Of course you want to be independent and be able to earn more; there are different ways of approaching this. Knowing about these types of medical practices will help you take a look at your own situation and decide what’s best for you.
A. SOLO MEDICAL PRACTICE
Solo medical practices have small staff and most solo medical practices have a limited patient base. Due to small size and the physician being the only decision maker, solo medical practice gives you the freedom of growing the practice you want to. You are also able to form long lasting relationships with your limited patient base and your staff members.
The downside of solo practice is that major responsibility falls on you and there is no second person to take care of things in your absence (when on holiday etc)
B. GROUP MEDICAL PRACTICE
Group medical practice can be a single-specialty or a multispecialty practice. A single-specialty medical practice has two or more physicians providing patients with one specific type of care. On the other hand, a multispecialty group practice offers many types of medical specialty care.
Due to a number of physicians and large patient base, group medical practices are financially more stable and physicians get a better lifestyle as responsibilities are managed collectively. One downside to group practices is owing to their large size, they tend to become bureaucratic.
C. EMPLOYED PHYSICIAN PRACTICE
This is usually not the type of practice you would start with. Examples are:
i. Hospital purchases and manages a solo or a group practice.
ii. Hospital directly hires physicians to work in their facility.
iii.Clinics owned and run by healthcare organizations that employ physicians.
Want to learn more about setting up your private medical practice?