The American Medical Association has identified some key pros and cons to four different physician practice settings in an April 17 report.
The pros, cons of four different practice settings:
1. Solo practice owner
Pros: If you own your own facility, you have full autonomy over everything, from administrative, to legal, to financial decisions and more.
Cons: It can be difficult to start a practice from the ground up. There are administrative burdens, high startup and overhead costs, and unpredictable work hours to consider.
2. Group practice owner
Pros: If physicians jointly own a practice, the hours and income are often more predictable, and a new physician-owner won’t have to build their own patient base. There is less individual fiscal responsibility than with a solo practice.
Cons: When physicians have partners, it can ruin some autonomy.
3. Employee in a group practice, hospital or health system
Pros: Physicians typically get a high, stable base income. There is also often a more predictable work schedule.
Cons: Physicians have less autonomy over their patient base, income distribution, quality-assurance standards, referral restrictions and more.
4. Employee in an academic institution
Pros: Salaries can be low, but academic institutions often offer other perks, including time off, retirement plans and the opportunity to take on new roles and responsibilities.
Cons: Salaries may be lower, and sometimes attending faculty members have to fill patient care gaps when residents have other commitments.
