Consider these six factors when deciding whether to work in a hospital or start your own private practice.
Working at a private practice is different from working at a hospital in a couple of ways, including:
Some of the most important considerations that could help you decide if a private practice is right for you include:
Doctors in private practices aren’t required to follow hospital regulations or guidelines when it comes to administrative decisions in their work. You’ll have full autonomy over decisions like which software to use or whether to offer payment plan options. In a hospital setting, you’ll likely have less control over office operations.
Private practice physicians have the opportunity to learn about more than just clinical work. As a practice owner, you’ll be able to continuously expand your knowledge set as you learn about the multiple aspects of running a business , including marketing, finance, business management, and more.
When you enter private practice, you’ll be able to create your own work culture from the ground up. You’ll set the tone for patient care from the beginning, instead of entering an environment with its own pre-existing culture. You’ll also have the opportunity to set your own KPIs, such as patient satisfaction, patient safety, and patient follow-up rates.
Being in private practice can also lead to greater job security overall. You’re the boss, or a partner, rather than working in at-will employment or on a 90-day contract. However, it’s worth noting that private practice pay often fluctuates and is dependent on how many patients you see and your ability to bring in revenue above your staff and overhead expenses. Hospital pay is typically a steadier income because you’re on salary.
Since you can set your own hours, you won’t have to endure exhausting hospital shifts. You’ll be able to take holidays and weekends off and feel in control of both your schedule and life in general.
As a private practice physician, you’ll have the opportunity to build relationships with your patients over years. While family doctors, pediatricians, and psychiatrists are often known for cultivating close patient relationships, other specialties can also build meaningful patient relationships over time and witness the long-term results of their care.
The choice between working at a hospital or in private practice can be complex. Given that you’ll likely make similar incomes in both settings, it’s ultimately a question of what kind of work environment you’d prefer, as well as your ability and willingness to shoulder additional financial responsibility. There are many advantages to working in private practice, or starting your own private practice, chief of which is greater autonomy, and for many, that will be the only reason they need to take the plunge.
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