With autonomy top of mind for many practices, some groups are leaning on different models of ownership to reach economies of scale while keeping physicians in leadership positions.
Nolan Lubarski, CEO of the Center for Neurosciences, Orthopaedics, & Spine, a physician-owned multispecialty practice in Dakota Dunes, S.D., joined Becker's to discuss his teams' ownership model.
At CNOS, Mr. Lubarski explained, physician shareholders elect owners within the group to make up the board of directors. There are currently 10 board positions, all held by owners or employees of the group.
"In terms of management, I and the executive team report to all of the physician owners — not just the board president or a few individuals," Mr. Lubarski said. "So, technically, there are 38 physicians who are my 'bosses,' if you will."
Since all departments are represented, anything decided at the board level is shared with the departments.
Trust and transparency is key to this model. Mr. Lubarski has held this position for seven years, and found that results and execution fosters a symbiotic relationship.
"I believe that trust is earned through execution," he said. "As a healthcare administrator, being able to follow through on ideas or strategies with sound data and fiscal responsibility builds trust. When physician owners see a plan succeed as expected, it reinforces confidence in the administrative team."
Additionally, all board meetings are open to any shareholder, so they can participate or access minutes anytime to see what's transpiring at the board level.
"Some physicians are in private practices today because they want autonomy and control over their business. We are one of those groups," he said. "In my mind, it ultimately comes down to the physicians, which we see reflected in recruitment."