PRIVATE PRACTICE DONE RIGHT
In this episode, David Mandell speaks with Teri Yates, founder and CEO of Accountable Physician Advisors, about the realities of building, sustaining, and scaling independent medical practices. Drawing from her background in healthcare administration and consulting, Teri explains why private practice remains viable—and necessary—despite increasing consolidation in healthcare. She emphasizes that autonomy, not just income, is often the driving force behind physicians choosing independence.
(Video Available February 18, 2026 at 6 AM Eastern)
A central theme of the conversation is disciplined decision-making. Teri outlines why financial feasibility studies are essential before launching a practice and shares that more than half of such studies result in physicians deciding not to move forward. This intentional filtering, she explains, protects physicians from undercapitalization, unrealistic expectations, and long-term financial strain.
The discussion also explores operational excellence in established practices, including revenue cycle management, staffing challenges, and leadership responsibilities. Teri underscores the importance of investing in the right people, using data to drive decisions, and creating workplace cultures that attract and retain high-performing employees. She concludes with an optimistic outlook on the future of private practice, citing efficiency, physician satisfaction, and patient access as key reasons it will continue to play a vital role in healthcare.
Key Takeaways:
- Feasibility studies are a critical safeguard, often preventing physicians from making costly or unnecessary practice start up decisions.
- Successful practices balance disciplined spending with strategic investment in management, systems, and people.
- Independent practices remain essential to healthcare efficiency, physician autonomy, and patient access.
Insights:
- More than 50% of feasibility studies do not lead to practice launches, reflecting economic and reimbursement pressures.
- Undercapitalization at startup is one of the most common causes of financial strain in new practices.
- Overspending on real estate and fixed costs can limit flexibility and long-term satisfaction.
- Physicians often underinvest in qualified administrative leadership, creating operational bottlenecks.
- Revenue cycle management is a multi-step process that requires visibility and accountability across teams.
- Interactive data visualization tools help demystify billing and collections for physicians.
- Delegation without clear leadership expectations can undermine staff performance.
- Practice owners must dedicate time weekly to business oversight, not just clinical work.
- High-performing teams require intentional culture-building, not just filling open roles.
- Private practice enables greater efficiency and capacity in outpatient care compared to hospital-based models.