Why should you join an IPA?

First off, what is an IPA…? An Independent Physician Association (IPA) is a legal entity that is a collection or network of independent doctors who come together to contract with carriers or employers, exchange best practices to improve overall practice management, group purchasing organizations benefits, all while maintaining full autonomy.

Now, what are some of the benefits or best practices involved in being an IPA member?

First, there’s greater financial stability. By joining an IPA, providers can benefit from consistent and more predictable revenue streams through standard fee for service, shared risk arrangements, capitation models, as well as streamlined claims processing. Additionally, group purchasing power can reduce costs for medical supplies, technology, and administrative services.

Access to Value-Based Care models with other entities of similar structure and service.

Many IPAs participate in value-based care programs, such as Accountable Care Organizations (ACOs) or shared savings initiatives. These models reward physicians for quality outcomes rather than volume, leading to improved patient care and financial incentives. By doing so as part of an IPA, provider groups can leverage their peer relationships as well as administrative resources of the IPA administration, to further refine necessary obligations and expectations of such contracting models. In other words, education for success as part of our membership dues.

Reduced administrative burden.

In some instances, IPAs will provide centralized administrative support, including billing, coding, compliance, and credentialing. This allows physicians to focus on patient care rather than being bogged down by complex paperwork and regulatory requirements. Be careful however in fully understanding your contractual arrangements in such situations to appreciate your practice obligations in return for such support.

Retention of clinical and leadership autonomy.

Unlike employment models with a hospital system, joining an IPA allows physicians to remain independent while benefiting from group advantages. This means they can maintain control over treatment decisions, office operations, and practice culture. It’s basically the best of both worlds.

Enhanced referral network.

IPAs can create a built-in network of specialists and primary care providers, improving coordination of care and keeping referrals within the group. This helps with continuity of care and can lead to better patient outcomes. This is especially true if hospitals or other ancillary providers are permitted as members.

Improved compliance and quality metrics.

Many IPAs provide support for regulatory compliance, such as MACRA, MIPS, and HIPAA requirements. They may also help with data collection, performance benchmarking, and quality improvement programs to ensure physicians meet industry standards. This can further benefit the provider with other contractual obligations they may have or direct contracts outside of the IPA.

Professional development and collaboration.

This is often a very much overlooked and underappreciated benefit for those unsure of joining an IPA. And once a member, providers and administrators alike see how valuable such expanded relationships can be. Members of an IPA can access educational resources, peer support, and collaborative initiatives that help improve clinical and operational performance. This fosters a culture of shared learning and continuous improvement.

Flexibility and scalability.

Since IPAs allow physicians to maintain independent entities, they offer more flexibility in adapting to changes in healthcare policies, reimbursement models, and technology. Physicians can scale their practice up or down without the rigid constraints of hospital employment. Meanwhile, stay aware of market evolvement with their newly formed relationships and peers.

Joining an IPA can be a strategic move for independent physicians who want to maintain their autonomy while gaining the benefits of administrative support and enhanced financial stability. By leveraging shared resources, IPAs help physicians navigate the evolving healthcare landscape more effectively, ultimately improving both patient care and professional sustainability.

SHP works with the designated legal counsel of our IPA members. Above all, ensuring all activities meet regulatory guidelines. SHP believes that in today’s rapidly evolving healthcare market. Our provision of accurate and unbiased updates about healthcare legislation and market trends to our clients. Consequently, this is an invaluable service in maintaining viable healthcare practices. Give us a call or email us to find out how we can help identify or form an IPA for your practice.