The Golden Age of Private Practice

While America’s entire health care system is struggling, physicians have their own kind of practice-related struggle. A successful doctor is not the one who overworks themselves. They are not the one who builds an empire of a clinic that has 30 staff members but barely breaks even. A successful physician is one who understands the landscape of healthcare in the 21st century, and leverages that knowledge to be profitable and offer superior patient care. Before we discuss how the golden age of private practice is still ahead, let’s first talk about what is not working in private practice healthcare in 2019...

Both physicians and patients are realizing that there needs to be a serious conversation about the type of care that we focus on in America. Our nation is still stuck on prevailing epidemics. Since 1950 up till now, these epidemics have shifted from infectious diseases to chronic ones. Half of the American population suffer from one or more chronic illness. Diabetes, obesity, heart diseases, strokes, opioid addiction, and many others are affecting American’s quality of life. Around 117 million Americans, suffering from such chronic conditions, are actually costing the nation a projected 794 billion dollars. These are not infectious diseases that are spreading uncontrolled, and these are not isolated incidents that take place in a third world country. These are by and large fully preventable chronic diseases.

❌Mistake 1. Buy expensive medical equipment that insurance stops reimbursing after 1 year.
Fat loss creams, cellulite wraps, botox, sleep labs, allergy tests, med spa equipment, compounding creams, various diagnostic equipment you bought that stopped getting reimbursed after a year...the list goes on and on and on...

These all sound great on paper, and can even help drive revenue for a short period. Every year it seems like there’s some new fad that every doctor on the block is doing.

But shiny object syndrome has led to the downfall of MANY a clinic. Insurance eventually stops reimbursing, and you are left with $50,000 worth of inventory collecting dust on a back shelf.

Heart Disease is the number one cause of death in the United States of America, with Coronary Artery Disease being the most common type. In a 2016 survey, 121.5 million Americans dealt with heart or blood vessel disease. Out of all those individuals only 15.5 million Americans went to visit a physician for heart disease.