By CHARLES LATHRAM, III, FACMPE,
Fellow, American College of Medical Practice Executives, Past President, TN MGMA
There’s a certain romance to the idea of independence in medicine – physician, free from corporate red tape, making decisions solely in the best interest of their patients.
It’s the kind of story that inspired many of us to pursue this path in the first place. But today, independent medical practice feels like a ship navigating stormy seas. Regulatory turbulence, financial instability, and the relentless waves of social and environmental challenges are battering the sails. And yet, even in the face of these headwinds, there’s something undeniably worth fighting for.
Independent practice isn’t just about autonomy; it’s about preserving the heart and soul of medicine – the sacred trust between doctor and patient, untainted by the demands of shareholders and profit margins. But let’s not sugarcoat it: the road ahead is rough.
The Challenges We Face
First, the numbers paint a stark picture. Nearly 74 per cent of physicians are now employees, and over the last decade, physician ownership has dropped by 13 percentage points. This isn’t because we’ve lost our entrepreneurial spirit – it’s because the system seems designed to crush it. Medicare cuts, rising overhead costs, and the relentless march of corporate consolidation have turned the dream of independence into a financial juggling act.
And then there’s burnout. Ah, burnout – the buzzword that’s become all too familiar in our circles. The administrative burden of prior authorizations, endless documentation, and the emotional toll of practicing medicine in a post-pandemic world have pushed many to the brink. It’s no wonder so many of our colleagues are choosing the perceived stability of employment over the uncertainty of running their own ship.
Why Independence Still Matters
So why should we keep fighting for independent practice? Because it matters. It matters for our patients, who deserve care that isn’t dictated by corporate policies or profit margins. It matters for our communities, which rely on local, independent practices to fill the gaps left by larger systems. And it matters for you, the physicians, who deserve the freedom to practice medicine in a way that aligns with your values and vision.
Independent practice is about more than just survival; it’s about thriving. It’s about proving that we can adapt and innovate without losing sight of what makes medicine a calling rather than just a job.
Charting a Path Forward
At this crossroads, we have a choice to make. We can lament the challenges and let the tide sweep us away, or we can rise to the occasion. We can embrace innovation, explore new partnerships, and find creative ways to navigate this ever-changing landscape.
For example, transitioning to value-based care models, diversifying revenue streams through telemedicine and ancillary services, and leveraging technology to improve efficiency are just some of the ways independent practices can adapt and thrive. These strategies aren’t just about keeping the lights on – they’re about proving that independence and innovation can coexist.
