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05/05/2016 Joseph Borreggine, DPM
Solo Practice is Doomed (Tip Sullivan, DPM)
Private practice is not doomed yet. Yes, many can still make it. And yes, an experienced independent podiatric practitioner can make on average $500K a year. This is true. I have been in practice for 25 plus years and still staying afloat, but for how much longer I cannot say. Many changes have occurred over the years. Most of these have not been friendly to private practitioners. Outside of EHR, Meaningful Use, and now with MACRA and MIPS, payment models and reimbursements will change to a more performance based and incentive system. This will be a game changer for those remaining in private practice and financial independence as a physician is certainly in jeopardy.
Whatever changes occur in the future, business adaptation and diversification are the keys to financial success. But, that may not even help in the long run. As more and more physicians become employed, the less and less independent doctors have the camaraderie that they once had as when physicians were on their own. As time has progressed in my practice, this fact is far too evident.
Unfortunately, the physician referrals have waned to a point of almost non-existent. The patients that we do get referred to our office are the one that no one wants to see because that are on Public Aid or are difficult patients. Regardless, we see them and provide them the care they need and communicate our care to the referring provider.
I honestly believe that no matter what a physician does in private practice to make ends meet, it is still going to be hard to make a decent living in the years to come. Therefore, it is just better not deal with any of the craziness that is upon us all and just find an employed position as a podiatrist in corporate or hospital setting.
Having a set salary with a contract providing benefits and future performance incentives is just more financially sound. This is the reality that we all need to face and stop trying to put the square peg through the round hole. And you know what they say about doing the same thing over and over again and expecting a different result?
Joseph Borreggine, DPM, Charleston, IL
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