According to the survey, the top reasons driving physicians to sell their practices are escalating costs and downward reimbursement pressure. However, pressure to consolidate is also contributing to innovations as physicians investigate new practice models in an effort to sustain their independence.
ProCare Systems conducted the survey among 82 specialists. Fifty-five percent of respondents were part of practices with between one and five physicians, while smaller proportions of the respondents were part of practices with between six and 10 physicians, 10 and 15 physicians and 16 or more physicians.
Further findings from the survey are shown below.
- Responding physicians ranked escalating costs and downward reimbursement pressure as the factors imposing the biggest strain on business and as the factors that will most likely contribute to them selling their practices, followed by the difficulty of maintaining referral streams.
- Almost all of the respondents, 94 percent, said they believe the marketplace should offer new physician practice models to ensure independence and sustainability for the new healthcare economy.
- Most of the surveyed physicians said independent practice associations were the most attractive to them as an avenue for maintaining autonomy (49 percent of physicians), while 28 percent chose practice management/shared equity models and 23 percent chose mergers and acquisitions.
- Seventy percent of respondents chose the “specialized nature of their practice within the local healthcare community” as the most important factor in sustaining their ability to remain independent.
- Eighty-eight percent of respondents said they believe in the future reimbursement will be driven by their ability to provide value, defined as the providing the highest quality of care at the lowest cost.
- Forty-eight percent of the surveyed physicians have approached or adopted new alternatives to the standard fee-for-service model, including shared risk and global payments.
More articles on physician issues
How physician joint ventures fit into today’s fee-for-service and new payment models’s fee-for-service and new payment models
Michigan’s Grand Valley State expands physician assistant program
In-house physician recruiters carry heavy workloads, survey shows
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
