Being a private practice physician is a good fit for those looking to be their own boss and work with like-minded colleagues, the American Medical Association said in an April 3 blog post.
Private practice also offers physicians professional autonomy. Additionally, some practices have a two-year partnership pathway where once physicians reach the level of physician partner, they can vote on what services they want to offer, among other aspects of the practice.
The ownership vision, however, is "one that fewer physicians are exposed to, especially those at the start of a medical career," the post said.
Medical student-loan debt can make it difficult to finance a startup private practice, but there are groups established to help with student loan debt. Additionally, physicians can also benefit financially from the value of the physician's practice ownership stake.
And while many physicians think that an employed model would mean a more stable work-life balance, oftentimes employed physicians are losing hours on electronic medical records.
Understanding and adapting to payment policies is fundamental to preserving private practice, the post said.