Part II: Single Specialty Groups, Multispecialty Groups, and Alternate Paths

A single specialty small group practice is a great environment for a physician who wants to start in an established office and be busy with patients immediately. Before you join a single specialty small group practice, consider Dr. Shaw’s advice: most practices should keep their professional expenses below 50 percent of gross.

Many physicians are enticed by the cost advantage of a single specialty large group practice. Physicians can share business overhead expenses and may also enjoy working with and around a large group of similar physicians. As practice size increases, however, administrative staff and management size can become unwieldy and cumbersome.

Perhaps the greatest benefit of a multispecialty group practice is that physicians benefit from a built in referral base. Many physicians in multispecialty group practices also enjoy fewer working hours. In general, compensation in these practices may not be as competitive. Check back for our upcoming blog on negotiating a physician employment contract if you think you want to join a multispecialty practice group.

Finally, there are career paths such as locum tenens, academic practice, and military service. Locum tenens is an alternative to permanent full-time practice that has gained popularity in recent years. Academic practice allows physicians to interact with students and residents although tenure is not easy to achieve and salary is generally not as competitive as the private sector. The New England Journal of Medicine profiles military physician career information and provides links to other informative resources.