Cardiologists, other physicians say the shift from private practice to corporate ownership is bad for patients
A majority of U.S. physicians believe that corporate ownership in healthcare—specialty practices backed by private equity, for example—leads to a reduced quality of care for patients.
That was the primary takeaway of a new survey commissioned by the Physicians Advocacy Institute (PAI) and carried out by NORC at the University of Chicago.
“The patient-physician relationship is the foundation of our healthcare system,” Kelly Kenney, chief executive officer of PAI, said in a statement. “With corporate ownership comes a higher emphasis on financial outcomes and shareholder returns. This focus on the bottom line can interfere with best clinical practices.”
The PAI/NORC survey included responses from 1,000 physicians who spend at least 50% of their time on patient-facing activities. Respondents came from a variety of practice types and specialties. While 5% were cardiologists, another 2% were cardiac surgeons. Data were gathered from July to August 2023.
U.S. physicians share their perspective
Overall, 58% of respondents said they believe changes in ownership have a negative impact on patient care, and 45% of respondents said these changes hurt patient-physician relationships.
The survey also investigated how often costs typically impact the day-to-day care provide by U.S. physicians. For example, 56% said the cost of care “has some impact” on their clinical decision-making. Seventy percent of respondents said they are incentivized to see more patients, and 47% said they “adjust treatment options” to lower costs.
Another key takeaway was that burnout continues to be a significant problem; it was the most common reason physicians said they would like to retire early. Another finding that could be a sign of growing frustration levels was the fact that 44% of respondents said they would be interested in joining a union if one was available.
The PAI/NORC survey also explored the reasons a physician may have for jumping from one work environment to the next. Among physicians who moved from an independent practice to corporate ownership, for instance, the primary reasons were ongoing reimbursement cuts, the promise of higher compensation and an improved work-life balance.
Additional details about this survey are available on the PAI website.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.