Independent vs Hired - Who brings more Value?
Independent practices also have lower per-beneficiary costs and a lower 30-day readmission rate compared to hospitals
They reduce avoidable hospitalizations by 33%.
Total expenditures per patient in hospital-owned and physician-owned physician organizations in California - PubMed
Importance: Hospitals are rapidly acquiring medical groups and physician practices. This consolidation may foster cooperation and thereby reduce expenditures, but also may lead to higher expenditures through greater use of hospital-based ambulatory services and through greater hospital pricing leverage against health insurers.
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Who Earns more Money?
Average Revenue Generated by Primary Care Physicians, Specialists, and All Physicians
According to a 2019 report from Merritt Hawkins, hospitals make on average
$2.4 million a year net for every doctor they employ. No wonder they want – and can afford -- to lure doctors into indentured employment
2019 Physician Inpatient/Outpatient Revenue Survey
In addition to delivering healthcare to millions of patients, physicians also drive significant economic activity for their hospitals and communities. This report summarizes Merritt Hawkins' seventh survey tracking the average annual net revenue physicians in various specialties generate for their affiliated hospitals.
Independent Physicians are loosing ground
Per Merritt Hawkins Report
Independent vs Employed Per AMA Report
Physician Practice Benchmark Survey
The Division of Economic and Health Policy Research conducts independent research to support AMA federal, state and private sector advocacy agendas. One of the division's most significant efforts is the Physician Practice Benchmark Survey, which focuses on the practice arrangements and payment methodologies of physicians who take care of patients for at least 20 hours per week and don't work for the federal government.
33 statistics to know about employed vs. independent physicians - Salary, practice setting shift & more
Physician networking site Doximity released its 2019 physician compensation report comparing average salary differences among specialties, as well as how salaries have changed at different practice settings. Doximity compiled the report from surveys completed by 90,000 licensed, full-time U.S. physicians who work at least 40 hours a week.
The Business of Health Care Depends on Exploiting Doctors and Nurses
Opinion | The Business of Health Care Depends on Exploiting Doctors and Nurses (Published 2019)
In a factory, if 30 percent more items were suddenly dropped onto an assembly line, the process would grind to a halt. Imagine a plumber or a lawyer doing 30 percent more work without billing for it. But in health care there is a wondrous elasticity - you can keep adding work and magically it all somehow gets done.
Challenges in Private Practice
Contracting - Contracting with Insurers
Administrative Tasks - Lead to burnout
HealthIT - EHR Death by a thousand clicks & Cybersecurity
Death By 1,000 Clicks: Where Electronic Health Records Went Wrong
The U.S. government claimed that turning American medical charts into electronic records would make health care better, safer and cheaper. Ten years and $36 billion later, the system is an unholy mess. Inside a digital revolution that took a bad turn.
You are responsible for complete Care delivery workflow
White Paper - State of the Independent Practice Industry Report
The independent medical practice is the cornerstone of the United States healthcare system, providing a higher volume of care at a lower cost and resulting in better outcomes for patients, as compared to hospitals or larger medical groups. However, in recent years, independent practices have faced difficult challenges due to rapidly changing regulations, payment models and patient expectations.
Factors to consider
Who is Happier?
Career satisfaction rate
72 percent for employed physicians
73 percent for self-employed physicians
Employed vs Self-employed Physicians: Who's Happier? These Are the Tradeoffs
Is the grass really greener, or does it just appear that way? For many physicians, it depends which values are most important to you. Regular hours vs lack of autonomy? Productivity goals vs more night call? Medscape examined the key issues affecting employed physicians, looked at the major differences in satisfaction between employed and self-employed physicians, and came up with some intriguing findings.
Should I choose to be an Independent Physician or Employed?
Depends on your personality
Do you enjoy management task/ have skills?
Do you prefer to be your own boss?
Is your choice of Specialty highly dependent on being in a health system?
Is your Location highly dependent on being in a health system?
Is your choice of Specialty highly dependent on care team and multidisciplinary care?