Pros and Cons of being with a Medical Group - several doctors
Are you thinking about going solo or forming your own group (a group like
McHenry Medical Group). Here are
some thoughts that went through my head as I thought about the possibility for
Pros of working in a medical group as a physician (the benefits)
- Work with many different generations of doctors and staff:
Veterans, Baby Boomers (see below for characteristics of Boomers), Generation X, and Generation Y (born between 1979
and 1994). This gives us a broad experience and helps us learn to
target to our patients in the different generations. The reason you
would work with more generations is the simple reason that there are much
more people in a group: more staff and more physicians. Each of
these generations create a different type of doctor as well.
- Much to learn from other doctors in the group. There's much to be
said about experience.
- Negotiation with insurance companies: A larger group would usually
allow for greater rates on compensation terms. As a solo practioner,
one usually has very little power unless you were a plastic surgeon or the
only person in your field in that area.
- Other doctors to lean on in case of emergencies.
- Other doctors to discuss cases.
- Other doctors to take call with you - all built in.
- The greater ability to negotiate with hospitals.
- The greater reputation of the group - there's more people, and there
would at least be more name recognition.
- When patients call to get an appointment with the group, there's greater
chance that this patient will be seen sooner. The same goes for
referring doctors - they will usually be able to get their patient in
Cons of working in a medical group as a physician (the drawbacks)
- The sensation that someone is always looking over your shoulder
- Less ability to dictate where your overhead money goes
- Less control of your overhead
- Can't hire and fire staff workers as easily
- There's a hierchy ladder to climb
- Less ability to use the company as a business for tax deductions
- The partnership game needs to be played
- Call may not always be equal
- Jealousy among the doctors
- A certain feeling that medicine or surgery must be practiced a certain
- A bad reputation from members of the group reflect on the whole group
- Slower decision making and implementing processes
- Fighting over charts
- Having to use the same employees who have been there longer than you
have and stuck in their ways.
- Boomers are 80 million people born between 1946 and 1964. It's an
18 year span, as opposed to GenX which is only 11 year span.
- 70% of the total net worth of the US is in the hands of Boomers
- Energetic, ambitious, health-conscious, and better informed consumers
- Boomers will check out advice on the internet 24/7
- They have high expectations
- They want and expect convenience in all aspects of life - including
- They often work long hours and have many responsibilities
- They dislike waiting for anything
- They are proactive learners
- Boomers believe that 50 is the new 40. Survey says that middle age
starts at 48 and old age at 72.
This web page is just a start. Perhaps there's something on this list that
may make you think. Coming soon: the pros and cons of being a solo practioner.
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