Is Going from Being a Group Practice Doctor to Private Practice Business Owner the Right Move for You?
When it comes to career choices for doctors, deciding between private and group practice is one of the first you have to make. If you’ve been working in a group practice, you’re probably familiar with the pros of that type of work environment. There are a greater number of doctors and support staff, which lowers the work levels, and the money is better. At face value, it seems like a group practice is the better option.
In actuality, there are plenty of downsides to working in a group practice. Group practices are more likely to foster conflict around the way the practice is run. Additionally, large group practices tend to be more bureaucratic and impersonal. If you are unsatisfied with working in a group practice, maybe it’s time to consider switching to a private practice. 1
Weighing the Pros and Cons
Before you decide to leave your group practice, it’s important to realize that being a doctor is different than running a business. Physicians have much more autonomy over their practice when operating privately. While this is a positive in many ways, managing a private practice requires an understanding of how to navigate business arrangements.2 One of the benefits of working in a group practice is that the practice is already established and the doctors are not responsible for doing business. However, if you want the autonomy of building your own practice, you must also accept the responsibility that comes with it.
Another positive aspect of private practices is that they tend to serve fewer patients and have fewer staff. Though this may seem like a con, it actually allows doctors to develop closer relationships with their patients and employees to give the best care possible. Furthermore, the reduced staff and patient load of private practices can actually lower expenses. 3 Even though it seems like a group practice pays more, the long term benefits outweigh the short term costs.
Getting the Support You Need to Make the Transition
If you decide to take the leap towards becoming a private practitioner, you’re probably going to need some support. Before you can begin serving your patients, you need to develop a private practice doctor’s business plan. If you’ve never created a business plan before, this task may seem a bit daunting. Fortunately, you’re not alone.
There are physician groups waiting to offer support for private practitioners launching their own practices. Join our participating practitioners at Green Leaf Sciences to help build a network of professionals and encourage collaboration. As a member of our physician group, you can get the best white label supplements on the market to continue giving your patients quality service.
References
1 Differentiating Among Medical Practice Settings, The New England Journal of Medicine
2 Why Private Practice Should Be on Your Radar , American Medical Association.
3 Types of Medical Practices , American College of Physicians.
NOTE: The New England Journal of Medicine, American Medical Association and American College of Physicians, have not reviewed or approved the above article.