5 Essentials for Surviving and Thriving as an Independent Practice
It is harder than ever to run a successful independent medical practice. As value-based reimbursement becomes more common alongside the fee-for-service model, physicians will be on the hook for demonstrating clinical outcomes and providing seamless care coordination in order to receive payment.
At the same time, practices must figure out how to meet complex mandates such as Meaningful Use, prepare for an influx of newly insured patients, and handle a rising proportion of self-pay patients—all while providing excellent patient care.
Practices without a strong foundation may be unable to decide their own course through these changes and may find themselves financially unstable or having to merge or sell to a hospital.
But practices can remain independent—and thrive in the current environment—with these five capabilities:
- Strong Financial Performance
- Connectivity and Clinical Integration
- Ability to Win at Risk
- Competitive Edge
- Adaptability to Change
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