Young physicians face several challenges in 2023 when it comes to starting private practices, including rising inflation rates and ever-changing CMS reimbursement rules and policies.
While starting a private practice is difficult for all physicians, it might be more challenging depending on the specialty, according to Adam Bruggeman, MD, CEO of San Antonio-based Texas Spine Care Center.
While some specialties are in constant need of new practitioners and practices, others are saturated with professionals.
Note: This response has been lightly edited for clarity and length.
Adam Bruggeman, MD. CEO of Texas Spine Care Center (San Antonio): I still think it is feasible for young physicians to start their own practices. The caveat is that it depends on the specialty and market. We have some specialties in my market where I can't get an appointment for a patient within six months. Others are completely saturated. Some specialties, such as psychiatry, lend themselves towards a more independent private practice model or even a contracting model where the physician works for multiple companies during the week or for short stints. Young physicians looking to start their own practice need a good grasp on the business of healthcare to be successful and will need to be lean in their management of the practice as the margins within healthcare are slim.