• Set Yourself Up For Success Webinar

    October 6, 2021 at 2 PM Eastern/11 AM Pacific
    SDN and Osmosis are teaming up to help you get set up for success this school year! We'll be covering study tips, healthy habits, and meeting mentors.

    Register Now!

  • Funniest Story on the Job Contest Starts Now!

    Contest starts now and ends September 27th. Winner will receive a special user banner and $10 Amazon Gift card!

    JOIN NOW
  • Site Updates Coming Next Week

    Site updates are coming next week on Monday, Wednesday, and Friday. Click the button below to learn more!

    LEARN MORE

Starting own practice vs. PE

Huggy

Full Member
5+ Year Member
Apr 24, 2016
958
2,502
176
  1. Resident [Any Field]
I know this is premature, but I'm a fourth year medical student applying for dermatology residency this upcoming cycle. I've been trying to learn as much about the business side of medicine now that I have a lot more free time.

I understand that PE is consuming the field of dermatology and buying out many well-established private practices. Given the rise in PE, what new challenges will there be in five/ten years if I wish to practice general dermatology and avoid PE? Would starting a practice from scratch be the most rewarding approach? Would joining a group and putting in time/money to become a partner be wiser? Will neither of these options be available in 5-10 years, and will I be forced to work as an employee for PE?
 

asmallchild

Full Member
Staff member
Administrator
Volunteer Staff
10+ Year Member
Oct 22, 2006
2,238
696
566
40
  1. Attending Physician
I know this is premature, but I'm a fourth year medical student applying for dermatology residency this upcoming cycle. I've been trying to learn as much about the business side of medicine now that I have a lot more free time.

I understand that PE is consuming the field of dermatology and buying out many well-established private practices. Given the rise in PE, what new challenges will there be in five/ten years if I wish to practice general dermatology and avoid PE? Would starting a practice from scratch be the most rewarding approach? Would joining a group and putting in time/money to become a partner be wiser? Will neither of these options be available in 5-10 years, and will I be forced to work as an employee for PE?

I think you will have all 3 options available.

I've heard from numerous physicians that starting their own practice and managing a business (learning a new skillset) was the most rewarding thing they've done professionally.

Similarly, I have plenty of happy colleagues who are partners in a group setting. This can help to offload some of the administrative headaches (and introduce the headaches of balancing a group dynamic). I don't think one pathway is wiser than the other. It depends on how much control you wish to have and how many headaches you are willing to put up with to be the sole person in control.

I cannot foresee a scenario where PE-backed groups are the only way to practice in 5/10/15/XX years. Not all PE groups are the same, some actually have semi-reasonable work terms. But in general, the big financial benefit is in selling your practice (you can also argue, your soul and your specialty) to the PE group, not becoming an employee for one.
 
  • Like
Reactions: 2 users

Sushirolls

Topped with salmon, avocado and tobiko
10+ Year Member
Feb 24, 2010
1,983
3,541
276
Not Big Box Shop
  1. Attending Physician
Wander into the Psychiatry area, I have a thread going about my practice start up. Also look into the FM area, where you'll find a link to Investing Doc, who also started up a private practice.

Dermatology is akin to Psychiatry with a very low overhead, and you could start out in a small office, literally just by yourself.

Sign up for the EMR eMedicalPractice or ChARM EHR.

I won't ever go back to working with a Big Box Shop. Private practice is part of our Professional legacy, the gift each and every physician should not neglect to open.
 
Last edited:
  • Like
Reactions: 5 users
About the Ads
This thread is more than 1 year old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.