RSS FeedWhich Practice Structure is Best for Physicians, Hospitals, Patients?
31 August 2010When seeking a practice opportunity, there are so many variables to consider, not the least of which is what type of practice structure you wish to join, or build. Which practice structure is the best? There is no one type of practice that meets everyone’s needs. You must weigh your professional strengths, skill set, career goals, and family needs with the benefits and drawbacks of each type of practice. Different doctors are more successful in different types of practice environments.
Solo/Private practice: Do you want to own your own business? Do you consider yourself someone who, in addition to being a skilled clinician, also has an entrepreneurial spirit? Do you thrive in an autonomous environment where you call the shots and make the big (and small) decisions? Then a solo private practice may be for you. One physician recently gave her account of why she is glad she chose private practice in her article “What I Didn’t Learn In Residency” .
The author not only outlines the rewards and benefits of private practice, but also notes the hard work, additional knowledge, and added stress that can come from owning and operating your own physician practice.
Group Partnership: In a private group practice, whether it’s a single-specialty group or multi-specialtiy group partnership, you are not the sole owner but a partial owner. You still have all the joys of ownership… as well as the headaches of ownership. In a group practice you have colleagues to help you shoulder the many responsibilities of owning and managing a practice, but you also have to share all the authority and decision-making with them as well. You still have authority but not the level of autonomy you have in your own solo practice. You and your partners can share call, share responsibilities, and consult on tough cases. Group partnership is great as long as all the group members are pulling their weight and getting along.
Hospital Employed, or Hospital-based Group Practice: Hospital employment is gaining popularity again in recent years. Many hospitals have learned from the mistakes of the employment and compensation models in the 1990s and are taking a different approach this time around. One of the approaches consists of an HBGB, or hospital-based group practice, that takes into consideration many of the physicians’ goals and needs, as well as the hospitals’ needs to stay financially sound to remain open for patients. This may become a popular model for many of the community hospitals that are employing physicians and absorbing physician groups. Some physicians do not wish to relinquish any autonomy over their practices, and opt for private practice.
As a physician, you have several options from which to choose the one that best fits your individual needs and professional goals.
So, of these, which practice model is best for the patient? The best model is the one that enables hospitals to stay open, and physicians to continue practicing high-quality medicine, while maintaining some degree of a healthy balance with their personal lives. Prosperous hospitals and satisfied, productive physicians are essential to the survival and quality of our healthcare system and the success of health reform.
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- Physician Practice Preferences (Survey)
- White House: Health Reform Will Increase Hospital Employment of Physicians
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April 5th, 2012 at 10:05 pm
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