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To what extent do you feel that the % of physicians employed by hospitals vs local physician groups vs national 'chains' (for lack of a better word) is changing, and how do you feel that that change will affect your career as a physician?
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Richard’s Answer
It seems like private equity firms are taking more and more interest in buying private practices. The physicians that I know whose practices were bought up and are now employees are ambivalent about the sale. They have lost their autonomy in terms of making decisions but do not seem to have the support of a large corporation.
For example, during the covid-19 crisis they are responsible for covering the cost of their idle workers but cannot apply for small business relief from the government.
So overall a negative... they have lower income but still have all the responsibilities of maintaining a practice.
For example, during the covid-19 crisis they are responsible for covering the cost of their idle workers but cannot apply for small business relief from the government.
So overall a negative... they have lower income but still have all the responsibilities of maintaining a practice.
Updated
Estelle’s Answer
I agree with Richard. The large corporations buying practices often alleviate the stress of running a business and allow physicians to focus on providing patient care again. On the other hand, sometimes providers become less motivated because they feel undervalued. It's got pros and cons similar to any business that becomes part of a larger corporation. Think about small restaurants run by locals compared to large chain restaurants.
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Rachel’s Answer
More and more physicians are joining large practices or becoming hospital employees. One of the reasons behind this is the difficulty in negotiating insurance contracts as a private practitioner. This can be very challenging for a physician in solo practice. Large groups and hospitals have already established private payer contracts, and this can be beneficial to new physicians entering the work force.