Nearly 500 physicians from 40 specialties participated in a Sermo post, “It’s 3am. I can’t keep my solo practice open anymore,” made by a family medicine physician. The response confirms the seriousness of many forecasts predicting a shortage of primary care physicians and sheds light on the many reasons physicians are choosing to leave the profession, according to the release.
Physicians cited lack of training in business principles, declining or delayed reimbursement and inadequate support from practice management companies as reasons for closing their practice, according to the release. Concerns over declining Medicare reimbursements and management companies that fail to negotiate better contracts have also lead to many practices closing.
Some physicians on the site proposed alternatives to closing such as selling the practice, transitioning to a cash-only model or taking a salaried position with a hospital, according to the release. Others suggested locums work.
Many physicians across specialties echoed the problems noted in the post, showing that these problems are not limited to family medicine.
Read the Sermo release on solo physician practices.
