6 Reasons Doctors Should Consider Private Practice

What makes working at a private practice different than a hospital for doctors?

Working at a private practice is different from working at a hospital in a couple of ways, including:

The benefits of private medical practice

Some of the chief advantages of private practice include:

1. Physicians have more autonomy

Private practice doctors aren’t required to follow hospital regulations or guidelines when it comes to administrative decisions in their work. You’ll have full autonomy over decisions like which software to use or whether to offer payment plan options. In a hospital setting, you’ll likely have less control over office operations.

2. Physicians can learn across the board

Private practice physicians have the opportunity to learn about more than just clinical work. As a practice owner, you’ll be able to continuously expand your knowledge set as you learn about the multiple aspects of running a business, including marketing, finance, and business management.

3. The potential to create your ideal work culture

When you enter private practice, you’ll be able to create your own work culture from the ground up. You’ll set the tone for patient care from the beginning, instead of entering an environment with its own pre-existing culture. You’ll also be able to set your own KPIs, such as patient satisfaction, safety, and follow-up rates.

4. Job security

Being in private medical practice can also lead to greater job security overall. You’re the boss, or a partner, rather than working in at-will employment or on a 90-day contract. However, it’s worth noting that private practice pay often fluctuates—it is dependent on how many patients you see and your ability to bring in revenue above your staff and overhead expenses. Hospital pay is typically a steadier income because you’re on salary.

 5. The 9-5 schedule

Since you can set your own hours, you won’t have to endure exhausting hospital shifts. You’ll be able to take holidays and weekends off and feel in control of your schedule.

6. More meaningful patient relationships

As a private practice physician, you can build relationships with your patients overmany years. While family doctors, pediatricians, and psychiatrists are often known for cultivating close patient relationships, private practice often provides other specialties the opportunity to build meaningful patient relationships over time.  Witnessing the long-term results of patient care is an undeniable benefit often attributed to private practice.

Deciding if private practice is right for you

The choice between working at a hospital or in private practice can be complex. It’s generally a question of what kind of work environment you’d prefer, your personal preferences for patient care and corporate organization, and your ability and willingness to shoulder additional financial responsibility. There are many advantages to working in private practice, or starting your own private practice, and the decision is ultimately an individual one. Explore more resources about private medical practice.