According to the latest Physician Practice Benchmark Survey carried out by the AMA, as of 2022, 46.7% of physicians work in office-based practices. Making the decision whether to join or open an office-based practice or to work for a hospital can, indeed, be daunting. However, the good news is that it does not need to be final and experience will help navigate the process. If you are on the fence right now, though, we have compiled some of the benefits of office-based practice settings to help with the—temporary—decision.
- ➡ Related: Office-Based Practice: Juggling Getting Started
➡ Related: How Do I Start a Private Practice?
The Benefits Office-Based Practice
With almost half of physicians in the US working for office-based practices, it is safe to say that there are many benefits to it. But what exactly are they? Here are Peregrine’s top 5.
1. Spend More Time with Patients
At an office-based practice, contact with patients is direct and care is more personalized. At the same time, you get to focus on what matters to you as a healthcare provider. In this type of setting, you decide how long the appointment is going to be and how you want to develop the relationship with your patients. Underpinning a patient’s life is an extremely rewarding feeling.
2. Spend More Time… with Yourself!
The fact that you get to decide how to run your business means that you have the freedom to decide how to manage your time. Autonomy in managing your schedule means that you can schedule around important dates that you can take off to enjoy or be there for your loved ones.
3. Feeling Appreciated
A survey published in August, 2023 showed that 73% of private practice owners and employees feel appreciated. On the contrary, only 56% of hospital workers do. The impact of this should not be understated. Especially because, according to the APA, feeling valued means better physical and mental health. It also means higher levels of engagement, satisfaction, and motivation.
4. The Financial Trajectory at an Office-Based Practice is Unmatched
Whereas in a hospital setting your income is stable—and therefore practically invariable—, in private practice your finances can grow upwards very fast. Indeed, you get your sign-on bonus and salary increases as you gain seniority in a hospital. However, in your private practice, you design the model in a way that can boost revenue for you.
5. Creating a Culture of Collaboration
When setting up your office-based practice, you will choose who to take along for the ride with you. In doing so, together, you will be creating your own work culture. This way, you will find that you can thrive the most. Create a respectful, welcoming environment to bring out the best in everybody who is involved, from your assistant to the cleaning staff.
Make the Most of Your Office-Based Practice
At Peregrine Healthcare, we can help your office-based practice by using stakeholder feedback and web reporting data visualization tools. This lets you monitor performance and improve patient satisfaction on a day-to-day basis. Our focus is to provide efficiency solutions for health practitioners within office-based environments. Peregrine Healthcare’s experts know how much everybody’s time is worth and we work closely with providers to foster healthy practices, aid growth and drive patient satisfaction.
Contact us for more information about what we can do for you and how we can tailor our services to your needs.