Dr. Kim Parks of Synergy Private Health, in Massachusetts and Dr. Paul Knoepflmacher of New York City, both CCPHP Partners, shared their stories in a candid discussion with Dr. Dean McElwain, President, COO and Co-Founder of Castle Connolly Private Health Partners. They discussed the challenges facing private practices even before the “COVID Era,” their thought processes in deciding to convert their practices to a concierge model, the conversion process as well as navigating the pandemic as a concierge physician.
The discussion was a true glimpse into the process of transitioning a practice and how it can be a great solution to the issues facing private practices. Many are struggling, MGMA reports that 97% of private practices have been affected financially by the pandemic. Even before March of 2020, many practices were dealing with decreasing reimbursements, increased administrative duties, physician burnout, and a revolving door of patients with increasingly complex needs that can’t be addressed in a 7-minute visit.
So many doctors are considering selling their practice to a large hospital system, however, that can come with another set of challenges such as being held to a certain number of RPU’s and less autonomy when it comes to running the practice on the day to day. Other physicians are contemplating early retirement leaving their patients to scramble and find another physician amidst a pandemic. Dr. Parks and Dr. Knoepflmacher explained exactly how transitioning to a membership model saved their private practices. To watch the full webinar and learn more:
CONTACT: Lisa Wielgomas, 212-367-1950 ext. 1003, [email protected]
SOURCE Castle Connolly Private Health Partners, LLC