ATTORNEY ADVERTISING
As many physicians are entering their final year in training, they're also beginning the job search process. For some, the opportunity to be employed by a hospital seems immediately attractive due to the typically higher starting salaries and impressive benefits packages. After all, once training is over, your student loan payments are no longer deferrable, so the extra income is highly beneficial. But then there is always the lingering possibility that going into the private practice setting may be more financially beneficial in the long run. On this point, a survey taken by Webmd.com collected interesting statistics: "In this year's survey, most doctors (63%) are employed and make significantly less than the 32% of their colleagues who are in private practice. According to a major physician recruiter, 11% of doctors were employed by hospitals in 2004, and this rose to 64% in 2014."
With the rate of physician employment raising at an almost startling pace, it has become more and more common for physicians to be perfectly happy with hospital employment. The jobs seem to carry less risk than entering private practice, they typically are more straight-forward in terms of contracting, and they ensure an abundance of resources that will be available to the employed physician. However, the benefits of private practice have not lost their appeal, as these opportunities often include the possibility of partnership within a few years of joining the private group, and with partnership comes additional money-making opportunities like earning ancillary income, and buying into lucrative facilities. In other words, both paths have their benefits, and putting yourself in a position to fully understand the pros and cons of all options will lead to greater job satisfaction in the future.
For more information on how a physician agent can assist you through your job search, and ensure that all of your options have been explored, contact Leigh Ann O'Neill today at 317-989-4833 or loneill@lauthoneill.com.
ATTORNEY ADVERTISING