When it comes to deciding the fate of private practice, it sits squarely on the doctors who run those practices. It’s the physicians who choose to stay in private practice--despite generous salaries and bonuses from hospitals and larger practices.
According to a recent survey conducted by Capko & Morgan and MedData Group, 80 percent of physicians in private practice strongly agree or somewhat agree that their careers are satisfying, writes Laurie Morgan, a practice management consultant, in Diagnostic Imaging. Perhaps more of a surprise is this finding: Sixty-one percent of employed physicians also strongly or somewhat agreed with that statement.
More than 250 physicians across 23 specialties responded to the survey conducted by e-mail, and respondents included both recent graduates and physicians with decades of experience in medicine.
Morgan highlights the fact that 8 percent of employed physicians are thinking about opening their own practices. To provide some context for that number, she notes that physicians are considering putting out their own shingle at a higher rate than your average American. That’s because only 1 in 100 Americans start their own companies, according to the Small Business Administration.
What makes private practice so appealing to doctors? One-in-four physicians suggest that the ability to run their own practices--absent interference from non-physicians--is certainly attractive. Further, 8 percent report that with practice ownership comes the ability to build more meaningful relationships with patients.