The Perks of Private Practice

Dr. Jessica Wu
Residen

After graduating medical school and completing a residency, every new physician needs to make a huge life decision: to either start a career working as an employee in a group, or open a small private practice.

New doctors—and many established physicians—feel pressure to join the staff of a managed care or hospital-based group.  The steady income can be tempting, and a necessity for some.  But before making that commitment, they should know the benefits of opening their own practices.

First of all, working for a large group requires following its regulations and administrative policies, even if you don’t necessarily agree with them. You may need to meet with committees and get special permission to make certain decisions. You often don’t have control over how many patients you see in a day, how much time you can spend with them, how much you charge, how the office is managed, or perhaps even when you can take vacation. 

In your own private practice, you make the rules. You have full control over every detail, from the number of patients you see and how much time you spend with each one, to hiring staff, bringing in other physicians, and creating your ideal work culture and office environment.

You also have the opportunity to set your own hours, so you’ll never be forced to work a double shift.  For example, one well-known managed care group in Southern California has assigned primary care doctors to work shifts in the Emergency Department – after their regular clinic hours – due to a physician shortage. 

As a private practitioner, especially as a solo practitioner, you set your own schedule.  Are you an early bird who’d prefer to start at 7am but leave at 3pm? Would you like to take Fridays off but see a few patients on Saturday mornings instead? That’s fine—you’re in charge, so you determine your work-life balance.

When you set your own hours, you can also decide how long you’d like to spend with your patients. In large groups, administrators dictate the schedule.  Doctors are booked (or double-booked) a patient every 10-15 minutes; plus there are emergency patients that get “squeezed in.”  Doctors are often rushed.  Patients see this, which is then reflected in their reviews.  In your own practice, you can spend more time with patients, which leads to better quality care, more meaningful relationships, and more fulfillment for you and your patients.

Finally, as a business owner, you have equity in your practice. Eventually, when you’re ready to retire, your practice can be sold, which can help fund your retirement. It may be difficult to make predictions that far ahead, but it’s an important factor in determining how you’d like to shape your future.

All in all, there are a multitude of benefits to owning a medical practice. If you do decide to open your own practice, you can get help to secure the perfect office space, as well as innovative technology to manage patient flow and streamline operations—so you can focus on what’s most important:  caring for your patients.