Physicians self select all of the characteristics of the patients constituting their small slice of the medical marketplace. Not just the traditional organ system specialty divisions we train for. They also make decisions defining the socio-economic class, third party reimbursement and growth potential of their patient population.
If you want a defined, reliable third party payment population, then choose to work for an HMO or sign up for every PPO managed care contract in your area. You trade certain knowledge of patient payment for the limitations, hassles and possibly lower income this patient group provides. You may also be trading away growth potential as HMOs are declining and employer sponsored PPO managed care may soon be a thing of the past.
If you want long term, effective physician-patient relationships and freedom to practice with the least restrictions, then choose to build a private healthcare practice. You trade better job satisfaction and possibly higher income for the uncertainty of a rapidly changing reimbursement environment and the necessity to reorient your practice to satisfy patient needs first. If you are successful in providing a high level of satisfaction to patients choosing your practice over others, your upside growth potential may be very favorable as well.
Given the rapid evolution to consumer directed healthcare products(HSAs and HRAs), more and more patients will be spending healthcare dollars which they control. Successful physicians serving patients with HSAdebit cards will adapt to higher patient service expectations and worry less about managed care restrictions and reimbursement problems.
Practice growth in the consumer directed era will be more dependent on self selected marketshare. Every mature practice is composed of networks of friends and families who refer each other to that practice. Referrals from physician colleagues become less important as practices grow. Choose to satisfy debit card carrying HSAprivate patients and their friends and families will follow on.
Private physician practice is poised for growth. You have only to retool for patient satisfaction and choose this marketshare over managed care.
