How to ensure a smooth transition out of private practice
In recent years, surveys have shown that physicians are starting to migrate away from independent practice in favor of hospital or medical group employment. In fact, according to the American Medical Association, physician practice ownership dropped below 50% for the first time in 2016.
When asked about their top reasons for choosing employment over private practice, the top three responses were as follows:
- Not having to deal with the business of running a practice
- Not having to directly deal with insurers/billing
- Guaranteed income/even cash flow
Although moving to a medical group or hospital-based employment can alleviate the burdens associated with private practice, you will likely have to accept a few trade-offs in the process. In exchange for fewer administrative responsibilities, you probably won’t have as much influence when it comes to things like decision-making, office culture, or work schedules.
The trick to a smooth transition is to have a clear idea of what you will gain and what you will lose in the process. Be thorough when it comes to your job search to ensure that the trade-offs you would be accepting still allow for more job satisfaction.
To ensure that you have a complete understanding of what to expect, connect with the physicians already employed at the organization. Ask them about their experiences working as part of a care team, their work environment, and whether or not they feel restricted in the way they deliver care to their patients.
Having answers to questions like these will help you make an informed decision about your opportunity and go into it with realistic expectations about your future.
Are you ready to leave the demands of running a private practice behind, but not quite ready to give up your autonomy? With CardioSolution, you will enjoy both the financial stability of hospital employment and the flexibility of private practice. To request more information, click here, call 855-456-4000 or email [email protected].