When it comes to choosing a practice setting, physicians have a lot to think about. Whether it be self-employment, employment, or employment in an academic setting, there are pros and cons to every option.
The American Medical Association has identified some key pros and cons to four different physician practice settings in an April 17 report.
The pros, cons of four different practice settings:
1. Solo practice owner
Pros: If you own your own facility, you have full autonomy over everything, from administrative, to legal, to financial decisions and more.
Cons: It can be difficult to start a practice from the ground up. There are administrative burdens, high startup and overhead costs, and unpredictable work hours to consider.
2. Group practice owner
Pros: If physicians jointly own a practice, the hours and income are often more predictable, and a new physician-owner won't have to build their own patient base. There is less individual fiscal responsibility than with a solo practice.
Cons: When physicians have partners, it can ruin some autonomy.
3. Employee in a group practice, hospital or health system
Pros: Physicians typically get a high, stable base income. There is also often a more predictable work schedule.
Cons: Physicians have less autonomy over their patient base, income distribution, quality-assurance standards, referral restrictions and more.
4. Employee in an academic institution
Pros: Salaries can be low, but academic institutions often offer other perks, including time off, retirement plans and the opportunity to take on new roles and responsibilities.
Cons: Salaries may be lower, and sometimes attending faculty members have to fill patient care gaps when residents have other commitments.