As physicians continue to reduce their market share in private practices, Medscape examined private practice ownership trends, finding although the market dominance of years past may have vanished, private practices are here to stay.
Here's what you should know:
1. According to an American Medical Association survey, only 47.1 percent of physicians held equity in their practices in 2016. In 2000, 57 percent of physicians had equity in a practice.
2. Several market analysts who spoke to Medscape said they expect private practices will remain a "permanent fixture" in healthcare.
3. Akron-based Northeast Ohio Nephrology Associates Richard May, MD, and its eight affiliated physicians have remained independent for 30 years, despite several acquisition offers. Dr. May attributes the practice's desire to remain independent to "feeling good about how we practice medicine."
He said, "We're happy answering to no one but ourselves and not feeling any pressure to meet patient-load quotas and hit monetary goals."
4. According to a Medscape survey, 52 percent of physicians currently in private practice were previously employed by a healthcare facility.
5. Physicians wanting to be independent is a trend still present in healthcare. A practice management consulting business Medscape spoke with estimates it launched 50 independent practices since 2010. Although the numbers of new independent practices are still lower than years before, it's a trend analysts believe will still continue.
6. Physicians returning to private practice after being employed are adopting new practice models, incorporating elements like patient management, concierge services, house call services and direct primary care into their practice.
7. Independent physicians are also teaming up to rent space together, while opting to use free EHR systems and tackling administrative tasks themselves.
An example of this new model can be seen in Chapel Hill (N.C.) Doctors Healthcare Center. The center provides private practice physicians with shared office space and administrative services. The medical building has 13 independent practices leasing space.