Relentless Health Value EP445: Can a Primary-Care-Only Practice Survive in 2024? With Tom X. Lee, MD
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Jul 25, 2024 Tom X. Lee, MD discusses the paradox of sustaining primary care practices independently. The podcast highlights the challenges faced by primary care entities in balancing revenue and high-cost services. Topics include the importance of enlightened leadership, value-based care, balancing financial incentives with societal impact, and recruiting dedicated doctors for long-term success.
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Paradox of Primary Care
- The paradox of primary care is relying on specialty revenue subsidizing primary care while primary care reduces specialty volume.
- Consolidated entities lack incentive to empower primary care as it cannibalizes their major revenue source.
Leadership for Primary Care Startups
- Startups for pure play primary care require enlightened leadership with a value mindset and operational expertise.
- Leaders must innovate service operations, reduce waste, and manage complexity to sustain independent primary care.
Value Mindset Beyond Payment Models
- Adopt a value mindset focusing on doing more for less whether in fee-for-service or value-based payment models.
- Lower unit costs to enable margin in fee-for-service and reinvest in value-enhancing infrastructure and care.