Wednesday, July 09, 2008

Part III: General Practice Type Considerations

Before we wrap up this blogs series on practice types, there are several issues to consider regardless of the type of practice you decide to join.

First, always do you homework and observe how other physicians and administrative staff actually run the practice before you make a commitment. Beware of facades that might not convey the true nature of a practice. Additionally, remember to take into account the employer’s perspective as a recruiter.

Second, it is important to fully understand your actual compensation structure. It might help to review our blog on signing a physician employment contract.

Finally, bear in mind any miscellaneous economic advantages of a specialty. For example, if you work in a practice with several other physicians, in some cases disability insurance policies can be discounted by up to 50 percent when three or more physicians from the same employer buy a policy. Over the life of a policy, that can amount to substantial savings. In addition, physicians in a single specialty large group or multispecialty large group practice can take advantage of low cost group disability plans for 10 to 499 employees.

Disability insurance group discounts are only one example of an economic benefit that is available to physician in certain practice types. The last few blogs have offered a series of factors to consider when choosing a practice type. Evaluate those factors holistically and align them with your personal preferences in order to determine your ideal practice type.