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
The fairness factor: How to avoid agitation around nurse pay MaxWorth got its start designing healthcare compensation strategies nearly two decades ago when call pay was one of the most contentious topics in the industry. We quickly learned that a perceived lack of fairness was at the heart of nearly…
Balancing penalties and rewards in benefits for health care providers NBC News recently reported that it’s becoming common for hospitals to require nurses to pay back the cost of their training if they choose to leave or are fired within a certain amount of time. These costs can amount up…
Hidden opportunities to reduce healthcare labor cost In January, KaufmanHall reported that 2022 was the worst financial year for hospitals and health systems since the start of the COVID-19 pandemic. December saw an increase in provider productivity, but it simply wasn’t enough to outweigh cost increases. Expenses likely to…
Benefits for an aging physician population The AAMC’s 2022 Physician Specialty Data Report found that nearly half of physicians currently practicing are aged 55 or older. An aging physician population places pressure on recruitment and retention in many ways. Healthcare leaders might be asking themselves: Are young people encouraged to…