Transition from Residency

[Atilla]

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I am currently in the 4th year of my residency and evaluating various job offers. It’s easy to know you salary if you are in an employed position as there are tons of salary surveys Etc... The problem is Group Practice where your salary is based on your performance.

My question to anyone who is experienced is -

Is it a good idea to join a group practice right out of your residency?

What % of your generated revenues do you take home if you are working in a multispeciality group practice?

Is it advisable to join a group practice with no chance of becoming a group partner?

Any Input will be appreciated.

 

[Anasazi23]

From what I've heard and from the talks I've attended....the scariest thing about joining a group is the no-practice radius requirement if/when you decide to leave the group. If it's in an area you want to live permanently, you're basically screwed, and your family could be too.

I heard a story of a woman from Arizona who left a group, and she didn't realize in the fine print that she wasn't allowed to practice within a certain radius of all the members of the practice. She grew up in that city, was raising a family there, and was essentially ran out of town after they screwed her over in a bad business deal.

This could be just a psychiatry private practice urban legend.

 

[Miklos]

From what I've heard and from the talks I've attended....the scariest thing about joining a group is the no-practice radius requirement if/when you decide to leave the group. If it's in an area you want to live permanently, you're basically screwed, and your family could be too.

I heard a story of a woman from Arizona who left a group, and she didn't realize in the fine print that she wasn't allowed to practice within a certain radius of all the members of the practice. She grew up in that city, was raising a family there, and was essentially ran out of town after they screwed her over in a bad business deal.

This could be just a psychiatry private practice urban legend.

Some states like California specifically outlaw non-competion clauses (not just specific to medicine, but in all industries). I found out about this, because a friend of mine had signed a contract that included a non-competition clause with a major software developer well known for making its employees sign such contracts. When it came to leaving for a competitor, the original company tried to enforce it (rather clumsily and unprofessionally, according to my friend) and ran straight into state law.

So, it wouldn't hurt to consult a lawyer before signing (well, really any) employment contract, but especially those with non-competition clauses.

 

[Anasazi23]

Glad to hear that there are a least some state laws against this.

If they're good for anything (lawyers), it might be this. I learned a tremendous amount from a lawyer who specializes in legal contracts for physicians at a talk he gave at our residency last year.

The bottom line was that these contracts are tricky, created by their lawyers, and that you must get it reviewed prior to signing it or you might miss a major crack that will make you miserable for a long time to come.

 

[Atilla]

Thanks for the input. I think that working for a hospital or a correctional setting and buiding up a private practice at the same time might be the best bet to stay at one place witout any hassels.