There’s ample data showing PE-owned practices are not optimal for either patients or physicians, Debra L. Phairas, MBA, president of Practice & Liability Consultants, LLC, noted in her presentation, “Yes! You can still start a new private practice.” The reality, she pointed out, is reduced quality and increased costs. Yet increasingly, doctors are employees rather than practice owners.

Ms. Phairas pointed to circumstances that should give hope to physicians who want to buck the employee trend and open their own practices (self-employed MDs earn more, according to Medscape). She believes that new models of medical practice physicians will facilitate private practice, including cash-only practices, the membership/access/model, the full concierge model, house calls and virtual visits.

Her company’s “New Practice Decision Grid” helps would-be practice owners by walking them through the labyrinth of decisions they will need to make before opening day. Ms. Phairas addressed topics from assessing demand to deciding on a structure (sole proprietorships vs “S” corporations vs “C” corporations), profit loss statements, determining space needs, benchmarking, reducing overhead, staffing costs, dealing with accounts receivable (for example, improving internal billing is generally more effective than outsourcing billing altogether) and branding.