Physicians have several options when it comes to choosing a long-term practice setting. From private practice to a large health system, there are pros and cons to every practice option, according to a March 2 report from the American Medical Association.
1. Solo practice owner
Pros: Physicians have full control and autonomy over the practice and can learn strong business skills.
Cons: There is often a large administrative burden for solo practice owners. There are also high startup and overhead costs and unpredictable work hours.
2. Group practice owner
Pros: Physicians will gain an established patient base and will share patient responsibilities. They have more predictable hours and income when burdens are shared between several physicians.
Cons: With partners, autonomy is more limited than as a solo practice owner. Physicians could have less say in income distribution, management and other issues.
3. Employee in group practice, hospital or health system
Pros: Physicians have an established client base through the health system and more income stability. The schedule is more predictable, depending on the number of physicians within the organization.
Cons: Physicians have less autonomy and less continuity with patients. There is little to no control over income distribution.
4. Employed physician in academic institution
Pros: Salaries might be lower than in other practice settings, but there are often added benefits, including more time off and better retirement options.
Cons: Attending faculty often have to fill in patient-care gaps for residents and trainees who are governed by work-hour limits.