Top challenges for independent medical practice leadership explored; Part 3 of 3
Physician burnout, competitive market pressures, and rising costs are all reasons cited for the decline in the number of independent medical practices in the US.
In this series, we’ll explore the Top 3 issues teams face today.
Swimming against the current can be isolating
Physicians in private practice enjoy more flexibility in the way they practice medicine and may have opportunities for deeper relationships with patients and their communities. Some practices have begun integrating ‘whole person’ care into their care plan – seeking to help identify needs and to align solutions seeking to address mental and behavioral health and SDoH issues.
And patients of private practices may feel more connected to their health team. They know the staff and, more importantly, the staff knows their concerns, meds list, and can anticipate questions and even needs. Many patients would likely pay more to continue care with their private practice provider than switch to a large health system and start from scratch. As a result, patients may experience higher levels of adherence to prescribed courses of treatment and even improved outcomes for some conditions.
However, the trend is overwhelmingly in favor of clinicians joining large employed networks. This trend can leave independent medical practice leaders feeling isolated. And that isolation can further feelings of burnout and encourage incremental market consolidation. Finding mentors and networking with other independent practice leaders may be a low cost solution, but the time invested to do so is still a cost and a hurdle that keeps many from getting the connectedness they need to weather the storm. Leveraging the supportive vendors, like consultants and independent practice services, who are dedicated to supporting independent practice leadership may be the best investment.
The problems faced by these businesses are fluid. And the collaboration, strategic mindset, and continuous operational improvement required for these businesses to flourish and grow is difficult to add from dedicated in-house employees. Hiring an experienced team of healthcare consultants that act like a ‘Virtual Healthcare Executive” is vital for the proliferation of the independent medical practice.
H3 has solutions in each of these areas and offers engagements of various sizes based on your team’s objectives and timelines. Contact us today for more information or to get started.