Do Physicians Have a Future in Corporate Medicine?

There is no doubt that the field of medicine is rapidly changing. With the advent of corporate-owned clinics and hospitals, independent physicians are starting to question their future in the medical industry. So, what does the future hold for physicians? Will they be replaced by corporate doctors? Or will they find a place in this new landscape? Read on to find out.

 

The end of the 20th century was a time when many things changed, including how medicine operated in America. In his book “The Social Transformation Of American Medicine,” Paul Starr predicted that independent physician practice would eventually be eclipsed by corporations who wanted more control over their patients’ care programs and budgets within an increasingly corporate-driven healthcare system – with great consequences for doctors themselves

 

A few decades ago this didn’t seem too likely but now we’re seeing just what he meant!

 

In 2020, physician-owned settings will be a minority of U.S. hospitals for the first time in history with less than half (45%) working there and the vast majority employed by corporations such as health insurers or pharmacy chains. The UnitedHealth Group alone has 60 thousand practicing doctors under its Optum Healthcare subsidiary which it calls “a provider network that spans every major industry.”

 

In the early 1980s, a physician surplus began to arise. This was compounded by pressures from all sides: healthcare expenses that needed containment; an increasing number of baby boomers interested in employment as a bridge towards retirement rather than professional independence (many choosing this option because they were unable or unwilling to afford their retirement care); and lastly, unprecedented levels college debt made assuming risks associated with private practice too much for many doctors entering the workforce during these times.

 

When physicians joined the corporate workforce, they accepted a lower level of productivity in exchange for achieving overarching company objectives. For example increased admissions and surgeries; redirected patient flows away from hospitals or an increased prescription rate by retail stores

 

The baby boom generation is slowly retiring, but many are grateful for the opportunity to do so. Younger physicians will soon be in a position where they can reevaluate their debt obligations and life choices made when joining large corporations like hospitals or medical practices that want them on board while paying down their medical student loans.

 

As a rapidly aging population encounters end-of-life medical problems, the U.S. will experience growing shortages in primary care physicians and geriatricians to name just a few! This is due largely because burnout caused by this pandemic has led to many retirements from their fields which leaves open positions not being filled or fully utilized.

 

Final Thoughts

With their growing market power, employed physicians will determine which potential employers deserve to have access and the privilege of working with them. Employed doctors might not be able to take up the social or political authority they enjoyed earlier in the 20th century but I see this changing soon as a result of recent erosion within economic standing which could lead to greater human values being put back into medical care instead.

 

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