Whether a newly qualified physician or a seasoned doctor looking for a change, you know choosing your place of business will be no easy task. It’s important to consider your personal goals, and what type of facility will help you reach them. Here are four types of medical practices to consider:
If versatility is important to you then locum tenens is a great option as it sends physicians to facilities with need. This means you could end up at a variety of different facilities, working with different patients. Two particular highlights of this type of practice are high pay rates and flexible schedules.
Looking for a steady schedule, a constant stream of patients, and a consistent pay flow? Hospital-based employment might be your best bet. In this setting, you would report to the same facility on a regular schedule, giving you the opportunity to bond with co-workers and establish a professional network. You are also subject to a low business risk when working in hospitals as they employ you to adhere to their specific standards and regulations.
When it comes to medical practices, you might prefer to own your own. Having a private practice gives you the freedom to make your own business choices. Though still needing to abide by state laws and regulations, this type of medical practice can be very profitable and helps you to garner a strong reputation. However, owning a private practice is not without risk. You are responsible for the upkeep keep of your facility and staff. You also cannot easily take off work as you are solely responsible for your patients and almost always on call.
Owning your own private practice is an investment. Though you can reap great rewards from it, you need to make sure you are ready.
Want to combine the security of hospital-based employment with the independence of owning a private practice? Then a group practice might be the optimal option for you. This setting consists of two or more doctors working in the same facility. Group practices can house physicians of the same specialty or include a variety of specialties. The most important part is that the doctors in this type of practice are able to work effectively with one another, creating an efficient work environment.
Before you start your career, be sure to weigh out all of your options. Be confident when deciding what type of practice is best for you, after all, you have already put so much time and hard work into becoming a physician; you deserve to work in the type of practice that fits your lifestyle and aligns with your goals.