Private Practice

Currently, the number of doctors entering private practice is decreasing while the number of doctors taking salaried positions is increasing. Do the benefits of running your own business and being your own boss outweigh the stability and certainty of being a salaried physician? I have worked for small business owners for years and have done some freelancing myself, and I understand why this trend has become so prevalent.

Running a business adds a lot of additional stress to an already stressful job and it is not conducive to a favorable work-life balance. Additionally, most medical students never receive training in managing a practice and must pick up business-savvy skills from other sources, and apply them to build a referral network. Taken with the start-up costs associated with getting a practice off the ground, entering private practice seems a daunting task. However, the independence and freedom of choice that comes with running the show and managing/scheduling patient care as one sees fit (within the confines of necessary bureaucracy) can be alluring for some.

Ronald Arky, M.D., of Harvard Medical School, posits: "The patients you see in either system can be the same. The difference is all about the money and where it goes". While these differences are profound, the most salient difference for me is the extra responsibility and worry of running a business. Group practices, where there is division of responsibility, are an interesting solution to the problem of always having one's livelihood on your mind. I am all for "Be[ing] adventurous. Be[ing] willing to go out and earn your living. Be[ing] willing to take chances", but I also want the peace of mind that comes with a salaried position.