Are We Witnessing the Death of Outpatient Private Practice Physiatry? Pragmatic Solutions to Maintain Your Independence-Session Recording

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Video Summary

The panel discussion at the event, led by Dr. Himanth Kalia, a physiatrist from upstate New York, centered on the challenges and potential solutions for maintaining outpatient private practice in physiatry. The discussion highlighted the decline in physician-owned practices from 60.1% in 2012 to 46.7% in 2022, contrasted by an increase in hospital-owned practices from 23.4% to 31.3% during the same period. The session explored various factors contributing to this trend, including economic pressures, administrative burdens, and the influence of private equity in healthcare. <br /><br />Dr. Kalia emphasized the importance of understanding business operations in medicine, a knowledge area often lacking in residency training. He underscored the need for negotiating effective physician contracts, which can influence a practitioner's economic stability and work-life balance.<br /><br />Dr. Leah Rispoli discussed her personal journey in establishing a solo practice. She underscored the importance of adaptability, finding mentoring relationships, and developing a strategic marketing plan. Despite her initial reservations about managing a practice and starting a family simultaneously, she found success by leveraging partnerships and focusing on her niche within the healthcare market.<br /><br />Dr. Desai outlined various practice models, such as Accountable Care Organizations (ACOs) and Independent Physician Associations (IPAs), which can offer physicians support and improve practice sustainability. He emphasized the significance of networking and maintaining relationships to thrive in private practice.<br /><br />The panel collectively shared insights into surviving and potentially thriving despite the structural shifts towards hospital employment and larger practice groups within the U.S. healthcare industry.

Keywords

physiatry

outpatient private practice

physician-owned practices

hospital-owned practices

economic pressures

private equity

business operations

physician contracts

solo practice

practice models

networking