Dr. Christine Meyer’s negative experience working as an employed physician in poorly managed medical practices motivated her to become an independent doctor and launch her entrepreneurial career with her husband. The pair believed that they could provide better patient care through their own venture.
“I think the movement towards value-based care in medicine has been tremendous and so enjoyable. I know a lot of people feel like it’s a grind, and it’s so hard to meet these metrics and earn these incentives. But what it has done for our practice is truly improve the quality of care that our patients receive,” Dr. Meyer says.
In this episode of the Prosperous Doc®, host Shane Tenny, CFP®, welcomes Dr. Meyer to discuss the preservation of independent medical practices and the alarming changes in the medical landscape over the past decade, with many private practices disappearing or being acquired.
In 2022, the American Medical Association found that wholly physician-owned practices had dropped from 60% a decade ago to just above 45%.
Despite the challenges of running an independent practice, Dr. Meyer can attest to how rewarding it can be. In its early days, the practice was just her, two examining rooms, and a couple hundred patients. Today, her practice includes five physicians, 15 advanced practitioners, and a team of 55 with multiple buildings to support the more than 20,000 patients they are responsible for.
“People probably think they need to have some sort of a business degree to run a successful medical practice, and you really don’t,” Dr. Meyer says. “I think it goes back to the patient experience. If you’re a physician and you went into medicine to provide patients with an excellent experience, you can run a successful medical practice.”
💡 Featured Guest 💡
Name: Dr. Christine Meyer
What she does: Dr. Meyer is the founder and owner of Christine Meyer, MD and Associates. She was born and raised in New Jersey to first-generation Egyptian parents. She received her Bachelor’s Degree from Rutgers University and then went on to earn her Medical Degree from Hahnemann University School of Medicine (now Drexel University). Dr. Meyer then completed her Internal Medicine Residency at Thomas Jefferson University Hospital and is Board Certified in Internal Medicine.
Company: Christine Meyer, MD and Associates
Words of wisdom: “Private practice allows you to build a culture in your organization that you are proud to work in.”
Connect: Website
💰 On the Money 💰
Top takeaways from this episode
- Bad business management equates to bad patient care. When Dr. Meyer experienced frustration with poor management while working as an employed physician, she saw how poor business management trickled down to affect patients. This is why, when the opportunity arose to venture out on her own as an independent practice, she didn’t hesitate to make the switch.
- It takes time for a new practice to be sustainable. It took Dr. Meyer about three years to start to see steady and stable growth in her practice. In the early days, she focused on providing excellent care to the initial patients. As her finances got stronger, she was able to expand the team that was seeing patients, which is when the revenue really started to come in.
- You need to trust someone else with your patients. One of the significant inflection points for Dr. Meyer was bringing on more practitioners to allow the practice to scale. While her first nurse practitioner hire worked out well, other hires later on were detrimental to the practice and taught her the importance of building a strong team of clinicians.
- You don’t need a business degree to run a successful medical practice. The key is focusing on the patient experience rather than just providing care. Understanding the environment that makes patients comfortable and ensuring accessibility, such as offering extended hours, contributes to a successful practice.
⚡ Prosperous Insights ⚡
[00:30] The state of independent practices: Shane gives an overview of current trends in the medical space, showing that more doctors are moving away from independent practices and how the issue is particularly dire amongst younger doctors.
[02:49] Venturing out on her own: Dr. Meyer shares the factors that led her to venture out on her own: frustration with poorly managed practices, a belief in her ability to provide better patient care, and office space becoming available at the right time.
[06:30] Lean beginnings: About 100 patients from Dr. Meyer’s previous practice followed her to her independent practice. Her first employee was her mother — who was open to learning medical billing — and it was three years before she felt confident in growing the team.
[09:32] Being a bad boss: It wasn’t until Dr. Meyer started to really value people that she became a better person and a better leader for her practice. She shares how she turned around her management style to build a better business.
[12:55] Scaling beyond individual efforts: Dr. Meyer shares key inflection points on her entrepreneurial journey, including hiring the first nurse practitioner, transitioning to electronic medical records, investing in a new building, and building a reliable team.
[18:40] Clear metrics to follow: Dr. Meyer shares quantifiable examples of how patient care at her practice has improved over time because she is able to prioritize value-based care.
[24:55] You don’t need a business degree: Dr. Meyer reiterates that it all comes down to patient experience. You don’t need a business degree to run a medical practice — as long as you’re putting your patient first, you can figure out the rest as you go.
[28:30] The fee-for-service model doesn’t work: Dr. Meyer advocates for alternative payment models like the Shared Savings Program to encourage high-quality care for patients.
[30:06] On a mission: If there’s one thing that’s top of mind for Dr. Meyer, it’s her personal mission to get people to consider primary care because of the impact they can have on their patients.
💵 Financial Wellness Tip 💵
Have you found that your income is near its peak potential, yet you’re still unsure where the money is going or what to do with the surplus? Do you have cash piling up in your checking account because you don’t have the time to figure out where else to direct it? Are finances a source of confusion or even conflict in your marriage?
Disclaimer: Prosperous Doc podcast by Spaugh Dameron Tenny highlights real-life stories from doctors and dentists to encourage and inspire listeners through discussions of professional successes and failures in addition to personal stories and financial wellness advice. Spaugh Dameron Tenny is a comprehensive financial planning firm serving doctors and dentists in Charlotte, NC. To find out more about Spaugh Dameron Tenny, visit our website at www.sdtplanning.com. You can also connect with our host, Shane Tenny, CFP at shane@prosperousdoc.com or on Twitter.
Compliance code: CRN202611-5421737
