Group Practice
We don’t claim that we have cracked what it takes to have a successful Group Practice. We are the most experienced ones handling Group Practices in India, and our conclusion is that we are constantly learning.
However, what you need to understand before forming a Group Practice or while handling a Group Practice is to learn from the experiences of others. We have worked with over 100 Groups over the last 23 years and have handled successful as well as failed Group Practices.
Hence, we know what it takes to make a successful Group Practice and what pitfalls to avoid.
Business v/s Profession
We urge you to read through the types of healthcare practices that exist here beforehand. Understanding the following fundamental principle is essential:
Understand the difference between the two and position your practice accordingly. In the Types of Medical Practices’ section, you understood the three types of medical practices, and herein we provide you with a quiz to gauge your understanding of the above concept vis-à-vis the Types of Medical Practices, as the same is crucial for understanding the following sections.
Know Your Practice
Before understanding a Group Practice, it is important to Know Your Practice (KYP). Understanding your own practice is the key to starting the formative steps of a Group Practice. Knowing Your Practice is divided into three sections.
Models of practicing medicine across the world can broadly be classified into the following three categories:
I. Understand the drivers of Your Practice
Drivers of the Practice can be any one or more of the following:
- Lead Doctor: This is a type of Medical Practice where the bulk of the patients are coming under the name of One Doctor.
- Equipment-Driven: This is Known for its infrastructure and state of the art equipment, this type of practice stands out due to the presence of skilled doctors.
- Hero Service: This is a type of Medical Practice where one or more services are well-known and sought for.
- Patient Care Services: This is a type of Medical Practice where patients are happy with the services of the past and come back/refer for other services of the setup.
II. Get your Vision Straight
One of the two foundational principles for a successful Group Practice is a shared vision. If the members of the Group have an aligned vision, only then does the Group Practice flourish, and has minimum friction between the Members.
Hence, aligning the vision of the Group before joining the Group Practice is not only essential but compulsory.
III. Nature Of Practice
One of the most critical aspects of a Group Practice is the compensation formula between the members. If not thoroughly discussed, this issue can become the root cause of friction among the members. What Compensation Model works for the Group? There are various types of Compensation Models.
However, what works for one Group does not necessarily work for your Group. What are the different types of Compensation Models for Medical Practices? Well, before coming to that, check out some FAQs below:
Frequently Asked Questions
Having some queries? Find answers to your questions related to Group Practice down here!
Single-Doctor led Practice v/s Contributing Group
Whether the Group contains members of a single specialty or from multiple specialties is key to determining the compensation package. For instance, in a cardiac-focused setup, cardiologists and cardiovascular surgeons would categorize it as a single-specialty Group Practice setup. When a neurosurgeon and an onco-surgeon join hands to set up a unit together, this setup would be a multi-specialty Group Practice setup.
Single Specialty v/s Multi Specialty
Whether the Group contains members of a single specialty or from multiple specialties is key to determining the compensation package. For instance, in a cardiac-focused setup, cardiologists and cardiovascular surgeons would categorize it as a single-specialty Group Practice setup. When a neurosurgeon and an onco-surgeon join hands to set up a unit together, this setup would be a multi-specialty Group Practice setup.
Surgical v/s Medical v/s Combination
Whether the Group contains members of a single specialty or from multiple specialties is key to determining the compensation package. For instance, in a cardiac-focused setup, cardiologists and cardiovascular surgeons would categorize it as a single-specialty Group Practice setup. When a neurosurgeon and an onco-surgeon join hands to set up a unit together, this setup would be a multi-specialty Group Practice setup.
Single Specialty v/s Multi Specialty
Whether the Group contains members of a single specialty or from multiple specialties is key to determining the compensation package. For instance, in a cardiac-focused setup, cardiologists and cardiovascular surgeons would categorize it as a single-specialty Group Practice setup. When a neurosurgeon and an onco-surgeon join hands to set up a unit together, this setup would be a multi-specialty Group Practice setup.
There is no “one-size fits all” approach in determining compensation for the Group Practice members and is one of the most critical aspects for the smooth functioning and growth of the Group Practice.
Group Practice v/s Infrastructure Sharing
We have come across setups that have misunderstood the concept of Group Practice. In the desire to have a larger setup for attracting patients, many professionals have joined hands to make a common setup and sit and practice together (same or multi-specialty). However, the arrangement they have made is not a Group Practice but a mere infrastructure-sharing model, and mistake it as a Group Practice.
When they don’t see the promised benefits of a Group Practice accruing to them, they feel disheartened and develop negativity for their fellow members considering that they are misfits. However, the setup itself is not a Group Practice and hence, cannot emanate the benefits of a Group Practice.
That’s why, it’s inescapable to first KYP before proceeding to the further sections! You may access our KYP Tool below to assess your Practice.
