Entering a group private practice

[MrFlyGuy]

Hi all,

Little bit of strange situation but I'm currently weighing entering a group practice out of fellowship. One point of discussion is partnership compensation throughout my work at the practice. The only thing is the other partners are quite up there in age (slightly beyond in age when a government worker would retire).

What is the usual system as far as other partners leaving the practice. I'm assuming if I was the only partner there left would I just defacto inherit the other partners share of the practice? I definitely do not have the funds to buy anyone out.

MrFlyGuy

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[Atreides]

What does partnership in a psychiatry group practice even entail? I could see the value if there's TMS or other ancillary services but otherwise, what's the benefit?

 

[MrFlyGuy]

I guess joint ownership of the business? How are other group practices set up? Mind you they do have a good amount of employees.

 

[FlowRate]

I guess joint ownership of the business? How are other group practices set up? Mind you they do have a good amount of employees.

Are the non-partner employees revenue-generating clinicians (therapists, midlevels) or just support staff?

 

[MrFlyGuy]

Are the non-partner employees revenue-generating clinicians (therapists, midlevels) or just support staff?

Both. They also engage in forensic work as another income stream.

 

[Sushirolls]

Ask them. Be blunt, Y'all are closer to retirement. How is the structure of the business, and its means of transition if a partner leaves, dies, retires, or needs to be excised for 'bad.'
Don't ask us, ask the group.
Every group is structured differently, and if you wander over into the Anesthesiology forum, whoa, you'll see horror stories.