A group practice is where several physicians get together to create an entity through which they can provide quality healthcare services to their patients. Every venture brings along with it certain advantages and some disadvantages. It becomes the physician’s prerogative to evaluate the kind of practice where they would like to treat patients.
When a physician chooses to work at a group practice, it is hoped that they naturally are endowed with a well-equipped medical center and a greater market access. Physicians get access to diverse perspectives as well as learn from other experienced providers with little or no financial investment or risk towards the practice. Most group practices have providers with a single area of specialization, thus providing a rich learning experience to younger doctors. At the same time, an individual doctor faces lesser administrative hassles while working within a group practice. The larger groups usually have an administrative staff on hand that takes care of all equipment, supplies, paperwork, staffing and local licensure for the opening of new offices. The usually take care of the billing aspects and accounting for the practice. They set up the policies and procedures and, if they are very smart, they have a compliance plan and quality department in place to ensure that all of the I’s are dotted and T’s are crossed thus limiting risk to the practice. Additionally, when doctors get together to constitute a group practice, they are in a position to negotiate better contracts with insurance companies. Moreover, if the doctors at the practice are performing well and then rated as five star doctors, insurance companies become keen on signing contracts with them so as to strengthen their own brand. Physicians at a group practice also enjoy the flexibility of somebody being able to replace them in case of absence.
However, group practices also have their share of disadvantages for physicians. In certain cases, providers at a group practice may be credentialed individually but will still be billed through the group’s tax ID, thus always paid through the practice. Alternatively, if the practice is credentialed as a group, the providers do not carry their credentialed enrollment with them. If they decide to quit the practice, they will have to go through the credentialing process as well as get new contracts as individual s or with their new group practice and they will lose their patient base. Other issues faced by physicians at group practices may be restricted autonomy, lack of decision-making power due to pre-set rules or strenuous work hours. Younger physicians within more bureaucratic practices might also receive lower compensation based on their licensing levels, productivity and patient numbers. Insufficient experience might lead to an uneven division of patients among physicians, making it a vicious circle for young doctors.
A group practice not only treats patients, but also has to go through a lot of administrative hassles. Involving a dedicated organization that specializes in simplifying paperwork for physicians and their practice is undoubtedly a boon. CredAxis simplifies credentialing for all doctors nationwide, reducing processing time by up to 50%. CredAxis assigns experts to every practice who evaluate the credentials of their onboard doctors and provide solutions for all their required paperwork such as provider profile management, licensing, privileging, file management etc. The specialists at CredAxis have decades of experience in the field, understand the rules and regulations set by various states and plans, and are in a position to better negotiate contracts for physicians. CredAxis can also help individual providers with their credentialing and contracting needs should they wish to quit the group practice. Protect the sanctity of your group or private practice with CredAxis. We will take care of all your paperwork, saving you time to focus on patient care.