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3 Ways to Keep Your Medical Practice Independent and Thriving

Even though the healthcare sector is pushing medical practitioners into full-time employment, many still value independence and remain successful at running their own practices. How have they been able to do so? The following three ways will give you insights on how to keep your medical practice independent and blossoming.

Operate Your Practice Like a Business Owner

The current economic and regulatory climate makes it tough for anyone running their own independent medical practice. For your practice to succeed, you have to realize that your practice is a business and run it as such. One step is to recognize the power of an Independent Physician Association (IPA) that negotiates insurance contracts on a member’s behalf, ensuring that then get better-paying contracts. Practitioners join such organizations not only to maintain their independence, but also to provide better patient services.

Don’t be Selfish with Data

Improving services is possible by sharing data (within legal constraints) with medical practitioners in the same specialty. This data may provide valuable insights in treating a disease or developing a new drug. Imagine how such milestones would put your medical practice on the map. Independent practice organizations have the latest technology that a single medical practitioner may not afford on their own. Take advantage of such opportunities by using technology available from these organizations to do more research or collect data about a certain disease. You can learn how to improve on your data just by using the technology. Improving these processes goes a long way toward improving medical services for your patients.

Explore Alliances

Do not shy away from trying other options such as alliances with practitioners whose services align well with your practice. For instance, a cosmetic surgeon could team up with a dentist, sharing a practice (and operational costs) while maintaining your individual patients. There is strength in numbers. However, it is important to do your research thoroughly before you embark on any business alliances.  

Keep Hope Alive

Doctors and other medical practitioners are finding themselves between a rock and a hard place trying to decide whether to keep their independent practices or to become employees. They seek autonomy from too many regulatory barriers and economic constraints. These pointers will help you keep your business afloat so will not have to leave your practice.