According to Modern Healthcare .com, less than half of practicing physicians in the U.S. owned their medical practice in 2016. And according to the Physicians Foundation, the number of physicians who are owners or shareholders of their practice has been declining. In 2007, 61% of doctors identified as owners of a practice or partners in a group practice, which dropped by almost half to 33 % in 2016.
Among the reasons cited for a drop in physician-owned groups include increased debt load for graduating doctors; decreasing reimbursements for doctors; lack of bargaining power as an individual doctor and high cost of upgrading practice hardware/software.
But with the coaching assistance of The Next Level Physician Entrepreneur’s Institute, an e-school that supports physicians who want to become entrepreneurs, owning a successful medical practice (without having to get an MBA) is becoming more and more possible.
Maiysha Cooper M.D., an integrative family physician, author, speaker and physician business & entrepreneurship coach, launched the institute.
“As physicians we are not taught business or entrepreneurship, we are only taught to be clinicians,” said Dr. Clairborne, founder of the institute. “I was once that new entrepreneur struggling to find my way in an area I knew nothing about and had to learn on my own.”
Dr. Clairborne and her team offer several levels of programs from the flagship “Employee to Entrepreneur Business Startup,” to “Setup Accelerator Program,” to the “Next Level Physician Advanced Entrepreneur Fellowship.”
In addition to courses, the Next Level Physician Entrepreneur’s Institute offers a directory that helps promote students once they have launched their businesses, and a community that empowers them along the way.
(With additional reporting by TNJ Senior Editor Sergie Willoughby)