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 Career Satisfaction:

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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This entry was posted on Tuesday, December 21st, 2010 and is filed under Healthcare Reform. You can follow any responses to this entry through RSS 2.0. You can leave a response, or trackback from your own site.

1 Comment (and one trackback)

• #1 by Chris Carraway, DC, DIBCN on December 22nd, 2010
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  I wonder where this is going affect doctors of chiropractic. It would make much more sense for each town to have one chiropractic office with all the doctors working in that office. Sharing xray, staff, mortage, maybe even a MRI or CT scanner. But I do not see that happening in my life time. DCs are fiercely independent and very much individuals….right or wrong. Business practices vary greatly from one office to another as well as technique and chiropractic philosophies.
  I am aware of MD offices here in my town that have some wonderful doctors that are the salt of the earth and in the same practice another doctor that should not be treated rats. I am not sure how I personally could turn a blind eye to improper practices and poor quality care. It would be hard.
  I feel that the chiropractors will likely survive a little longer as indepentents than the Mds are going to be able to. Just by the nature of the beast.
  
  
  
  
  
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