Owning A Private Practice Pros and Cons

 

independent practiceThe evolution of the practice of medicine has ebbed and flowed over the years. We’ve witnessed new government regulations, insurance companies changing in response, as well as the emergence of ACOs and quality benchmarking.

We’ve also seen the landscape of how physicians practice medicine – Many physicians enter and leave both private practices and employed positions throughout their career. And while there are many pros and cons to both sides, we caught up with two private practice physicians who think that the “PROs” of a private practice just might outweigh the “CONs”.

Thoughts On Owning A Medical Private Practice

An Interview With:


 Q: When did you decide to open your own physician practice instead of being an employed physician?

Dr. John Scala:

“I was employed by a large health care organization for six years. During this time, I started to observe the inefficiencies, wastefulness and disregard for the patient. I decided that I didn’t want the rest of my medical career to be like this and with great risk, I started my own practice. I have always enjoyed being a physician and owning my own practice is even more fulfilling.”

Dr. Inna Trey:

“I’ve wanted to own my practice since residency and after spending two years at a large health care system, I was becoming more frustrated with the inefficiencies. This experience was the catalyst for starting my own practice.”

Q: How has being self-employed changed the way you practice medicine?

Dr. John Scala:

“I don’t think starting my own practice has changed the way I’ve practiced medicine, but I can say that the overall experience has been better for my patients. I have the same staff, we are less rushed, more personable, better pricing and billing services. It’s just an overall more relaxing, less stressful, experience for patients and their families.”

Dr. Inna Trey:

“Being self-employed did not change the way I practice medicine – it was, and still is, evidence-based. Though has definitely changed the way I am taking care of my patients. The biggest change – I am able to spend more time with my patients, creating a more personal relationship and deeper trust which leads to a better patient experience. And for me, that gives me satisfaction knowing that I can give more time to each patient and make them feel heard.”

Q: What are the top three benefits/drawbacks of owning your own practice?

Dr. John Scala:

“The drawbacks depend on expectations and abilities. I take pager call and nursery call all the time except for 7-10 days of vacation per year.  Some would say that’s a drawback…but the patients are very respectful regarding after-hours calls.

Some would consider not having a guaranteed paycheck as a drawback, as well as running the “business” side of the practice. I happen to enjoy this aspect a lot. A major benefit is that as a physician, you can understand the entire picture of modern medicine. The costs involved, how to reduce them without affecting patient care.

The biggest benefit is the pride of providing well-paying jobs to your employees and their families. An important concept is treating people fairly, and that’s a huge benefit of having your own practice. I don’t have to send patients to collections – we just call them and ask how we can help.”

Dr. Inna Trey:

“A few drawbacks in owning your own practice is the financial commitment – which is hard in the beginning. Another drawback is the lack of options for great health benefits for my employees since we are a small business.

One of the many benefits would be making your own decision when it comes to new technologies, better procedure protocols, better equipment, etc. Another benefit would be the ability to create your own team who treat my patients with respect. I also enjoy the flexibility in creating my own schedule.”

Q: How has Practice Health helped you to navigate and run your practice successfully?

Dr. John Scala:

“Practice Health’s greatest contribution to my practice has been their help with the credentialing process. Credentialing is a huge time commitment and that service alone is worth the investment in becoming a member of Practice Health.”

Dr. Inna Trey:

“Being part of Practice Health has helped tremendously. From the start, Practice Health has helped me with resources, credentialing, education and providing access to their medical director in terms of questions and support. Practice Health gives me access to all the resources of a large healthcare organization but with the benefits of running a small business. It is the perfect combination for me and my practice.”

Are you ready to become part of a team that will allow you to focus more time on patient care and quality outcomes? Practice Health looks forward to being your trusted partner in handling the “business” side of your practice – allowing you and your patients to thrive.

 Click here to become a member of Practice Health.