A total of 49.1 percent of physicians practicing in 2022 delivered patient care in practices that were wholly owned by physicians, down from 60.1 percent in 2012, according to the American Medical Association.
The AMA released a report April 3 of reasons why working for or operating a private practice should be on physicians' radars.
Here is a summary of the organization's key points:
- The track of action is faster within private practices, with partnership pathways often being just a few years. As a physician partner, physicians are able to have more of a voice on what services are offered, new projects to be taken on and other physicians joining the practice.
- Becoming a physician partner and having an ownership stake provides an additional financial opportunity beyond typical compensation. When physicians leave a private practice, they are potentially able to build up equity and receive a buyout.
- Working within a private practice could allow for stronger work-life balance, with physicians serving as their own bosses.
- Private practices can be preserved by keeping up with and understanding rules and regulations, which Barbara McAneny, MD, CEO of the private practice New Mexico Cancer Center, said physicians are capable of doing.