Joining a huge healthcare conglomerate seems very appealing. We get it. Fortune 500 enterprises and prestigious hospital entities wanting YOU to join their team. How flattering and lucrative, right? Well, this is all nice, but physicians need to make sure to closely weigh their options and make the best decision for themselves and the future.
We’ve seen far too many times big mergers fail to deliver on promises because of elaborate acquisitions. The value of patient care can diminish in these systems because these new alliances are galvanized by dominating markets.
These mergers and acquisitions are based on making profits, selling off debt, and overinflated goals to quickly recover from poor performance. A critical and sometimes foreseen (yes foreseen) dilemma is they become too top heavy which increases layoffs or complete closures. This defeats the sole purpose of the merger in the first place.
A Closer Look
Of course, not having to worry about overhead or meeting payroll would be the biggest relief of any physician, but you lose out on some much more, including your independence.
You essentially become an employee and are operating your practice based on meeting the requirements that they determine. You run the risk of losing control and become lost in a system and your patients suffer.
The Overlooked Advantage
As a private practice, with the right marketing, admin support, and professional billing and collection practices, you’re already on the road to great success. But one forgotten advantage and great prospect to benefit from your independence are through servicing rural and neglected market areas. This market is at your beckoning call! You can successfully compete with big business in these areas.
Think supply meets demand. By targeting these markets, you have the power to negotiate higher contract rates and or become contracted for services not normally approved because of a lack of high-quality healthcare and availability.
Make Wise Business Plans
There’s a lot to consider, but with the right business and marketing plan, having a private practice is well worth it. Here are a few tips on how to approach seeing your dreams come to fruition and building long-term success:
- Hire a well-qualified consultant to help walk you through the process. This will include practice entity setup, obtaining malpractice and insurance, credentialing and enrollment, marketing, property leasing, software setup, selecting a billing service provider, staffing your office and more.
- Create a conservative financial plan accounting for all expenses, debt and expected revenue and applying for loans.
- Understand how you will acquire patients: Know your market and where they will come from.
- Use referral networks to grow your practice.
By keeping these things in mind you can be well on your way to establish and maintain your private practice. To learn more about how we can help you maintain your independence click here.
[Since 2001, Simone Harris has developed a solid foundation in administrative healthcare services and business development. She has 18+ years within the healthcare sector and serves as the Executive of Business of Operations and Compliance Officer. Modified Solutions is furnished with professional medical administrative resources that are firmly rooted in compliance, integrity, and innovation. To learn more visit https://modified-solutions.com/.