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|For Physicians – Understanding Employment Models|
As a physician, you will be overwhelmed with offers of employment. As we all know, there are more practice opportunities than physicians available to fill them. You will hear about many different options, but most choices can be divided into three major employment models; solo practice, partnership and employment with each having their own pros and cons. The most important initial choice to make is whether to go on your own or join a group.
Three difference of Solo vs. group:
Small business ownership with all of the benefits of being the boss.
Business ownership with all of the benefits of being the boss plus benefits of sharing overhead costs with multiple partners.
The prevailing trend today is towards employment, either as a hospital employee or in a multi-specialty practice due to the following:
Bureaucracy is inherent in large organizations. Less or little “say” in how things are run.
The physician needs to make sure the hospital is financially sound and unlikely to go bankrupt or acquired by another entity.
Understanding the different employment models will help you to make the most educated decision about your career choices. Weigh the pro’s and con’s of all of your options and understand the details of your contract.