Why The Next Generation of Physicians Is Moving To Private Practice
November 15th, 2022 | Private Medical Practice
Each year, a large number of physicians leave hospital employment in search of a better work-life balance and control of their job. Many of these physicians have moved to private practice to get that balance.
Learn why the next generation of physicians is moving to private practice and how reaching out to a private practice consultant can be an effective strategy to help you stay independent.
1. Better Compensation
While money isn’t everything, physicians who move to private practice may find themselves making more. Physicians working in a hospital often have a capped salary that leaves little to no room for an increase in income. In private practice, physicians can treat as many patients as they’d like, ultimately increasing their pay. Additionally, a physician in private practice often does more of the work, allowing them to take home a higher percentage of their gross income.
2. Flexibility With Your Schedule
A physician’s schedule can be hectic, making it challenging to balance work and home life. In private practice, physicians can set their hours and take time off when needed. Physicians can make time for childcare drop-offs, appointments, and holidays with loved ones. A physician working at a hospital may have long hours with little to no control over their schedule.
3. Control Over Decision-Making
In large hospital settings, the administration rarely listens to the voices of each physician. Every physician has their own independent thoughts and opinions on how things should operate, but ultimately they have little say in administrative and patient care decisions. This kind of work environment can cause burnout and a feeling of suffocation for physicians. In private practice, a physician has complete control over their practice, from administrative operations to patient care, giving physicians a sense of pride and empowerment in their work.
4. The Opportunity For Additional Income
Physicians working in a hospital often don’t have the opportunity to make additional income. They see a set amount of patients, clock a set amount of hours, and are given a set pay determined by the hospital’s budget. Private practice offers a wide variety of income opportunities, such as writing books, selling online products and courses, and affiliate marketing. Physicians can also choose how their money and time are spent, maximizing their profit.
Learn More About The Benefits of Private Practice With Rockett Healthcare Strategies
Making the move from a hospital position to private practice can be a daunting one. At a hospital, physicians often have a secured job and pay but can’t make their own decisions. If you want to move to private practice but don’t know where to start, Rock at Rockett Healthcare Strategies has a full suite of services that can help.
At Rockett Healthcare Strategies, Rock will walk you through the process of opening your business from start to finish and equip you with the tools and knowledge you need to grow your private practice.