Lesson 4: Employment and Private Practice
Do you prefer to be a lone wolf or a part of a pack?
You can gain perspective by speaking with your colleagues about each option: employment with a hospital or system and private practice. For broader insights, speak with people who have started in one and moved to the other.
For the first time, more than half of physicians are employees, according to the AMA.
Employment with a hospital or group can bring more work-life balance since physicians often have set hours and days off. Employment also offers more stability in income and lifestyle. You may also be able to count on administrative staff to help with paperwork and other office duties.
Employment is a great way to be part of a team, but you’re also accountable to managers and executives, and must adhere to policies and protocols.
Private practice is good for people with an entrepreneurial spirit. You’ll have a certain degree of autonomy, but you’re also responsible for your practice’s success, for better or worse.
You decide how to treat your patients (not beholden to upper managers). But as a business owner, you’re also responsible for paperwork, administrative issues, overhead, electronic health records, hiring and firing, etc.
Which will you choose?
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