I think you know this, but you’re already an employee. And yes they absolutely will come back with a lower contract if they don’t think you’re worth it, lucky for you there’s ample opportunity out there and you can talk with your feet.
I do see most private practices going to a similar setup
No, we're not employees.
We still manage
- hiring and recruitment (and firing if it came to that)
- benefits, especially including choosing what benefits or options are offered
- far superior retirement planning (e.g. choice to max 401k via profit sharing; CBP; etc)
- decisions regarding division of group income amongst partners, e.g. how to value, allocate, and trade call
- vacation quantity and scheduling
- daily assignments
- call assignments
- not
directly beholden to hospital admin or hospital HR or that foul ward RN with an axe to grind
Beyond that, there is the very important aspect of group culture. Employees don't really give a **** about each other - partners* have a vested interest in the success of other partners. It's the difference between working in the same building with some colleagues, and being part of an actual team. Yeah this is sort of touchy feely, but I've worked at a lot of places, from toxic to great.
We're a private group with a contract to a hospital system. Instead of collecting a stipend from the hospital plus billing 17 insurance companies and the government, we'll bill the hospital.
There's a world of difference between that and punching a clock for a hospital W2 paycheck. We're more akin to a gang of transactional mercenary locums dealing with a hospital client, than a bunch of loner employees with different pay scales and benefits and no idea who's making what, or who'll get hours cut or who's first to be laid off (not that anyone's getting laid off these days).
Yes, now that all money comes from the hospital there are implications concerning future contract negotiations. The leverage that they have vs what we have is different. But, possibly better for us. Honestly, we have more leverage against the hospital than we ever did against insurance companies or (ha!) the government.
In the meantime - more money for us, more predictability, no billing risk.
Of course, it could all blow up tomorrow. But that's true everywhere for everyone.
* At least, partners in a truly egalitarian group give a **** about each other; the existence of superpartner dinosaurs is toxic well beyond what a direct hospital employee would ever endure. Not ALL private groups are awesome, but mine is.