The Grass Might Not Be Greener: Exploring Different Practice Models
Is the grass really greener in a different healthcare practice model? Many healthcare professionals wonder if changing their practice setting could improve their work satisfaction and patient care. In this eye-opening episode of the Transforming Healthcare Coaching Podcast, host Dr. Lillian Liang Emlet interviews Lauren Patrick, who helps us explore different practice models and whether switching might actually solve your professional challenges.
Exploring Practice Models: Four Major Options for Healthcare Professionals
Lauren Patrick, Principal and Founder of Prosperis Consulting, breaks down the healthcare landscape into four primary practice models that healthcare professionals should consider when exploring different practice options:
- Independent Medical Practices (approximately 50% of practices) – Run by solo physicians or small groups with complete control over operations
- Hospital-Owned Practices (about 20%) – Acquired by hospitals to create full-service networks and control referrals
- Private Equity-Owned Practices (roughly 10%) – Like MinuteClinics or specialty groups bundled together for efficiency and profit
- Telehealth-Only Practices – A growing sector with no brick-and-mortar presence, spanning various specialties
Why Exploring Different Practice Models Matters for New Graduates
For those just finishing training, Lauren recommends exploring different practice models before committing to one path. “They really require different skills and abilities,” she explains, noting that running an independent practice demands business acumen, leadership skills, and the ability to handle financial stress—qualities not everyone possesses when exploring career options.
Revenue Challenges Across Practice Models
Most of Lauren’s clients seek her help with revenue cycle management issues—getting paid by insurance companies, understanding payment decreases, and managing the ever-changing landscape of coding and billing. “The rules really do keep changing. There are actual coding guidelines and billing guidelines that change every six months,” Lauren reveals.
This complexity affects professionals in all practice models, creating a constant moving target for practitioners exploring their options.
Comparing Practice Models: Private Equity Pros and Cons
While private equity ownership offers advantages like cutting-edge technology, efficient operations, and good compensation, Lauren points out significant downsides when exploring this practice model: “There really is a focus of profit over patient still.” This manifests as intense scrutiny of physician productivity, reduced appointment times, and potentially higher costs for patients due to market consolidation.
The Missing Skill When Exploring Different Practice Settings
Lauren’s parting advice for those exploring practice models highlights a crucial gap in medical education: “Clinical expertise, while of course critical, is not the same as leadership.” For healthcare providers considering entrepreneurship or exploring independent practice models, developing leadership skills—conflict resolution, delegation, team management—is just as important as clinical knowledge.
Dr. Emlet concurs, noting that success in any practice model ultimately depends on how you show up in your relationships—with patients, colleagues, and yourself.
Want to learn more about optimizing your healthcare practice? Visit Lauren at www.prosperisconsulting.com.
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