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 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 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!