There comes a point in the life of a healthcare practitioner when he has to select a type of medical practice to pursue his career. This choice will influence his financial stability, work/life balance, level of independence, and professional satisfaction.
A Comprehensive Overview of the Types of Medical Practices
If you are on the fence about which medical practice is right for you, here’s the inside track to different medical specialties and practice types.
Solo Practice
For individuals looking for more freedom over their practice and want a flexible schedule in treatment and protocols, solo practice is best for them.
Solo practice is one of the renowned healthcare practice models run by a single person unaffiliated with larger healthcare organizations.
Generally, a solo medical practitioner tends to work with a select group of patients and is aided by a small team.
However, one should be aware of ongoing overhead costs, insurance agreements and documentation, and financial risks before leaning toward a solo or private practice. Starting a practice on your own might be enticing.
Still, medical startups are subjected to overhead costs, fewer resources, time investment, and financial risks that can hinder your way to achieving career success.
Group Practice
When two or more physicians come forward to work together in a single-specialty or multi-specialty setting, the practice is called group practice. Group practice outweighs the perks of solo practice by offering healthcare practitioners an extensive patient base, better insurance and retirement plans, enhanced financial security, and better lifestyle control.
Conversely, it restricts personal freedom, potentially resulting in competition among colleagues for patients, which can hinder your capacity for rapid income growth. It can also lead to delayed decision-making, as many individuals give opinions and share preferences.
When you take a closer look at group practice vs. solo practice, you’ll find that group practice often stands out as a safer choice for a medical startup. It tends to carry less financial risk, offers greater exposure, and helps build a solid patient base.
Hospital-Based Employment
Physicians working for or connected to a hospital are involved in hospital-based practices. The stress of finding patients and running your clinic is lessened when you work in a hospital.
A strong patient base, steady revenue, and the chance to concentrate entirely on your work and patients are all benefits of partnering with a hospital. What’s even more interesting is you can grab advanced medical technology and competent staff when affiliating with a hospital to provide your customers with the best service.
On the contrary, hospital-based employment is prone to bureaucratic challenges, leading to delayed decision-making, operational inefficiencies, and obstacles in implementing changes or innovations. When you work in a hospital, you are committed to the specific working days and hours and lose your flexibility and autonomy in managing your schedule.
This type of medical practice can snatch away your freedom and make you reluctant for several pointers. For instance, the hospital has the full right to change your salary in accordance with your performance or patient satisfaction. You might also be asked to master new technologies to treat patients the way the organization wants.
Locum Tenens
Locum tenens translates from Latin to “one who holds the place.” This concept is utilized in various healthcare environments. It represents a temporary medical practice that fills in for physicians on leave or vacation or organizations facing staffing shortages.
This practice offers incredible exposure and enhances professional skills in different practice settings. In addition, working as a temporary employee allows you to remain detached from internal office politics. Typically, you are compensated in line with your qualifications, and opportunities for overtime and call coverage can lead to even greater earnings.
On the other hand, as the nature of this job requires frequent relocations, your personal life might be affected due to this. Even when you enjoy a flexible schedule, your job lacks security, as the employer has the full right to cancel your employment on short notice.
Additionally, refraining from office politics is excellent, but you may be more likely to feel excluded from office decision-making and socializing as a temporary employee.
Health Maintenance Organizations (HMOs)
Health Maintenance Organizations (HMOs) encircle healthcare systems, where physicians provide members preventive care at controlled costs. Members gain access to a certain network of healthcare professionals in exchange for a set monthly price.
The best part of picking this medical specialty and practice type is to have more regular and scheduled working hours that help improve work-life balance. The organization itself is responsible for handling administrative tasks, allowing healthcare practitioners to focus on patient care. Interestingly, it is the least financially risky model, since the salary-based compensation model makes working in an HMO a reliable source of income.
Conversely, a significant downside of working with a health maintenance organization is the loss of independent clinical decision-making due to organizational policies. Individuals affiliated with such organizations must follow certain guidelines, and the focus on cost-effectiveness can restrict treatment options.
Wrap-Up: Choose the Right Medical Practice
Consequently, there are different types of healthcare clinics in front of you when you have to pick one to begin your practice to transition from one to another. As discussed above in the blog, solo practice offers incredible freedom to work with a flexible schedule.
However, it comes with a set of management challenges and financial risks. Conversely, a group practice lowers these burdens, but you have to compromise your schedule and autonomy. Moreover, you can join a hospital to shrug off the administrative stress, get paid, and set your patient base. You can also pick locum tenens to widen your exposure and travel to different places.
If you need assistance in the transition of your healthcare practice, feel free to reach out to our experts.
At Strategic Medical Brokers, we help healthcare professionals maximize the value of their medical practice by navigating the complexities of medical practice transitions.
