Here are seven statistics and stories on private practices physicians should know that Becker's has reported on so far in 2023:
- The need to negotiate higher payment rates with payers was the leading reason behind physicians selling their practices to hospitals, with 79.5 percent of physicians reported in an American Medical Association survey that it was either a "very important" or "important" reason their practice was either sold or acquired by a hospital or health system.
- Ninety-four percent of physicians think it's become too difficult to operate a practice, which is a driving force behind physician practice acquisition, according to data from the American Hospital Association.
- Eric Anderson, MD, co-founder and owner of Advanced Pain Institute of Texas in Lewisville, connected with Becker's to discuss what private practice could look like in a decade, including continued market consolidation and an increase in use and utility of advanced practice providers.
- Teamwork can be used to strengthen private practices, according to Cleveland Clinic West Regional Director for Primary Care Kevin Hopkins, MD. For example, teamwork can prevent burnout by encouraging workflow where necessary work can be shared.
- The American Medical Association issued advice for young physicians looking to begin their career in private practice, including connecting with those who might be more knowledgeable about certain aspects of running a private practice, like accountants and lawyers.
- The Association for Independent Medicine launched to support independent, physician-owned medical practices and is backed by nearly 400 anesthesiologists.
- Aledade added 450 primary care practices, including 60 health centers, to its network in 2023, to become the largest network of independent primary care providers in the country.