Here are five forces impacting the private practice space to know:
Less than a quarter of residents are looking to private practice, with twenty-three percent of residents expecting to become a practice owner or partner.
More and more physicians are selling their private practices, with nearly 80 percent of surveyed physicians saying the need to negotiate higher payment rates with payers was a key reason why their practice was sold or acquired.
Private practice owners put in more hours than their non-owner counterparts, logging 45 hours a week on average in 2022, compared to 39 hours a week among non-owners.
Private practice physicians make less than physicians in hospital-owned practices and inpatient hospitals, earning $284,500 on average annually, compared to $292,000 and $291,000, respectively.
The decline in the number of physicians working in private practice has continued over the last decade, dropping 13 percent between 2012 and 2022.