Solo doctors continue to decrease in number according to an article released by the CNN. Under pressure because of high costs and decreasing insurance payments, independent physicians are either closing up shop or looking for work at bigger group practices where they aren’t directly responsible for operating expenses. The results of a survey conducted by Merritt Hawkins, a physician recruiting and consulting company reveal that by 2014, two-thirds of the US’ close to 1 million doctors would be under the wing of hospitals.
No One Desires to be a Solo Doctor
According to Travis Singleton, Merritt Hawkins’ senior vice president, fewer physicians are interested in remaining in solo practice or even considering a solo practice. In 2011, Singleton revealed that only 1 percent of the searches carried out for its clients were for solo doctors, a steep decrease from 22 percent in 2004. This is the lowest recorded drop in the firm’s 28 year history.
Not a New Trend
The trend has been there for some years. Robert Kocher who authored an article pertaining to the matter in the New England Journal of Medicine, and is also a former Obama administration health care official and partner with venture capital firm Venrock said, “Hiring of physicians by hospitals definitely accelerated since 2008 as the economy weakened, reimbursements to doctors were shrinking and health reform passed.”
Singleton revealed why new doctors too don’t want to go the solo way. According to him, the new generation prefers a good quality of life over a large number of patients and financial problems.
Whether the physician decides to go solo or join a hospital is a matter of personal choice. However, if the problem of poor reimbursements is due to incorrect coding, using the services of a professional physician coding company can help to bring about some improvement in your financial condition.
Rajeev Rajagopal, the President of OSI, has a wealth of experience as a healthcare business consultant in the United States. He has a keen understanding of current medical billing and coding standards.