subject: The "New Rules" for Survival for Physicians in Private Practice: Physician Career Satisfaction (Part IV) [print this page] The "New Rules" for Survival for Physicians in Private Practice: Physician Career Satisfaction (Part IV)
This is the last article in a four-part series that has discussed the "New Rules" of the post-healthcare reform system. We now are faced with a "new normal" in many sectors in our economyhealthcare more than others, and it's happening at a time when physician satisfaction is at an all time low. Change is here and the old rules will not work in the future. The Obama Administration has made it clear that the post-healthcare reform system requires significant change in the way that physicians think and practice. Whether or not you agree with healthcare reform, change is here. All physicians will need to challenge their beliefs, ways of thinking, and manner of practice.
This is the last in a four-part series of blogs that will discuss the new rules on four dimensions of physician life:
Physician Compensation
Managing a Private Practice
Changing Patient Demographics and Attitudes
Physician Career Satisfaction
Here are a few of the most obvious changes ahead related to Physician CareerSatisfaction:
Career Satisfaction
Old Rule: The healthcare system offered adequate opportunity for physicians to enjoy satisfying careers.
New Rule: There is still room to pursue a satisfying career, however it will not be achieved as it was with the previous generation of doctors. Physicians will need to be much more entrepreneurial and interested in adapting to change.
Old Rule: We all assumed that private practice medicine would be around forever.
New Rule: The survival of private practice medicine is at risk. Forces resulting from healthcare reform are driving physicians to become vertically integrated, join larger groups or become employed by hospitals.
Old Rule: Physicians had the option to function autonomously and in isolation, if desired (other than intrusions from insurance carriers).
New Rule: Physician autonomy will continue to disappear. Physicians who continue to accept third-party reimbursement from insurance carriers and/or the government, will be driven to become part of larger health systems such as hospitals (become employed the hospital) or accountable care-type organizations, where there will be new emphasis on coordinating care, especially for chronic disease conditions.
Old Rule: Physicians thought they were represented and protected by their professional societies.
New Rule: The harsh reality is that you are on your own. Healthcare spending is 17% of the U.S economy and there is a vicious battle ongoing for control. Professional societies are political organizations who are fighting for their piece of the pie. Don't assume they represent you.
Old Rule: A malpractice insurance policy was enough to protect your assets and career.
New Rule: Physicians are under siege and it will get worse. Risks for physicians are increasing, including regulatory violations, unintentional billing fraud and HR compliance offenses, all of which can be equal or more risk than a malpractice suit. Physicians will need to place additional asset protection strategies in place to protect their hard earned money.
Summary
Physician satisfaction is at an all time low and we cannot expect that healthcare reform will make things any better. Satisfying careers can be had by those physicians who become more entrepreneurial, design services that meet the needs of the baby boomer generation, and diversify their practice to include patient-pay services. Autonomy will remain only for those providers who proactively reshape their practice.
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