Many individuals leave medical school and struggle to find the right practice. When they move from student to attending, they need to find a physician practice model that aligns with their values. Doing so may be challenging. What should they know when deciding to ensure their career in medicine is everything they imagined when they first applied to medical school?
Acute-Care Physician Practice Models
Physicians who plan to work in an acute care setting have several practice models to consider. Each option comes with benefits and drawbacks. Before choosing, a physician might partner with Global Medical Staffing to take temporary assignments and try several models to find the right fit.
Hospitals and Health Systems
Physicians might work as employees in a health system or independent hospital. They appreciate knowing they will have a guaranteed salary, as many leave medical school with extensive debt. They also like knowing they will have a set schedule and employer-provided benefits. Working for a hospital or health system allows these doctors to focus on treating patients while leaving administrative work to others.
Physicians working for hospitals and health systems may find their decision-making abilities limited. Conflicts of interest may need to be addressed. Furthermore, advancing their careers can be challenging, as limited leadership roles exist. Physicians might find they have few opportunities for care innovation and feel stifled and discouraged from engaging in innovation.
Corporate Management Agencies and Groups
A physician might choose to become a corporate management agency or group employee. In this position, they work at various clinics and hospitals and receive many of the same benefits as doctors working for hospitals and health systems. Nevertheless, these positions have drawbacks.
Shareholders and investors must emphasize profits over patient care, which many doctors dislike. Non-physicians are often at the helm of these agencies and groups, so they are unaware of the daily demands and ethical obligations front-line doctors face. Corporate directors frequently oversee multiple locations, so they have limited time for employee support.
Private Practice
A physician might start a practice and work independently or with one or two providers. They love the sense of autonomy that comes with selecting this option and enjoy being the boss. Individuals who choose this path aren’t beholden to others and can focus on their professional goals.
Before choosing this option, doctors must understand the administrative work of owning and running a practice. They may need outside help to handle these tasks, which can reduce profits. If they choose to handle these tasks themselves, they will have less time for patients or may work long hours to complete everything.
Independent Contractors
Locum tenens are in high demand today, so some physicians choose this career option. They take short-term assignments and control their schedule. These assignments often come with premium pay, and the physician can explore different practice settings and locations to find the right fit. People love the flexibility of these assignments and the work-life balance that comes with having more control over their careers.
Physician Groups
Independent physician groups remain popular for several reasons. Each physician working in the practice typically has an ownership stake, and all partners have a say in practice decisions. In many cases, these decisions are made via elections. Doctors love the autonomy of this practice model and enjoy sharing responsibility with others. They are engaged and can innovate while benefitting from profit sharing. Furthermore, they can take on a leadership role and impact the community.
Doctors in physician groups find they can make decisions that benefit their patients. Each partner contributes to the practice’s success, and a physician group without debt or outside investors offers long-term stability. Financial challenges are less of a concern, and they have job security.
The partners also benefit from tax and retirement savings advantages. They can deduct expenses for their health insurance premiums and continuing education. If a partner works from home, they may be able to deduct home office costs. Finally, they can contribute more to their retirement plans and may be able to retire early without sacrificing financial security.
Some physicians find this model unsuitable. They dislike the administrative responsibilities of being part of a physician group. Doctors often have less time for clinical care, and conflicts may arise among partners, leading to a hostile work environment.
Doctors in a physician group may be asked to see patients that aren’t theirs. Furthermore, new doctors may work longer hours. However, they might still spend less time in the office than they would if they opened a practice independently.
Choosing a Practice Model
Doctors should consider all physician models to determine which is the right fit. The practice should align with their values while providing support. Every doctor should have the opportunity to grow and develop, and if a practice model doesn’t allow this, the physician should consider other options.
When comparing practices, consider the level of autonomy offered. Many doctors want to be involved in making decisions and would not like a practice where they lack input. They aren’t comfortable with top-down directives, so they should gravitate to independent groups and partnerships.
Work-life balance is essential for healthcare workers. Burnout remains a concern in the industry, so every doctor needs to find a practice that allows them to work their desired schedule while living their chosen lifestyle. Some practice options offer predictable schedules, and self-employed individuals have more flexibility and the opportunity to travel and work worldwide.
Financial goals must also be considered when choosing a practice model. Every doctor should consider the potential for retirement savings, income, and benefits. Doctors who own their practices benefit from increased tax advantages and the potential to create wealth.
Every physician should consider different practice models when transitioning to attending. Support plays a role in deciding which model to accept, but other factors should not be overlooked. When a physician finds a practice that aligns with their values and allows them to advance their career, they will be satisfied with their job and can focus on providing patients with outstanding care.