Specialty Clinics: Surviving In A For-Profit Healthcare World
The economics of medicine was changing and Dr. Mike Waxman was wondering if his medical specialty group, KCPC, would survive. The changes in reimbursement systems that favored third party payers and the shift towards for-profit hospitals was making it impossible for KCPC to operate as it had for the past 30 years. With the loss of three physicians over the prior two years and an inability to compete for new ones, the physicians in the group were working longer hours but making less income. He and the group were now at a crossroads with three possible and less than ideal options for moving forward.
- Describe relevant healthcare terms and concepts related to conducting business in clinics and hospitals.
- Describe how the external environment impacts the business of healthcare in general and independent physicians in particular.
- Identify the various suppliers and buyers in the healthcare market and their impact on physician practices and hospitals.
Assess the benefits and pitfalls of being an owner physician vs. an employee of a hospital.