Independent Practice

Medical group revenue per physician jumped 16.7% in 2023 but expenses are also on the rise, according to the AMGA Medical Group Operations and Finance Survey.

Hospitals nationwide have begun to cut service lines in an effort to save money or address staffing concerns. This phenomenon opens the door for independent practices to show why they too are a necessity in their communities.

As inflation has soared and accessing economies of scale becomes more difficult, physicians are flocking to employed models. 

In a world where it is becoming increasingly difficult to practice privately, physicians still choose to continue down the path they believe is best for them. 

Private practices continue to battle a host of challenges, including economic pressures and reimbursement woes. But how will it affect their future?

Physician-owned hospitals saved $1.1 billion in 2019 when compared to the cost of care at traditional facilities over the same period, according to research commissioned by the Physician’s Advocacy Institute and the Physicians Foundation.

The American Medical Association recently published an appendix to its "AMA STEPS Forward Private Practice Playbook" that includes business and medical forms physicians can use in their private practice.

Independent practices experienced a smaller drop in patient volume than larger health systems at the height of the COVID-19 pandemic, according to a recent study published in the JAMA Health Forum.

Here are five forces impacting the private practice space to know:

Here are seven statistics and stories on private practices physicians should know that Becker's has reported on so far in 2023: