In a world where it is becoming increasingly difficult to practice privately, physicians still choose to continue down the path they believe is best for them.
Calvin Wong, MD, a cardiologist at Pacific Cardiology in Honolulu, spoke with Becker's to discuss what makes private practice different from the employment model.
The three biggest differentiators between private practice and the employment model is autonomy, ownership and equity, according to Dr. Wong.
Autonomy is one of the fundamental reasons why physicians choose to remain independent. According to Medscape's "Employed Physicians Report 2023," only 50% of employed physicians are very satisfied or satisfied with their autonomy.
"I have this flexibility to do what I think is right," Dr. Wong said. "I'm not obligated to send the patient to the hospital that employs me. I can send who I think is the best doctor for that particular patient … so therefore it's a question of patient fit. The cornerstone of independent practice is the doctor-patient relationship. In Hawaii, which is very multicultural, if I have a Chinese-speaking patient from China, I'm gonna send him to this Chinese-speaking doctor in Chinatown. I can match the patient to the background."
Ownership means taking responsibility for patients' care beyond the office visit, according to Dr. Wong.
"Ownership means I'm not here for the encounter," Dr. Wong said. "It's like I own the situation and I feel responsible to make sure that when you see me, no matter where you go and get a second opinion, you end up on the good end of the encounter. The encounter doesn't end when you walk out of my office."
To Dr. Wong, equity looks like creating a system where everyone in the practice is valued and contributes to the growth of the whole team.
"Equity means that everybody in my office has pride in the system that we developed. I hire the people according to their personalities and their abilities and the staff fires them — they get voted off the island if they don't make the other person better."