The move toward healthcare reform began in 2010, and as early as 2011, facilities started hiring physicians in droves. In fact, during that time, approximately 50 percent of U.S. physicians were employed by hospitals. According to a 2011 New England Journal of Medicine (NEJM) article, this trend is a result of the impending launch of accountable care organizations (ACOs) and the probability of a more risk-based payment approach.
Fast forward to 2013, and the trend is holding strong. Yet, while the decline of the self-employed physician has been steady since 1983—down approximately 25 percent from nearly 76 percent, according to a September Medscape article titled, “1 in 2 Physicians Still Self-Employed as Hospitals Beckon”—the opposite could be said for the more than 50 percent of U.S. physicians who are holding tightly to self-employment.
In a study released by the American Medical Association in last month, one reason many private practices agree to a hospital buyout is for a better work-life balance for its physicians. Oddly enough, that is the very same reason many physicians opt for self-employment in the form of locum tenens practice.
Many independent contractors are drawn to the flexibility, variety of practice settings, and ability to control their own schedules, all of which are advantages offered through the locum tenens practice alternative. With the looming physician shortage and the launch of ObamaCare, independent contractors are expected to be in high demand, lending credit to a recent statement made by AMA president Ardis Dee Hoven, MD, in a news release.
“To paraphrase Mark Twain, the reports of the death of private practice medicine have been greatly exaggerated.”
While solo practice and entrepreneurial medicine are more prevalent in clinicians 40 years and older, according to the Medscape article, there is a great need and opportunity for the up-and-coming physicians, particularly in the areas of primary care emergency medicine, and pediatrics. In these specialties, high demand equals golden opportunities for the locum tenens practitioner.
