How to Run a Successful Independent Practice

Observing the healthcare industry today, it seems that a majority of practices are owned by a hospital or larger healthcare organization. There are, however, a number of providers who would prefer to work in their own independent practice. Let’s explore why that is and how it’s possible to be successful as an independent practitioner in today’s healthcare landscape.

Why do some practices choose to remain independent?

There are a variety of reasons why some physicians choose to practice independently. First, independent practitioners have greater control over clinical decisions, practice management, and patient care protocols. They can tailor their practice to meet the specific needs of their patients and community without corporate mandates. This sort of autonomy is very attractive to many providers.

Next, working in an independent practice often offers more flexibility in terms of scheduling, patient appointments, and work-life balance. Physicians can set their own hours and adapt their practice to accommodate personal and professional priorities.

Independent practitioners often value the ability to foster stronger, more personalized relationships with their patients. Without the constraints of corporate policies, they can spend more time with each patient, providing individualized care and attention.

For many physicians, the ability to practice medicine on their own terms and make decisions that align with their values and clinical expertise is highly rewarding. In this way, independence can foster a sense of professional fulfillment and satisfaction.

Finally, independent practitioners often face less bureaucratic red tape compared to physicians working in large healthcare systems. They can make administrative decisions more quickly and efficiently, which can lead to greater agility and responsiveness to patient needs.

7 Ways to Run a Successful Independent Practice

While many providers are interested in working in an independent practice, doing so is essentially running a small business, and medical school does not include business classes. With that in mind, here are seven ways to run a successful independent practice:

1. A Patient-Centric Approach & Excellent Patient Care: Provide high quality, compassionate care to your patients, focusing on building trust and strong doctor-patient relationships. Also, tailor your services to meet the needs of your individual patients whenever possible. Offer convenient appointment scheduling, telemedicine options, and personalized treatment plans.
2. Efficient Operations: Streamline administrative processes to ensure smooth operations. This can be achieved by investing in efficient scheduling systems, electronic health records (EHRs), and billing software to optimize workflow.
3. Effective Marketing: Develop a strong online presence through a professional website and active social media profiles. Consider digital marketing strategies such as search engine optimization (SEO) and targeted advertising to attract new patients.
4. Financial Management: Maintain a sound financial plan to ensure the stability of your practice. Monitor expenses, optimize revenue cycle management, and explore alternative revenue streams such as offering ancillary services or partnering with other healthcare providers.
5. Community Engagement: Engage with the local community through health fairs, educational workshops, and outreach programs. Building strong ties with community organizations and referral networks can help attract new patients and foster trust.
6. Regulatory Compliance: Stay compliant with healthcare regulations and standards to avoid legal issues. Regularly review and update policies and procedures to ensure compliance with HIPAA, OSHA, and other regulatory requirements.
7. Networking and Collaboration: Build relationships with other healthcare providers, specialists, and healthcare organizations. Collaborating with other professionals can enhance patient care, facilitate referrals, and expand your network.

The decision to remain independent as a provider is often driven by a desire for autonomy, flexibility, and a deeper connection with patients. Independent providers have the freedom to shape their practice according to their own values, clinical expertise and the needs of their community, without being constrained by the mandates of a larger corporation.

Running an independent practice successfully requires a multifaceted approach. Prioritizing patient-centered care, streamlining operations, effective marketing, solid financial management, community engagement, regulatory compliance, and networking are all essential pieces of the puzzle for an independent practice.

At MicroMD, we strive to help practices remain independent by offering simple, customizable, and connected solutions that are scalable in such a way that small, independent practices get everything they need and none of the fluff that they don’t.

To learn more about our software solutions, including MicroMD EMR, Practice Management, and our MMDengage patient engagement solution, visit micromd.com or call 1-800-624-8832.