Also, a new rheumatologist must be able to bring in enough income to support themselves, as well as the practice. “When hiring an associate, you’ll pay their insurance, medical assistant salaries and so forth,” Dr. Greer says. “In the first year, you rarely profit from a new hire, but after the second year and onward this should occur.”
Practices should also weigh the economic stability in their region before taking on another rheumatologist. Dr. Greer says that an economic downturn may cause residents to leave an area, forcing a practice to downsize.
“If the unemployment rate in your area is high, there’s a greater chance patients won’t have health insurance and [will] forgo care. Or they will want to be seen for free,” Dr. Lawson adds.
Another hint it’s not the right time to take on another rheumatologist is if a large health insurer intends to stop providing coverage to your area. This situation may reduce the number of patients seeking care at your practice, Dr. Greer says.
Think Beyond the Physician
If hiring a rheumatologist doesn’t look like it will pay off in the long run, consider hiring a physician assistant or nurse practitioner instead. “We’ve found that these healthcare providers can see patients at a lower cost,” Dr. Lawson says. “It’s not unusual for some rheumatology practices to have three or four nurse practitioners who see new patients, as well as follow-up patients.”
The bottom line: Even if hiring another rheumatologist seems like the right step, carefully consider all factors before proceeding.
Karen Appold is a medical writer in Lehigh Valley, Pa.