Independent physicians today find themselves at a crossroads. Although the autonomy of private practice remains appealing, there is mounting pressure to effectively manage the business aspects of practice ownership, which are becoming increasingly difficult amid rising health care costs, declining reimbursements and evolving payment models. These growing challenges have led many physicians to contemplate alternatives, such as joining hospital-led physician groups or affiliating with large health systems.
Before making the shift away from private practice, however, physicians should carefully consider what they might be giving up and whether the trade-offs are actually worth it. A recent report from Bain & Company’s Frontline of Healthcare Survey reveals that physicians who work in hospital-owned organizations are nearly three times more likely to be dissatisfied with their situation than physicians who work at practices owned by physicians. The study points to several elements that could contribute to the disparate satisfaction levels, including:
- Whether physicians have manageable workloads;
- How aligned they are with leadership;
- How much they have a voice in strategic decisions; and
- Whether they have autonomy in how they practice medicine.
While hospital-led entities can sometimes struggle to deliver on these elements, physician-led practices tend to offer them as a matter of course.
Recently, I sat down with Dr. Laura Lee Taylor, an Alabama-based family physician and member of the Tennessee Valley IPA, and asked why she’s committed to remaining independent. One thing that stood out during our conversation is Dr. Taylor’s passion for her community and her dedication to practicing in a way that puts patients and families first. Here’s what she had to say:
“I have the pleasure and privilege of practicing medicine in the community where I grew up. I chose family medicine because I wanted to return home to serve my community and take care of the people who took care of me. And while there have been challenges with owning a practice in the current environment, I still value the freedom it offers. In talking with colleagues who have worked for hospital-based physician groups, the loss of control over which patients they see, the pressure to see a high volume of patients each day and the lack of input on the providers they work with seem to outweigh any benefits a hospital system might offer.”
Although there are advantages to remaining independent, we can’t overlook the challenges pushing physicians away from private practice. The good news is there are resources available that can relieve some of the administrative burdens weighing physicians down. For example, CareAllies provides a range of people, process and technology solutions that help physician practices consistently deliver high-quality care while keeping the business running smoothly. Dr. Taylor highlighted some benefits of this partnership.
“I’ve been working with CareAllies for years, and the actionable data they provide has been a huge advantage. I don’t have to dig for information about my patients who need a screening or who are noncompliant with medication. The CareAllies team saves me steps because I can take their report, which offers data in a digestible format, and hand it to one of my staff to use as they reach out to patients and schedule appointments. It’s much more efficient when we don’t have to make the list ourselves or recreate the wheel—and we are confident in the report’s accuracy.”
In addition to actionable data, CareAllies can provide practices with care coordination and quality improvement resources, including access to value-based care nurses, pharmacists, and other clinical team members, to help with patient outreach, social determinants of health, quality reporting, medication adherence and more.
According to Dr. Taylor, having access to additional resources is particularly beneficial as an independent physician. “My staff understands that all of our patients are to be treated like family. I think you lose that in a larger system. So, by being independent with some outside help, my patients can get that type of personalized care, but also resources that I wouldn’t be able to afford as an independent physician.”
Remaining independent and partnering with CareAllies is a clear way physicians can get the best of both worlds. They get the freedom to practice medicine the way that best fits their patients’ needs without feeling pressured to sacrifice quality in order to meet daily quotas. They can also access a range of resources that simplify the business of owning a practice and ensure the physician achieves the best possible clinical, financial and quality health outcomes for their patients.
Take the next step toward preserving your independence and enhancing your practice. Explore how CareAllies can help you reduce administrative burdens, access valuable resources, and focus on what matters most—providing exceptional care to your patients.