The COVID crisis is causing more physicians to take a closer look at partnership opportunities. According to McKinsey’s recent US COVID-19 Physician Survey, 25% of independent physicians say they are now “more likely to pursue a partnership or alignment with a larger organization, primarily for financial reasons.” In that same survey, almost half of physicians said they are concerned about their practices’ survival in the wake of the pandemic.
Physicians’ financial concerns are nothing new. Reimbursement reductions and unfunded government mandates, among other factors, have been cutting into medical practices’ bottom lines for years. The pandemic significantly exacerbated those concerns.
A Long-term Commitment
Partnership shouldn’t be viewed as a quick-fix to an immediate need, but rather a long-term commitment to joint success. The financial benefits of partnership can be significant, yet there are other elements that should also be taken into account when exploring partnership opportunities.
Since the beginning, QualDerm’s vision has been to be the partner of choice for premier, patient-centric dermatology practices. Because we’ve stayed true to our core values, high-caliber physicians who are well-respected among their peers have chosen to partner with us. Over the years, QualDerm and our affiliated practices have enjoyed financial success, with significant revenue gains year over year. Yet, when asked, the most oft-cited reasons physicians give for choosing to partner with us are the intangibles: quality, true partnership, physician autonomy/leadership, trust, and peace of mind.
A Testament to Partnership
Quality, true partnership, physician autonomy/leadership, trust, and peace of mind. Each of these 5 reasons are independently invaluable. Yet, when combined, they form a solid foundation for an organization that can thrive even in unprecedented times.
QualDerm’s affiliated practices were not immune from the havoc of COVID-19. However, because they had access to a highly-experienced leadership team, a pivot to telehealth, staff furloughs, enacting stringent safety protocols to re-open, and the myriad of other issues, were quickly and successfully managed without any long-term negative ramifications on the practices.
As we enter into what is hopefully the end stage of the pandemic, QualDerm’s affiliated practices are well positioned. Across the network, patient volumes are steady, and in many cases have grown, and the organization is on track to meet annual growth and revenue goals. What’s more, we’ve also gotten a stamp of approval from our patients. A network-wide patient survey conducted in December 2020, found that 97% of patients say our safety precautions meet or exceed their expectations, and 97% of patients believe our affiliated practices’ staffs care about their health and safety.
The COVID-19 crisis is just the latest testament of QualDerm’s belief that when physicians and business professions work together toward a common goal, the outcome is successful.
Learn more about the many ways a QualDerm partnership can help your practice thrive.
Contact us to find out about partnership opportunities or to discuss selling your practice.