Private Practice Development vs The Industry: A Growing Crisis

February 8th, 2022 | Private Medical Practice

In recent years, it has become clearer that private practicing gastroenterologists and other specialists are shrinking in number. Meanwhile, hospitals and their networks of physicians have grown larger, putting many independent doctors in difficult economic constraints.

While independent physicians are being forced out of practice, a full-service growth and profitability consultant can help private practices thrive, despite industry forces.

What Is Driving a Decrease in Private Practice Sustainability and Growth?

There are a number of factors that have negatively impacted private practice development and profitability, including:

Challenging Circumstances – The COVID-19 pandemic has shed light on the volatilities and unpredictable nature of the world around us. According to a survey by McKinsey & Company, 53% of privately practicing physicians were concerned about the economic and social stresses of the pandemic. Expenses have skyrocketed since, while revenues have dwindled with the full impact of the pandemic.
Environmental Stresses – As society has transitioned to doing more of its business online, many clients (patients) have begun to expect more flexibility and expedient options from their healthcare providers. Some practices may find it difficult to compete with larger organizations when it comes to investing in newer technology.
Desire for Stability & Quality – Whether it be young doctors fresh out of medical school saddled with student debt or seasoned practitioners seeking security, financial stability is highly desired. Fred Horton holds a master’s degree in health administration and advises that “larger entities can dedicate more resources to quality which directly impacts earnings.”

How Do Experts Feel About the Threat to Medical Practice Sustainability?

Many physicians concerned about their practice’s sustainability have raised concerns about the struggles they face competing with larger hospitals and the challenges of dealing with insurance firms. As experts in their field, it’s important to hear from them and understand their concerns.

Dr. Kenneth Christman, a private practitioner, advises that hospitals are “large enough to negotiate better rates; however, this is bad for patient care in the long run.” One of the most important aspects of treating a patient is having a relationship with them, and a large interchangeable group of physicians is detrimental to this connection.

Former endocrinologist, Dr. David Westbrock, feels similarly about this sacred patient-physician bond as the profession becomes less “patient-focused.” He also warned that “doctors are losing their autonomy and becoming more corporate-focused.”

Why Do Practices Need Rockett’s Growth and Profitability Consulting?

Private practices are facing real obstacles and gastroenterologists are being forced to make serious decisions about their independent organizations. This is exactly why working with an organization like Rockett Healthcare Strategies can be essential for growth and profitability.

Rockett’s strategies can combat the threats of healthcare consolidation:

Invest in Autonomy – One of Rockett Healthcare’s main strategies for growth is to show private practices how they can wisely invest in themselves. When working with Rockett Healthcare, we will strategize the most efficient and cost-effective way to transform your practice into a competitive endoscopy center.
Work as a Team – Just as large hospitals are able to cooperate closely with insurers, we pledge to use our knowledge to help partners build the most cutting-edge endoscopy suites.
Upkeep Guaranteed – With Rockett Healthcare, you’ll be getting the newest in endoscopy technology available as well as guaranteed ongoing maintenance services.

Maintain Your Private Medical Practice Independence

For many gastroenterologists and physicians, these can seem like uncertain times. However, Rockett Healthcare is here to help utilize our skills and abilities to help you grow your private practice.

We know how to work with you to promote growth and sustainability as you’ve never experienced!

Contact Rockett Healthcare today for more information about private practice development and maximizing sustainability and growth!

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"Rock and I met when I was considering joining an existing endoscopy center. He helped me do the analysis that showed I'm better off doing procedures in my office and taking advantage of the rates he has negotiated with payers in the Chicago area. In addition to helping me design my center, equipping it, and getting it accredited by AAAASF, Rock has helped us implement multiple revenue streams and significantly increased professional fees over my prior rates. He also worked diligently to recover thousands of dollars in payments from our major payer that had been miscoded and denied."

Dr Manoj Mehta, MD

Endoscopy Center of the North Shore

Wilmette, IL

"Rock Rockett helped us to successfully launch our first healthcare product in the US. His knowledge and experience were instrumental in helping us understand and navigate a complex health system. We are thankful for his guidance and are excited to see what the future holds."

Aonghus Shortt, CEO

FoodMarble Digestive Health

Dublin, Ireland

"We contracted with Rockett Healthcare, LLC to help us develop our endoscopy center and contract with payers. Rock led a very successful contracting effort with the payers and we are earning combined facility and professional fees for office-based procedures that are 200-300% of Medicare ASC rates(depending on the payer). Rock achieved this for us by educating the local Hawaii payers on the value of office endoscopy in Hawaii's regulatory environment which makes it difficult to obtain an ASC license."

Dr Mel Ona, MD

Ohana Endoscopy Clinic

Kapulei, HI

"Rock and I met about 10 years ago when he led the negotiation process to get higher rates from our major payer for office-based procedures. He and his team helped us get our office endoscopy suite accredited and successfully completed negotiations with other payers.

More recently, I engaged Rockett Healthcare, LLC to evaluate the financial feasibility of merging with another GI group in our area. He did a terrific job of assessing the risk and reward potential of that transaction. He regularly proposes new strategies to better manage the practice and grow revenue. Rock is very prompt, forthright gets the job done expeditiously.

Rock’s contacts in the health care/insurance industry and his understanding of medical practices puts him in a unique position to advise physicians."

Suman Kaur, M.D.

Digestive Disease Associates, LTD

Hinsdale, IL

"We worked with Rock from day one of our project to develop a two room endoscopy suite for office based procedures. In addition to guiding the project from start to finish, he also has contracted with almost all of our major payers. His negotiations yielded rates with the payers that are 3x what we were getting when we did endoscopy procedures in surgery centers and hospital outpatient settings. We are grateful for his expertise and persistence in negotiating higher rates on our behalf."

Samuel Cordeiro, MBA

Prima CARE

Fall River, MA