If you are a medical professional finishing education, specialization, or a training program and are looking to join or start a medical practice, there are several different options. You should get acquainted with each one to decide what’s the best course to reach your career goals.
Here are the main medical practice types:
Private practices are the best for people who like to manage their own time and be independent. With this type, the physician usually practices with no partners and a minimal number of other employees.
These small practices are perfect for people who want closer relationships with their patients and the option to control most aspects of their medical journey. Downsides include higher business risk, financial inconsistency, and longer working hours.
Group practice involves two or more physicians providing medical care in the same facility. They can be specialized for the same or different areas of medical practice. These facilities have support staff that helps them, and their compensation is based on the group’s model.
The benefits of group medical practice include access to more clients, a bigger social network, shorter work hours, and more consistent income. The drawbacks are less individuality and the needed consensus on all important business decisions.
In a hospital-based environment, physicians have a regular salary and patient base. They are a part of a large medical collective, and they know their exact obligations and outcomes. Hospitals can employ physicians, but they can also hire existing private or group practices to work within their facilities.
The benefits include a steady income, a regular work schedule, and low legal and business risks. The drawbacks refer to the lack of autonomy and employee restraints. Physicians working in this environment see more patients each day and may experience higher stress levels. Building patient relationships is also harder.
Locum tenens have been around since the 1970s, and they refer to temporary positions filled by physicians and other healthcare workers. These jobs can last anywhere between a few days to several months, depending on the need. Some places constantly need healthcare workers, and they usually pay more to attract qualified personnel. However, they often don’t come with the perks of regular employment.
Other benefits include:
- More flexibility.
- Work variety.
- An ability to work in different geographic locations.
- Not having to deal with in-office politics.
On the other hand, it isn’t steady, and you may spend months without work and income. So, this is usually the best option for adventurous people looking to try several positions and live in different places.
Which One Should I Choose?
Choosing a medical practice depends on your preferences and career goals. Most physicians work in hospital-based environments, as it is steady and can provide a good salary and other perks. However, other practices have their benefits as well. Locum tenens are an excellent option for adventurous young physicians looking for more experience. At the same time, private and group practices could be the perfect choice for experienced professionals looking to scale their income.
So, learn about different options, evaluate your opportunities, and join or start a medical practice that aligns with your goals.
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