NEWPORT BEACH, CA – October 12, 2023 – Tebra, the leader in practice automation solutions for independent healthcare practices, today announced its report, “Private equity firms and their impact on private practices: A deep dive.” One of the most interesting findings is that 42% of hospital system employees who responded online are considering switching to private practice, mostly due to the need for a better work-life balance. The report examines the differences in employee burnout between independent providers and large hospital systems, resource availability, retention rates and recruitment, insurance constraints, and changing patient sentiments about healthcare. The report also evaluates private equity acquisitions’ implications for small practice physicians. Tebra’s 2023 Private equity firms and their impact on private practices: A deep dive report is available here.
Notable findings include:
- Over half of patients (56%) who responded feel controlled by their health insurance, and private practice acquisitions could further limit their options. Baby boomers were the highest demographic group to cite this reason at 63%.
- 62% of patients surveyed say knowing whether a healthcare provider is part of a hospital system or private practice is important.
- 53% of hospital system employees surveyed, versus 44% of private practice owners and employees, feel burned out.
- 60% of hospital system employee respondents say they need additional staff recruitment and retention support, compared to 48% of private practice owners and employees.
- Only 56% of hospital system employees surveyed feel appreciated, compared to 73% of private practice owners and employees.
“The COVID-19 pandemic has exacerbated challenging trends for independent practices, in particular heavy consolidation of practices to larger healthcare providers and staffing shortages,” Kevin Marasco, chief marketing officer of Tebra, said. “At Tebra, we will continue to advocate for independent practices and their tremendous impact on our healthcare system. Maintaining a diverse healthcare system that includes a mix of small practices and larger organizations is important. A balanced approach that values the strengths can help ensure patient choice, personalized care, access to underserved communities, localized expertise, innovation, and cost-effective care.”
Built on the strength of Kareo and PatientPop, Tebra equips over 150,000 providers to deliver modernized care to patients everywhere.
Tebra conducted the survey behind its Private equity firms and their impact on private practices: A deep dive in June 2023. Tebra surveyed 360 medical practitioners online about the differences between working at a private practice versus in a hospital system. Tebra also surveyed 610 US patients. For the complete methodology, including weighting variables and subgroup sample sizes, please contact Tebra.
In 2021, with a combined mission to unlock better healthcare, Kareo and PatientPop joined forces to form Tebra — a complete practice automation solution for independent healthcare providers. With an all-in-one, purpose-built platform to drive practice success and modernize every step of the patient journey, Tebra provides digital tools and support to attract new patients, deliver modern care, get paid quickly, and operate efficiently. To learn more about how Tebra is committed to improving patients’ and providers’ success and well-being, visit www.tebra.com.