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Employed versus private practice

Discussion in 'Family Medicine' started by EP to FP, Jul 26, 2006.

  1. EP to FP

    EP to FP Junior Member

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    I'm in my 3rd year of family medicine residency and have started interviewing for 2007 positions. I would like to hear from some of the senior members how they feel about employed versus private practice positions. In my neck of the woods (Toledo, Ohio), most of the docs are employed. While this seems nice, most of the base salaries are 120k. I've recently interviewed in a smaller town south of here where they are building a brand new office building and recruiting 2 new FPs. I have the option of being employed, going completely on my own with a private practice, or going into private practice and allowing the hospital to do my billing and help with some aspects of practice management (both of the latter options include an income guarantee for the 1st 2 years and help with expenses). As a new grad, it is really scary to think about starting my own practice from scratch and being employed sounds nice. The salary isn't bad at 145k with a 5k sign on bonus, 4 weeks vacation, 1 week CME (3k for CME), etc. Just curious what the veterans out there think.
     
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  3. Blue Dog

    Blue Dog Fides et ratio.
    Physician Gold Donor SDN Advisor Classifieds Approved

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    Studies have shown that independence is highly correlated with job satisfaction: http://www.pubmedcentral.nih.gov/articlerender.fcgi?artid=1466934

    If you're starting from scratch, it will take a while before you're profitable, same as any other startup business. Having somebody help you through that period (as opposed to a bank loan) does sound nice, but don't make the mistake of thinking that you're aren't going to have to pay them back somehow...just like the bank loan.

    Being employed also involves the possibility of becoming unemployed. ;)

    The third option you mentioned sounds like it has possibilites. Make sure you get all the details, however.
     
  4. erichaj

    erichaj Banned
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    Even if you are on your own you might only make 140 to 160 per year. It depends how busy the area is and how severe the need.

    When you are on your own you can choose what you want to do in your office and this is a plus down the road when you get established. If the hospital is helping you get started, you owe them about 3 years of service based on the contract. After that you can choose to stay with them or move on. It is a good option if you are sure you like the area and the hospital. If you choose to leave before the 3 years, you owe them the money they spent on you. Just like a loan.

    If you are going to start you own practice make sure you have enough capitol to last at least one year. Insurance companies take several months to process claims so you will need to be able to survive until that money come in.
     
  5. chiki124

    chiki124 New Member

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    EP to FP:
    That was a nice question you raised now I am in the same situation. Could you share your thoughts on what have u decided? which option you choose and why? thanks for sharing this information.
     

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