Solo agent or team player?
The big question for many solo independent practitioners is whether they should stay that way – or work through a group. Sue O’Gorman has some smart advice for those considering their options.
Many consultants will reach a point in their private practice journey where they will start to consider the advantages of remaining a solo practitioner versus becoming part of a group practice.
While both options may present challenges and opportunities, these can vary depending upon where they are in their ‘life cycle’.
Increasing financial pressures, the demands of a young family and the operational and overheads costs of setting up in private practice all factor into the decision-making process.
Here are some points to consider if you have reached that stage that may help you clarify your decision a little further:
Group practice benefits
Collaboration
Knowledge sharing: There has been a seismic shift in the evolution of groups over recent years. Not least because in a group practice doctors can collaborate and share their knowledge and expertise in an increasingly governed industry.
This forms a supportive environment where clinicians can share best practice with each other. Groups also provide opportunities for clinicians to discuss complex cases together, leading to enhanced patient care and reputation.
Expertise and subspecialisation
Diversity of specialty: Group practices lend themselves to diversity, allowing for a holistic approach to patient care for certain cases.
This may lead to greater patient satisfaction and increased trust in their clinician, whom they are more likely to recommend onto friends and family.
Operational economies
Overhead sharing: Financial savings can be gained by group practices by the sharing of costs such as consulting room rental, administrative staff, marketing, billing, software systems and equipment.
Some hospital groups may also offer commercial models to support groups, assuming responsibility for the operational overheads in exchange for an agreed fee.
This takes away the day-to-day burdens of running a private practice from the clinicians, who are then able to focus on treating patients rather than dealing with any operational issues when they arise.
Continuity of care
Absence cover: When you are away from the clinic, you will have the peace of mind that your patient is cared for by a trusted colleague, especially important for emergency situations or when your patient has ongoing health issues.
Patients often become frustrated if they cannot reach your office when you are away, so having a cover arrangement within the group is a great ‘value add’ to your brand and reputation.
Optimised patient access
Increased hours and coverage: Group practices are able to offer a greater choice of hours, availability and expertise. This offers patients access to the best healthcare services when they need them. Surely the very ethos of private care.
Improved quality of care
Multidisciplinary approach: The availability of colleagues who can review cases contributes to improved quality of care for the patient and allows feedback between clinicians to ensure best practice is continually adhered to.
Networking and referrals
Cross referral opportunities: A group practice will facilitate opportunities for clinicians to cross-refer within the same practice, streamlining co-ordination of care without the need for the patient to seek treatment outside of the group.
Financial stability
Shared costs: Depending upon the specific commercial framework, a group set-up can reduce loss in income when clinicians are away; for instance, ensuring there is always cover if your secretary is absent, as most groups will employ more than one medical secretary or administrator.
Patients are less likely to divert to your competitor when you offer consistency of care provided for by your colleagues in the group.
Marketing
Position as authorities in your specialist area: Marketing efforts are often more effective when done collectively.
A combined brand presence can lead to increased visibility in the community and a broader reach, attracting a larger patient base than individual practitioners might achieve on their own.
Commerciality
Enhanced reputation: By collaborating with groups, private hospitals can offer a broader range of specialised services, attracting a more diverse patient population.
In addition, a collaboration with a well-regarded group of doctors can enhance the hospital’s reputation. The collective expertise and established reputation of the clinicians can attract patients seeking high-quality healthcare services, thereby boosting the hospital’s credibility.
Work-life balance
Shared workload: With a group practice set-up, clinicians can share the clinical and operational workload which often leads to a better work-life balance.
This can help prevent burnout and contribute to an increased job satisfaction, particularly when clinicians may also have a busy NHS practice too.
Values and strategic goals
It is also important to ensure that the individuals within the group have aligned values, goals and drive to achieve long-term success.
Coming together as a group is not without its challenges, but it should be conducive to an environment where all pull together in the same direction and one of support and collaboration.
Groups may become fragmented if one partner feels they are carrying the group by doing the lion’s share of the operational workload.
Solo practice benefits
Remaining as a sole practitioner also has some distinct advantages.
Retaining autonomy
As a sole practitioner, you continue to have full control over the running of your practice. There is no requirement to consult and compromise with partners.
There are now a variety of commercial models available to some clinicians over recent years, such as employment models by the hospital groups, which may also appeal to those who seek an alternative way of working while remaining as a sole practitioner.
Direct patient relationships
Sole practitioners often have long-standing relationships with their patients and the families of their patients they have courted over many years. This may foster a greater trust among patients, as there is a consistency in approach to their treatment.
Some patients may have a preference for a particular style of ‘bedside manner’ and choose their clinician over and above others for this reason.
Financial benefits
In some instances, remaining as a sole practitioner can lead to higher earning potential, as there is no requirement to share profits with partners.
You have direct control over your practice’s financial decisions and potentially reduced overhead costs that are associated with running a group.
Commercial agility
Sole practitioners can be more nimble and adaptable to changes in the healthcare industry.
They are able to implement new technologies, adopt to various practice models or make adjustments to their services without the need for extensive consultations or personal differing agendas of partners within the group.
Lack of bureaucracy
Without the need for consultation or consensus from partners, the decision-making process is more streamlined. This allows for adaptation in a more timely manner when changes arise within the healthcare landscape or within the practice.
Personalised patient care
As a sole practitioner, you can tailor your practice to your preferred style and delivery. You may wish to implement personalised care plans and treatment options based on your own expectations and patient preferences.
In summary
While there are clear advantages to both, it is essential to note that individual preferences and the nature of the specialty, commercial or political climate of the sector can influence whether a doctor chooses to work in a group or remain in a solo practice.
Ultimately, the choice depends on the practitioner’s goals, work and lifestyle, and the requirements to best service their patient population.
Sue O’Gorman (right) of Medici Healthcare Consultancy provides services to help healthcare professionals think and act commercially. For further information, she can be reached at www.medicihealthcareconsultancy.co.uk or by phone on 07985 456487.