Hi,
I was wondering how a hospital-affiliated private practice works. I understand that the hospital will fund new physicians starting a practice in turn for their services, but what does this entail? Is it solely on-call time?
It depends on how you negotiated your contract. In *most* cases such as you describe, in which a local hospital helps you set up your practice or assists an existing practice to hire you, your only requirement is usually time. That is, they will require you to stay in the community and practice for a certain length of time, after which your "loan" (ie, start up costs, salary until you go to fee for service, etc.) will be forgiven. They CANNOT require you to only operate at their facility because you are not their employee, but rather either in solo practice or an employee of the practice you join.
Using my situation as an example:
- the hospital that is assisting my practice, loans me money for the salary guarantee, moving expenses, interest free, and loans the practice money to pay for my new computer, desk, credentialing and licensing fees, malpractice, etc.
- every month I work, 1/36 of that money is forgiven, so that at the end of 3 years, I owe nothing and can walk out, if I should desire, without any payment back
- I have no restrictive covenant
- I can apply for privileges and operate anywhere I want in town, but just their campuses
- I take no call except for my patients
Is it every possible to do both, private and academic? Say you have a private practice and do most of your surgical cases there, but also have an appointment at a university hospital where you can teach courses or possibly run a research lab?
Thanks!
As others have described quite well above, it is not practical to have a private practice and an academic practice which requires you to run a research lab. In general, your options are:
-straight private practice - group or solo
-straight academic practice - time in the lab will depend on what your contract states (ie, it may be split 70/30 clinical/research)
-community practice with an academic affiliation - you may have residents or medical students who rotate through; will most likely get an adjunct appointment
- community practice without academic appointment, perhaps in an HMO or VA facility, or other community hospital
Doing research in private practice is not practical because it isn't lucrative for the amount of work it requires. Some projects pay nothing, others only expenses and still others, a minimal stipend (ie, $1500). For large groups who can afford to hire someone (usually a nurse) who administers the protocol, manages the database and works with the vendors, patients and other research sites, it can be manageable and you'll see these private research companies all around larger cities - mostly testing stuff for Big Pharma. But most PPs I know do not engage in significant research because of the time and cost involved.