Do you want to be your own boss, or would you prefer someone else to focus on the administration while you practice medicine? Both options have benefits as well as drawbacks. Whether you’re a physician starting out or a seasoned practitioner looking for a change, deciding to go it alone or join an existing corporate team can be a tough decision. Here are some factors to consider.
Addressing administrative responsibilities. Administrating a business is a job, and according to CompHealth.com, most medical schools don’t properly train you to run a business. If you decide to set up a private practice, you will need to manage everything from hiring and firing staff, putting a billing process into practice, and making sure the water cooler refills are ordered. Granted, a skilled and reliable staff can take on the bulk of these details, but when something goes wrong (and something always goes wrong), you will need to address it. You also can’t peel yourself away entirely from the administrative responsibilities. You need to be engaged in the operations to confirm that everything is being done according to regulations and your own personal mission statement.
Create an environment that best suits you. On the other hand, you can create an environment to your liking. You can develop and foster a nurturing and empowering work atmosphere that provides the best care to patients while offering a fulfilling career to the employees under your charge. You will bear all the responsibilities, but you will also get to call all the shots, and sometimes that is worth the burden of administration.
Handing over administrative reins. For some physicians, handing over the administrative reins is attractive in and of itself. Although these doctors are not in charge of the policies they must follow, they can focus primarily on practicing medicine and not paying the electric bill. They also sometimes have the benefit of higher salaries, and their salaries are not affected when a new piece of equipment needs to be purchased or a new staff member needs to be added.
Know yourself. As discussed in an article posted by Wolters Kluwer, your choice will largely depend upon your personality. Know yourself and what you need to practice medicine while obtaining personal fulfillment. Both options have their rewards as well as their disadvantages. And there is no rule stating that you must stay on one path forever.