Competing with the giants of the industry is more than possible with the right approach, and there are three pivotal ways private physician practices can fight back against extinction and ensure longevity.
Welcome to our April 2024 cover story. Each month, our editors will be taking a deep dive into the topics that matter most to you in our cover story series. From ways to win the payer/provider war to what not to automate in the revenue cycle, we have a lot of stories up our sleeves this year.
So what did we look into this month? Well, as healthcare has evolved over time, so has the prevalence of private physician practices. What was once a common occurrence for patients—heading to the family-owned doctor’s office—has in many cases been replaced by the experience of seeking care at a network of physicians employed by large organizations.
In this cover story, HealthLeaders' Jay Asser spoke with healthcare executives on three major ways private physician practices can fight back against extinction and ensure survival: partnering, solving for reimbursement woes, and expanding revenue streams.
READ THE FULL STORY HERE.
Did you miss our March story on the three negotiation trends that will be the difference between a deal, termination, or walk out in your next payer/provider negotiation? No worries, you can read it here.
“There's a difference in the playing field between us and our competitors in terms of reimbursement and support for the practice model.”
David Eagle, vice president of the American Independent Medical Practice Association, says about why the number of private physician practices are dwindling.
Amanda Norris is the Director of Content for HealthLeaders.
KEY TAKEAWAYS
Competing with industry giants is possible for physician practices with the right approach, such as joining MSOs or IPAs to share resources and tap into capital for growth.
Practices must prioritize data sharing and payment models to improve negotiation power with payers and attract referrals, while also pursuing additional revenue streams like telehealth.
Agility and innovation are key advantages for independent practices, allowing them to quickly adapt to changing market needs and potentially outmaneuver larger organizations.