Commodity Practice The Business of Healthcare

Do You Own Your Practice or Does it Own You?


Be honest: Do you own your practice or does it own you?

If your practice owns you, what you have is a job. You might as well go work for someone else. Less headache. Isn’t that the whole point of physician management companies and hospital employment?

But if you want to become successful, and there is no need to apologize for that fact — I laud it — then you need an entirely different mindset and an entirely different business structure.

And, if you have partners who don’t agree, they’re simply holding you back and it’s time to reorganize.

Thanks to government intervention in what used to be a marketplace and is now a system, physicians are quickly coming to what I’ve referred to as the Great Junction™ – one route leading to commoditized medicine and the other to personalized, unique care. You could look at this junction another way, and that’s the divergence between employee and virtual employee physicians and true entrepreneurs.

If you own your practice now but find comfort in the employee track, then there are certainly burgeoning opportunities for the sale of your practice.

And, if you want to build something, this is also the time to do it.

The problem is, you have to decide or understand that the default route is the employee track.

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