The Anonymous Physician on Employment

The Anonymous Physician: 

Employment verses private practice

AdobeStock_266575535 [Converted]

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 physiciansand 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
Something went wrong. Please check your entries and try again.

Want to Learn More? Read the Latest From MaxWorth

Compensation programs in the age of uncertainty

Compensation programs in the age of uncertainty By: Kyle Worthy As we met with physicians over the past few weeks, we noticed that many of them had a common concern: what will happen to their call pay plan if… There is a multitude of uncertainties in healthcare today as more…

Legacy Makers

Legacy Makers By: Kyle Worthy On a recent visit to a hospital client, I was having coffee in the atrium between meetings, watching as new banners went up on the walls. These banners celebrated a milestone: the hospital’s 75th year of service to its community. This made me think about…

Rural hospitals pay the most for physicians. It’s time for smarter rewards

Rural hospitals pay the most for physicians. It’s time for smarter rewards By: Leah Worthy Becker’s Hospital Review recently published a list of states with the highest average compensation rates for physicians and surgeons. Six of the top ten states on this list have populations under two million. This tells…

Phantom Stock: A unique tool for compensating hospital executives

Phantom Stock: A unique tool for compensating hospital executives By: Steve Worthy A Phantom Stock Plan is a unique nonqualified deferred compensation plan designed to provide a mid to long-term incentive for key executives. The term “phantom stock” means that although potential value (similar to equity) may be transferred to…