Practice Types Part I: Starting or Joining a Solo Practice

After you determine your ideal location, the next basic step is to decide the type of practice in which you want to work. Although the different types of practices are too numerous to analyze within the context of this blog, we can highlight the pros and cons of several of the most popular practices types for physicians. If you want even more detail, look to chapter 3 of Dr. Shaw’s book.

Part I of this blog series will contrast starting a solo practice with joining a solo practice. Part II will investigate single specialty group practices, multispecialty group practices, and other alternative career paths. Part III will advise you of considerations regardless of the type of practice that you want to join.

Starting a solo practice is demanding and places a great burden of responsibility upon a physician, but can also be very rewarding. Physicians who start their own practice enjoy flexibility and autonomy. However, you must have the patience to build your patient base. Start up costs and initially inconsistent revenue are not always the best match for a resident with high medical school debt. Our upcoming blog on business involvement in your practice will offer advice about how to start your own practice.

Join an existing solo practice if you want to work in a smaller practice but are willing to sacrifice some occupational autonomy in exchange for an existing patient base. Be sure to perform your due diligence regarding the solo practice and make sure that you have good chemistry with the other physician in the practice.