Physicians Returning to Private Practice
The healthcare sector has undergone a whole lot of change rapidly in the past 5 years with even more to come. Independent practices and small physician groupings have loads of reason now to seek more elevated ground in mergers, joint ventures and buyouts by bigger organizations and hospitals which have the resources to readily handle lesser reimbursement and growing regulation. Even so the same way we noticed the trend where physicians were offering their practices to hospitals we would also see a reverse trend – where physicians would start abandoning hospital employment to venture into independent practices.
Right now there are a growing number of new independent physician practices. Their new practices may appear a lot more unlike the practices they had before, however within a short span of time they can get around the grueling financial concerns of start-up expenses and even find solutions to lower costly overhead.
As hospitals continue to cut down earnings an increasing number of physicians will seem to look to these tools for self-reliance and financial viability.
The cost EMR has overtime become a valuable tool for physicians. The capability to e-prescribe as well as report PQRS and upcoming MACRA to keep away from Medicare financial penalties so as to collect the EHR Stimulus money without the usual upfront $25 -$30K cost per physician continues to be a plus for a lot of practices.
The number two reason Doctors can begin an independent practice is the substitution of traditional marketing and advertising with social media marketing. With just a very small amount a physician can make use of social media marketing to create an online presence through an internet site, blog, YouTube and Facebook. Although these mediums are not completely free, but they will always drive patients to the practice for an extended time after a direct mail postcard has long been discarded.
New Practice Models
Doctors as well as other care providers have an option of self-employed practice models. The following are some options can leverage on:
Concierge – concierge refers to a number of things to different people but it is used here, to define a practice that accepts insurance and at thesame time demands yet another fee from patients in addition to the insurance payments.
Medicare Subscription – much like concierge, but is applicable to the added fee for Medicare patients just to pay for other services not included with Medicare such as a yearly physical examination.
Direct Pay – this is a primary care model in which patients make monthly payment of a specified fee covering unlimited primary care.
Telemedicine – Telemedicine is gaining huge popularity and acceptance right now it is not only a rural specialty care, telemedicine is seeing patients by means of a safe and protected video connection.
House Calls – This model is finding its way back as a genuine practice model, physicians along with other care providers don’t have to invest in a physical office as they can accept payments through their smartphones.
Nursing Home – This is one more form of practice similar to the House Call practice, Doctors commit 100% of their working time seeing patients at a Nursing home.
On Call Specialty Practice –Specialized physicians in most cases surgeons, see patients at the office of the referring Doctor without the need for a physical office.
Cash Practice – This is a 100% cash model without any insurance accepted. Usually, Doctors would give patients all what they’ll need to be refunded from their insurance plan. Since insurance is not filed, the practices are able to lower their prices for patients.
Co-op Practice – This is a practice in which one practice or a non-physician leases an office space to a Doctor, offering everything with the exception of billing, EMR and an assistant.
Micropractice – a slimmer kind of the co-op practice, the Doctors operates with no assistants and carry out everything with only a pc and using one exam room. Micropractice Doctors see at least 8 to 10 patients daily.