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Economic feasibility of a primary care practice
K A Miller1, D A Miller, G A Doeksen
1University of Oklahoma Health Science Center, Tulsa.
Physician Executive
|August 7, 1990
Summary
New physicians need practice management skills. A new model helps evaluate the economic feasibility of starting or joining a primary care practice.
Area of Science:
- Health Care Management
- Medical Economics
- Primary Care Practice Analysis
Background:
- Physicians require essential skills in medical management and health care economics for informed career decisions.
- Evaluating the long-term viability of a primary care practice is crucial for new physicians.
- Understanding practice survival and growth potential aids in career planning.
Purpose of the Study:
- To present a model aiding physicians in assessing the economic feasibility of establishing or joining a primary care practice.
- To provide a tool for evaluating practice sustainability in specific community settings.
- To support new physicians in making informed decisions about practice ownership and affiliation.
Main Methods:
- Development of a financial feasibility model for primary care practices.
- Analysis of economic factors influencing practice survival and growth.
- Application of the model to assess community-specific practice opportunities.
Main Results:
- The model provides a framework for physicians to analyze practice economic viability.
- Identifies key financial considerations for establishing or joining a practice.
- Offers insights into the potential for practice survival and growth based on economic factors.
Conclusions:
- The developed model assists physicians in determining the economic feasibility of primary care practices.
- Acquiring skills in medical management and health care economics is vital for physicians.
- Informed economic evaluation supports successful practice establishment and career longevity.