The Anonymous Physician:
Employment verses private practice
To create a safe platform for physicians to discuss pressing issues in healthcare, we’re launching an Anonymous Physician column. From time to time, we’ll pose a question to a doctor, or a group of doctors, and post their answers anonymously, giving them the freedom to be frank and uninhibited. After all, we believe the best solutions come out of open discussion. We hope you enjoy this first installment.
The issue: Employment verses private practice
This decade has seen an historic rise in hospital employment, and more and more physician practices are being acquired by larger systems. But many young physicians still gravitate toward private practice. Understanding the draw of both employment models could help healthcare leaders better understand how to create the best possible working environment for physicians—and ultimately attract more people to the field of medicine.
We asked two young physicians about their recent employment decisions. One of them chose to go into private practice, and the other chose hospital employment. What factors influenced that decision?
Anonymous Physician A
Male, Urologist, Age 35
“I decided to go into private practice for a number of reasons. Firstly, I wanted the autonomy that comes with being a partner/owner of a practice. Secondly, in the long run, private practice will be more lucrative financially. And ultimately, it was the upstanding people of the practice that I wanted to call my colleagues.”
Anonymous Physician B
Male, Neurology, Age 37
“I chose employment because I wouldn’t have to worry about the headache of starting my own practice (office costs, hiring of ancillary staff, advertising/marketing to recruit patients etc). Also being a stroke specialist, my work is predominantly in the hospital using the tools the hospital provides for proper evaluation, so makes it easier for me.”
SIGN UP FOR OUR NEWSLETTER
If you would like to receive industry updates and articles like the one you see here, complete the form below
Want to Learn More? Read the Latest From MaxWorth
Struggling healthcare organizations need sustainable solutions The economic impact of the pandemic has been hardest on hospitals in rural and underserved communities, many of which were already struggling to remain viable due to pre-pandemic financial strain. Mercy Hospital, the oldest in Chicago, announced this week that it has…
A practice transition strategy that safeguards autonomy The prevalence of mergers and acquisitions in the healthcare community is showing no signs of waning. The 2020 Kauffman Hall M&A report stressed the remarkable nature of the fact that M&A activity remained “within historic range” during the pandemic when healthcare organizations were…
Happy National Women Physicians Day Today is the fourth National Women Physicians Day. The date of February 3rd was chosen in honor of Dr. Elizabeth Blackwell, who was born on this day in 1821. Dr. Blackwell was the first female doctor in the United States and was instrumental in the…
Healthcare executive retention plans can be justifiable and effective Genesis HealthCare came under scrutiny this week when The Washington Post reported that its CEO retired just months after receiving a retention bonus of $5.3 million. At the time of the arrangement, the nursing home chain was already in financial crisis…