A recent trend that does not look like it is slowing down is hospital buy-outs of private medical practices. The appeal for private practice physicians might be a variety of things: financial security and certain benefits paid by an employer, virtually no worries about decreasing patient flow, and often a small cash payment. But this trend has ramifications for physicians and patients alike. Let’s take a look at some of the benefits of private practice as opposed to hospitalized care. For any physicians considering a move like this, consider the following:
Increased physician autonomy in a private medical practice.
When you run your own practice (or work within an independent practice), you are much freer to practice medicine in the way you deem most beneficial to patients. As part of a large healthcare organization, you become a cog in a wheel - subject to someone else’s schedule, policies, and procedures. As a private practice physician, you have greater say in how to handle patient disputes, the type of environment you want to create, how your office is staffed, and more. Increased physician autonomy results in happier physicians AND patients...a win-win situation.
Better patient advocacy in one scenario versus another.
When you work for someone else, it is naturally more difficult to bring up problems and shortcomings to the people who pay your paycheck. While this situation is not unique to healthcare, it can have serious impacts on patient care and physician happiness. Physicians in private medical practices are more empowered to change policies or practices that need improvement because they have greater influence (albeit in a smaller sphere). Otherwise, it’s easier for bad ideas or policies to get perpetuated, and it can potentially place physicians and patients in an adversarial (instead of cooperative) relationship.
Increased variety in types of care through private medical practice.
As with any other industry, large numbers of smaller organizations competing with one another will provide better services to consumers (patients) than increasingly centralized providers. These better services are manifested through varied levels of care, greater patient choice, and the competition will help to drive prices down, rather than up. This is a system in which great physicians will succeed, mediocre ones will survive, and poor physicians will eventually go out of business...which might sound like a bad deal, but is actually both proper and appropriate.
In short, while the idea of leaving private medical practice for a hospital setting might have some benefits, it’s important to consider the points above when moving forward with a decision. Mostly, consider what type of care you want to provide to patients, and which setting will provide the most freedom to do so. How you prioritize job security, pay, location, and job satisfaction will guide your decision.
To read more about physician-related issues, please visit our blog, or contact Keystone Health Partners to see how we can help your private medical practice thrive.
