by corporate ownership on healthcare delivery. Nearly 60% of these physicians believe that the shift towards employment has diminished the quality of patient care, primarily due to decreased clinical autonomy and an increased emphasis on cost-cutting measures by facility leadership. This erosion of autonomy directly clashes with physicians’ commitment to making the best clinical decisions for their patients, a sentiment echoed by Kelly Kenney, CEO of the nonprofit institute.
As physiatrists, the call to action is clear: to maintain the sanctity of patient-centered care, we must embrace and excel in the business side of our practice. Here’s why:
1. Safeguarding Clinical Autonomy:
In a corporate setting, physicians often grapple with policies that prioritize financial outcomes over patient needs, leading to compromised treatment choices. For physiatrists, starting and growing a profitable private practice is a path to preserving the freedom to make decisions solely based on patient welfare.
2. Enhancing Quality of Care:
While 18% of physicians surveyed acknowledged the benefits of corporate employment, such as investments in technology and quality improvement programs, these advantages can be mirrored in a well-managed private practice. By taking control of your practice, you can implement innovative technologies and quality standards tailored to your patients’ specific needs.
3. Balancing Professional and Personal Life:
About 55% of physicians who transitioned to employed roles cited improved work-life balance and reduced administrative burdens as benefits. However, with the right business strategies and support systems, physiatrists in private practice can achieve similar, if not greater, work-life harmony while retaining professional independence.
4. Responding to Market Trends:
The survey indicates a significant reduction in private practice ownership from 60% in 2012 to 47% in 2022. This trend represents both a challenge and an opportunity. By honing entrepreneurial skills, physiatrists can capitalize on this gap, offering patient-centric, innovative care models that stand out in a market increasingly dominated by large health systems.
In conclusion, the findings of this survey serve as a clarion call for physiatrists. To ensure the highest standards of patient care and to uphold our professional oaths, mastering the business of medicine is not just beneficial — it’s essential. By building successful, independent practices, we can create a healthcare environment where patient needs are paramount, and physician autonomy is preserved. Let’s embrace this opportunity to lead the change in healthcare, one patient, one practice at a time.
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Once you’ve decided that you want to leave your current job to start your practice, you need an exit plan. Check out our blog post here for tips on developing an exit plan and starting your new independent practice.
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I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits. Please go to businessofrehab.com/contractnegotiations to pick up the free guide to help you negotiate the contract of your dreams.
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Attention, Physiatrists! Stop leaving money on the table. Sign up for the free video series: How To Build A Profitable Practice in 90 Days or Less: http://www.sixtytosuccess.com
