On Demand: Redefining Independence: Sharing the Independent Practice Perspective-Presentation Slides

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The document titled "Redefining Independence: Sharing the Independent Practice Perspective," presented by MedAxiom, explores the dynamic landscape of cardiology employment and the distinct perspectives of independent practice owners in October 2024. Featuring insights from Dr. Barbara Hutchinson, Dr. Sanul Corrielus, Dr. Paulraj Samuel, and Dr. Jasen Gundersen, the discussion emphasizes the rapid growth of hospital employment within cardiology, with a significant shift from private practice to hospital-employed positions.<br /><br />Statistics show a marked increase in hospital-employed cardiologists from 56% in 2019 to 62% in 2022, alongside a notable decline in private practices. Despite this trend, many physicians prefer the autonomy and decision-making freedom that comes with remaining independent. They cite benefits such as greater control over patient care, potential exit opportunities, and stable compensation in private practice.<br /><br />However, there are challenges faced by independent practices, including payer contracting difficulties and operational management burdens. The document also highlights the issue of physician burnout, noting that employed physicians report higher levels of dissatisfaction compared to their independent counterparts. A significant number of employed physicians contemplate transitioning to private practice for reasons like autonomy and profit-sharing opportunities.<br /><br />Furthermore, the study underlines the financial implications of the shift towards hospital employment, revealing increased costs to Medicare and commercial payers. Services provided in hospital settings incur much higher expenses than those delivered in private practices, pointing to substantial savings opportunities if care shifts back to independent settings.<br /><br />In conclusion, the discussion brings together independent cardiologists to deliberate the advantages and challenges of maintaining independence in the evolving healthcare landscape, emphasizing the critical balance between employment and private practice models in cardiology.

Keywords

cardiology

independent practice

hospital employment

physician autonomy

private practice

physician burnout

MedAxiom

healthcare costs

Dr. Barbara Hutchinson

payer contracting