For many physicians who have been through a long and labor-intensive residency, when the time comes to search for their first job, the question of whether to go the private or academic route naturally presents itself. Many residencies require physicians to complete significant research projects before they can "graduate" and others require constant journal reading and other studying on a weekly basis. So it comes as no surprise that by the time residency is finally over, many physicians are ready to have a break from the academic world. However, they may not be ready to put the world of research behind them entirely. Many physicians leaving their training would also like to remain in the teaching world, full of residents and fellows. With this thought in mind, I was delighted to hear the term "privademics" recently.
A "privademic" practice naturally offers many physicians an ideal balance by including autonomy in their practice, and avoiding the sometimes large bureaucratic processes of large academic centers. It also offers financial and other support to physicians who are eager to remain in the research loop of their specialties. Many of these practices even boast their own residency and fellowship programs.
"Privademic" practices are found across the country, and unlike smaller private practices, are more likely to withstand the pressures that are so commonly placed on private groups these days to sell out to hospitals. Privademic practices are typically larger groups, and many even own their own hospitals and surgery centers, depending on their specialty, the laws of the state in which they are located, and how long the group has been in existence. Privademic practices are also more likely to have the resources necessary to stay on top of the ever-changing reimbursement landscape, planning carefully for the advent of bundled payments and Accountable Care Organizations ("ACOs").
For those of you who are recent residency graduates, and are somewhat unsure of whether private or academic practice is right for you, check around for some of the leading privademic practices that exist.