No. I think physicians could benefit from working in larger private organizations. That way they would be free to practice medicine. The private practice model is the equivalent of having each engineer at GM also doing his own sales, IT, marketing, payroll, QC, etc, while still creating something as complex as a motor vehicle on his or her own. Larger organizations allow division of labor & specialization. They allow complex processes to be managed efficiently.
The difference in administrative costs is large. An organization like Kaiser Permanente, which uses the employed physician model, has admin costs of 3%. For most of the healthcare system it's 20-25%. Kaiser does other things too, but we know how to get to efficiency. Part of the goal of Obamacare is to push organizations like Kaiser's to become the rule rather than the exception.