Independent practice has been shrinking over the last 20 years as hospitals, health systems and corporate entities continue their rapid growth while high operational costs and sinking reimbursements complicate the finances behind practice survival.
In 2024, 42.2% of physicians were working in private practice, a significant drop from 60.1% in 2012, according to the American Medical Association’s “Physician Practice Benchmark Report,” published May 29. Private practice now represents less than half of physicians in most medical specialties, with participation ranging from 30.7% in cardiology to 46.9% in radiology.
Conversely, the share of physicians working in hospital-owned practices rose to 34.5% in 2024 — an 11-percentage point increase from 23.4% in 2012.
In a LinkedIn survey conducted from Aug. 12-19, Becker’s asked physicians what kind of support they would find most helpful in launching their own independent practice. The survey received 131 responses, and Becker’s has no insight on respondents’ organizations or roles.
Here’s a breakdown of the results:
- Business training: 31%
- Financial assistance: 27%
- Administrative support: 24%
- IT/tech knowledge: 19%
