Your Degree of Business Involvement
You will encounter business and economic decisions regardless of the type of practice that you choose. The only question is the degree of your financial involvement, which will vary based on your practice type.
For example, physicians who start their own solo practice face many financial hurdles such as insurance, tax, and licensing issues, as outlined in a previous blog. Medical Economics magazine is a helpful resource that can help you plan and prepare to start your own practice. You can also check out The American Academy of Family Physicians website, which provides a detailed 13 point outline.
Generally, if you join a solo or small group practice, most of the business aspects will already be established. A large group or multispecialty group practice is likely to present a new physician with even fewer business decisions because many of these practices have a formal governance structure. Dr. Shaw’s book mentions that even if your practice has a formal governance structure in place, there may be opportunities to be active in the governance of the group if you want business involvement.
You should only use the aforementioned information as a guideline because each individual practice is unique. Some large group practices require more business involvement of their physicians than an average small group practice.
Some physicians truly enjoy the business aspects of their practice while others see finances as an obstacle that interferes with their work. During the job selection process, consider the degree of business involvement that you want to undertake and choose your future practice accordingly.
For example, physicians who start their own solo practice face many financial hurdles such as insurance, tax, and licensing issues, as outlined in a previous blog. Medical Economics magazine is a helpful resource that can help you plan and prepare to start your own practice. You can also check out The American Academy of Family Physicians website, which provides a detailed 13 point outline.
Generally, if you join a solo or small group practice, most of the business aspects will already be established. A large group or multispecialty group practice is likely to present a new physician with even fewer business decisions because many of these practices have a formal governance structure. Dr. Shaw’s book mentions that even if your practice has a formal governance structure in place, there may be opportunities to be active in the governance of the group if you want business involvement.
You should only use the aforementioned information as a guideline because each individual practice is unique. Some large group practices require more business involvement of their physicians than an average small group practice.
Some physicians truly enjoy the business aspects of their practice while others see finances as an obstacle that interferes with their work. During the job selection process, consider the degree of business involvement that you want to undertake and choose your future practice accordingly.
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