The field of medicine, more specifically, physician reimbursement is changing. Third party payors may be forced to turn over a new leaf should the next administration begin to aggressively monitor fraud and abuse of big business. Practices that treat Medicare and Medicaid patients are already seeing a turn in the tide of regulation and fraud and abuse enforcement thanks to recent legislation. These changes in the regulatory atmosphere lend the question, is it better to be a part of a bigger group? Will your interests be better protected?
As a young physician you should be aware of some of the benefits of joining a larger practice, and also the negatives. Some of the benefits include, assuming you find the right group for you, being in a stable environment where a team of competent administrators are helping the practice function on a day to day basis. This may differ from the structure of a smaller practice in that many large group practices have their own billing professionals and possibly professional coders on hand to assist in paperwork. Moreover, in some practices I have seen extensive Human Resource departments established to ensure that at all levels, employee satisfaction is at a high level. Additional benefits may be in compensation; as there are more doctors working within the same practice, general overhead per person may be lower thanks to group insurance rates and other incentives. Also, as you are working in a larger team, that gives you greater weight and leverage when negotiating with third party payors. Groups will in many instances receive better reimbursement rates.
Some of the negatives of joining a group practice may be entering a bureaucratic system where as a young physician you are the low man on the totem pole. Once leaving your training, some find the idea of joining a smaller practice where there is no pay scale for associates or as many protocols enticing. Also, healthcare specialists tend to agree that once you graduate with a medical license, while you may struggle for about two years, you also have the option of starting your own practice.
If you have any questions about group practices or any general employment or healthcare related questions, please do not hesitate to send them over. I will answer them (if possible) for the groups benefit on an anonymous basis.
