Will Partnering with Other Practices Help Keep Your ENT Practice Independent?
As the medical field in the US evolves, independent medical practitioners continue to face challenges that threaten their practices. In light of regulatory and financial burdens, it’s become harder for an ENT to run a small medical practice.
Partnering with other practices is a consideration, especially if your ENT practice is struggling to keep afloat. Whether this is a good idea or not depends on several factors. Let’s take a quick look at the advantages and disadvantages of such a merger.
Joining other practices may be a good way to pool resources especially if your practice is not doing well financially. Partnering with others may open new doors for technological as well as financial resources. The collaboration can create an environment for doctors to share information and ideas. Diverse experiences among practitioners may strengthen the overall ENT practice and enhance the services it provides.
Aligning yourself with another doctor who deals with a value-added service parallel to yours may result in cross-referrals. For example, ENT and facial plastic surgery are both components of otolaryngology. For patients, having one central place for complementary services is convenient.
This includes financial obligations such as rent, paying staff and insurance, etc. Such costs will be shared among the partners. Administrative duties and other tasks can also be shared, leaving you with more time to serve your patients.
Loss of Autonomy
Partnering with other practitioners will align your reputation with the group. For those who value independence, it may be an issue.
Loss of Loyal Patients
Partnering with others may bring new and more patients, but there will always be a few patients who will not be pleased with a new partnership. Patients may experience billing issues and loss personal attention they received when you were a solo practitioner.
Division of Profits
When a doctor is flying solo in his independent practice, he gets to keep all the profit. However, partnering with others requires that the profits be divided in some proportion. The higher the profit earned jointly, the higher the dividend for each doctor. However, if the there is a loss, it is also shared among all the doctors.