Given the financial, regulatory and market pressures today’s medical groups and physician practices face, running an independent multi-specialty practice isn’t easy; in fact, the number of independent physician practices has decreased 28 percent in the past decade. However, there is great value in participating in an independent physician-owned and physician-driven multi-specialty practice, especially in an era of value.
Physician-owned practices and medical groups have the ability to respond quickly to changes in the market. They are capable of testing new ideas and apply successful innovations more broadly to meet the needs of patients. And with the right infrastructure, they can offer personalized, responsive care and service which engages patients in a way that large systems would struggle to replicate.
What is the secret to maintaining independence in the face of competition from large systems or newly merged competitors? Our experience points to four keys to sustainability. [Read more…]