There are many different types of medical practices within the nursing and medical industry. A practice can be described as a medical business structure in which physicians and registered nurses can choose to work within.
Understanding the different types of medical practices is important for anyone getting into this industry, as the type that you choose to work in will have a lasting impact on your career and your life as a whole. It’s important to factor in the many characteristics and benefits of these multiple practices to learn which style suits you best.
Here is a look at some of the many different types of practices that nurses and doctors can get involved in, and their pros and cons, ranging from group practices to hospital-based employment a beyond.
Group practice is used to describe a medical facility that consists of two or more physicians providing medical care. Usually, these staff members will have different and complementary specializations so that the practice can provide a service to multiple types of patients. However, some group practices, such as a dental practice, will have multiple individuals who have specialized in the same field.
In a group practice, all the work and resources are shared, which includes the running and administering of the practice. If you’re interested in starting your medical practice, it’s first vital that you figure out how the income is going to be divided before you start going through the motions to set the practice up. Click here for more information on this.
It’s important to learn about the different ways that a group practice can be set up, as this will alter how it runs and operates. The most common type of group practice until very recently was association practices, however, partnership practices have risen in popularity because of their alternate funding model.
Group practices are good because they increase the financial security of all those involved, and because there’s multiple staff, it also increases your flexibility. There’s also a greater tolerance to financial risk when compared to the other types, and there is very little if not any at all startup costs when joining an existing practice.
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|Born from a federal grant awarded to the University of Utah in the 1970s, “locum tenens” provided staffing services to health clinics and facilities in rural, under-served geographies in the Western United States. The notion of “freelance physicians” grew as the program proved successful for decades to follow.
Today, more than 50,000 physicians freelance, many in a downshift towards retirement to create more work-life balance, reduce practice management stress, and/or contribute to more flexible medical care nationwide. The advancement of telehealth technologies has also accelerated the freelance physician trend.
This trend, coupled with a currently disjointed and antiquated system for freelance healthcare staffing, fueled the creation of Hyr Medical, poised to disrupt the current status quo.
By transforming the way physicians and hospitals connect through a direct and transparent online platform, Hyr Medical enables reduced hiring cycle time for hospitals and increased pay for physicians.
Ahead of significant growth trends, Hyr Medical announces key additions to the leadership team including:
Dr. Sunil Pandya, MD, MBA, MHI, CPHIMS, chief strategy officer:
Sunil has over 15 years of clinical experience in nearly every aspect of hospital medicine. He has held leadership roles at the highest levels including Chief Medical Officer, Chief Strategy Officer, and National Medical Director. Additionally, Sunil has successfully created and sold five companies to various national physician management corporations.
Spencer Liebmann, chief operating officer:
Spencer has over 25 years of executive leadership experience in the healthcare industry. He has held executive leadership roles as both chief operating officer and president of hospital medicine. Spencer is an experienced entrepreneur who has built and sold four companies, as well as successfully led and managed large sales and customer service teams.
According to Manoj Jhaveri, co-founder and CEO of Hyr Medical, “Sunil and Spencer are truly special individuals. Their ability to define a vision, build and lead great teams, and execute is second to none. I feel so fortunate that they have decided to join Hyr as full-time executives to complete our c-suite.”
According to Jhaveri, Hyr Medical is blazing a new trail in healthcare staffing and technology as their dual-sided marketplace continues to expand. In the last 90 days alone, Hyr has received signed agreements from over a dozen major healthcare systems and medical groups. By the end of 2019, Hyr also expects to have over one-thousand physicians signed-up on its platform.
Visit www.hyrmed.com for more information.
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LocumTenens.com announced the results of its study, Locum Tenens Engagements: Strategies, Usage and General Attitudes. The 2019 survey measures the perception and attitudes of hundreds of clinicians and healthcare executives and administrators across the United States about healthcare industry issues, priorities and staffing solutions.
Positive Perception of Locum Tenens Staffing
A central theme in the research is the progression of locum tenens from solely a short-term measure to address gaps in staffing, to now a core part of the long-term strategy within today’s healthcare organizations. Healthcare executives and administrators alike reported strong regard and consideration for long-term locums assignments within their facilities over the next 12 to 24 months.
According to the study, improving quality of care and the patient experience, as well as meeting increased demand for patient services and retaining physicians, were identified as the top strategic priorities for healthcare organizations over the next 12 to 24 months. Locum tenens helps healthcare facilities—whether large health systems, regional hospitals, rural facilities or clinics—address all of these.
“The role of locum tenens has evolved from an option that in the past was used during times of crisis to now a foundational part of a healthcare organization’s strategic business model,” said Chris Franklin, president of LocumTenens.com. “Locum tenens directly addresses many current challenges, including making medical specialists accessible to rural areas, enabling fractional staffing on demand to meet peak workforce needs, and giving clinicians flexibility and control of their schedules.”
Key takeaways from the Locum Tenens Engagements: Strategies, Usage and General Attitudes study include:
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