Group Practice
What is a group practice?
A group practice is a group of physicians or other healthcare professionals offering services under a shared entity. Though not a requirement, all group practice members will usually provide their services from within the same facility or suite. Group practice members may have similar or different medical specializations, such as endocrinology, cardiology, or oncology.
Members of a group practice generally pool their resources in certain ways. For example, patients will usually call one number to schedule an appointment with any member of the group practice. Assuming members of a group practice all offer their services from within the same facility or suite, other costs, such as utility expenses, are also shared.
Why are group practices important in healthcare?
For healthcare professionals, group practices are potentially rewarding ways to offer patients their services. Since certain resources are shared, overhead expenses are generally less costly when compared to a solo practice. Members of a group practice experience less isolation and have the opportunity to learn from the other skilled healthcare professionals around them.
Additionally, the potential for referrals from other group practice members is high. At an established group practice, new physicians can potentially enjoy a more steady rate of work than if they started their own practice. Overall, although being a member of a group practice is still somewhat risky due to the inherently volatile nature of owning a business, group practices are an excellent stepping stone between owning a practice outright and having no ownership whatsoever (such as is often the case in hospital employment).
Indirectly, group practices benefit patients by potentially providing healthcare professionals with their ideal work environment, allowing them to feel more fulfilled at work and preventing physician burnout.