Physician Satisfaction Driver: Large, Independent, Doc-owned Practices

January 14, 2016 - Eighty-one percent of physicians who practice at large, independent, physician-owned primary care practices say they are satisfied with their medical careers, according to a recent Annals of Family Medicine study.

Researchers studied five large physician practices in Arizona, Ohio, Michigan, Colorado and Connecticut; they interviewed leaders and physicians at the practices as well as external parties that engage with the practices, such as health plans, hospitals and specialty groups that receive patient referrals. Each of the practices had an average of 148 physicians, 87 percent of whom were primary care physicians. Some of the groups were more advanced in their involvement in value-based care, though all were committed to increasing quality while decreasing the cost of care.

Most of the physicians surveyed said they have autonomy in their practice of medicine, experience less pressure from outside entities such as hospitals and have easy access to specialty care. Practices of these size can provide laboratory services, health information technology, imaging and quality improvement infrastructure--all while focusing on creating a convenient option for patients, according to the research.

"Though large groups' negotiating leverage can lead to higher payment rates from health insurers, primary care costs are only 5 percent of healthcare costs," wrote the authors. "When engaged in risk contracting, primary care groups can focus on controlling the other 95 percent of costs without conflicting incentives to keep specialists busy or hospital beds filled."

Despite reporting high job satisfaction, physicians at these practices were only moderately satisfied with their clinical workload and work-life balance. In addition, the need to continually invest in information technology and care management to enable value-based care leaves these "capital-poor" practices in a position where they're constantly having to choose between staying independent or selling to hospitals or companies that manage physician practices. As leaders at these practices approach retirement, these questions may become more pressing, noted the study authors.

To learn more:
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Posted on FiercePracticeManagement
By Aine Cryts

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