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15 October 2009Friday October 16 Is National Boss Day!
Have you ever heard the saying “Your job is only as good as your immediate supervisor”?
In other words, you may have an otherwise perfect job, working for a great hospital, or a great practice, but if your relationship with your manager or administrator is poor, your entire employment experience could be a negative one.
The American dream is to be your own boss – to be self-employed, and to work for yourself. Hopefully, if you are your own boss, you and your boss have a great working relationship!
In terms of achieving the American dream, physicians are very fortunate, as compared to other professionals who try to start their own business. Why? Because physicians are the only professionals who are regularly provided fully forgivable, interest-free loans, in the form of an income guarantee. As a physician, you don’t have to go to a bank to take out a business loan, which is a unique opportunity, especially in this economic climate, as small business loans are nearly impossible to obtain at this time.
However, being a solo practitioner or practice owner/partner is not for everyone. Many physicians tire of the administrative duties and hassles of running a business, whereas others thrive on it.
Additionally, while there is much less risk for a physician accepting an income guarantee than for a traditional business loan, there is some risk associated with an income guarantee. If there is not a defined need for a new physician in the area, the practice may not be successful after the guarantee period ends, in which case a physician may be committed to practicing in the area in order to be forgiven of the full loan amount.
Therefore, if you are offered an income guarantee for a new practice opportunity, here are some things you need to know:
- How many physicians are practicing your specialty in the area where you are being recruited? What volume of patients are they seeing on average?
- What is the draw area of the practice or hospital, and how does the ratio of physicians to population compare to GMENAC standards?
- Are the other local practices in your specialty accepting new patients? And if so, what is the waiting period for a new patient appointment? If you are being recruited to practice ENT, for example, and there are four other ENTs in the area, find out if they are taking new patients and how long of a wait it is to get in.
- Is the area growing or is there something going on in the area that will bring new growth? (e.g. new corporations, factories, university, etc.)
If you are a physician who is working with a recruiting firm to assist you with your search, your recruiter should know the answers to these questions, so that you do not have to do the legwork yourself. This is just one example of many ways a recruiter can help streamline the process and provide you valuable information to help you make an educated decision that is best for your future practice and family life.
Now, back to National Boss Day . . . I, for one, do not need a new boss. I have not one, not two, but FOUR fabulous bosses to work with every day. (I know you’re jealous!) I’d like to take this opportunity to say to them “Happy Boss Day” and thank you for all their guidance, leadership, and support. I am very fortunate that ALL of my bosses are very experienced, knowledgeable, and fun people with whom to work!
If you are not as fortunate as I am, with a great boss (or bosses), give us a call – we can help you find a new one! In fact, finding your new boss may even be as easy as looking in the mirror!
Regards,
Andrea Santiago
Resource Director
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