Private Practice

What does the future hold in store for private practice? Although there is a steady decline in the number of private practices, I believe there is still a definite need for their services that exists today. Solo or small practice physicians still provide medical to 9 out of 10 Americans receive. This is remarkable that the vast number of patients still go to these practices even if the number of small practices are declining. However, a general trend observed in the country does not always apply to certain geographical areas. A metropolitan area where local hospitals are more common and competition is greater may not have a large need for many private practices. On the other hand as we learned last week in section, private practices are essential to the dynamics of smaller communities where hospitals are farther away.

I do see how working in a larger group within a hospital can be very attractive, but I think private practices are necessary in furthering the role of the 21st century physician. Not only should the physician keep up with the latest medical technology and biopharmaceutical developments, a physician must learn how to run and be in the business of medicine. I do not like to think medicine is a business, but the harsh reality stands that without a doctor that either handles his own insurance claims or without someone to do this for him, doctors will not get paid. It is important for a doctor to have some business-savy. I would suggest medical schools having a class on how to start one's own private practice so that doctors don't go out into the world with a degree in one hand and stethoscope in the other looking for a job. Someone who has gone to medical school and residency theoretically has all the skills he or she needs to open their own practice. What is preventing this? Money. Once one has already accumulated hundreds of thousands of dollars of debt, one needs to take out even more loans to either rent or buy an office, fix it up, hire staff, and work a few years to even be able to pay back what one borrowed to begin with. It isn't easy to open one's own practice, find patients, deal with finances, and a hundred other hats a doctor wears. It is interesting to see the role of the physician as these changes in private practice occur.