Please clarify this.

[justin1234]

Could somone please clarify the difference between Private group/partnership and individual practice? It is part of a questions in a secondary application, What type of practice do you currently contemplate? Private group/Partnership, individual, HMO etc. Thankyou in advance

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[UnfeatyOblation]

Well, if you start an individual practice you have to be responsible for management issues (ie. hiring employees, paying them, etc.). If you work in a group practice managed by someone else, you don't.

 

[justin1234]

Thankyou!

 

[TopSecret]

Could somone please clarify the difference between Private group/partnership and individual practice? It is part of a questions in a secondary application, What type of practice do you currently contemplate? Private group/Partnership, individual, HMO etc. Thankyou in advance

Private group/partnership means you'll have a share of the profits after an x amount of years drawing a salary at the average or below average range for the specialty. Usually you'll work in this capacity for 2 years after which you'll be up for partnership (it's not guaranteed, though). Sometimes, the group will terminate you at the 2 year mark and hire another physician for the same low pay and use the prospect of partnership as a carrot for the other doc. I know someone who was offered partnership after 4 years of drawing a salary and at the 4 year mark he's still not a partner. Instead, he's stuck drawing a low low salary and in order to be released from the group he has to pay > $50,000 to get the tail coverage for his liability insurance policy.