Solo provider medical practices in Canada are having a tougher time making money than their multi-provider facility counterparts, according to NRM’s Survey of Medical Practice 2007.  The study indicated that physicians in group practices achieved net profits 400% greater than physicians practicing in solo practice facilities. 

An inability to benefit from economies of scale as well as government incentives that benefit multi-specialty practices are cited as the primary reasons for the discrepancy in profits.  This article from the National Review of Medicine, a Canadian medical practice journal, explains.

Part of the reason for the decline of solo practice is the simple reality of economies of scale: buying in bulk saves money. Group practitioners, because they can share some costs, typically have lower overhead for things like rent, office maintenance, staffing, office and medical supplies and technology support.

But the trend towards group practice is largely attributable to the slew of hard-to-resist incentives that governments are using more and more to encourage physicians to practise in collaborative, group settings. It’s simply becoming less and less financially rewarding to run a solo practice instead of joining a group.

It appears that physicians entering the work force these days are looking for more than good pay and desirable working conditions.  They want a good work-life balance, too.  At least they do in Canada, anyway.

A 2007 National Physician Survey reported that 60 percent of medical students and 52 percent of residents felt that work-life balance will be the most important factor for them when choosing their professional landing spot following school.

This is viewed as a good thing by Shaheed Merani, president of the Canadian Federation of Medical Students, as it holds the potential to make for the delivery of improved care by more well-balanced physicians.  This article from CTV explains how changing the physician culture and the use of technology may play an important role in achieving this desired balance.

“I think the medical students, the medical residents and doctors alike will tell you that a good life-work balance is important in not only maintaining a healthy family, maintaining a healthy physical ability and maintaining a healthy mind, but it’s also important in the work you do and the quality of care you deliver to patients,” Shaheed Merani, president of the Canadian Federation of Medical Students, told CTV’s Canada AM on Monday.

“So I think that the focus that medical students and residents are taking towards their own work-life balance is very important and will result in better care offered to patients across Canada.”