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  • Private Practice Recommendations

    Hi all, I can't seem to find a general thread in the search on things we should be looking for in private practice as a first job out of residency/fellowship. What are questions to ask? Things to look out for? How to analyze financials? How to negotiate getting minimal/no salary and fully collecting on billing? Trying to compare places and a bit lost as we don't get taught this stuff in training. TIA.

  • #2
    Great questions, great topic.... agree that it's never taught. Your questions are all appropriate, but too broad to really be addressed here. What state are you in? I give lectures on exactly this topic to residents that are freely available through the California Orthopedic Association for members (anyone can join and only $25 for residents/fellows). In fact, I'm giving one tomorrow night about how to pick the right practice and what COVID has taught us about practice financials and management.

    In my opinion, the take home summary is as follows: Nothing will be as valuable as a low-overhead practice. At the end of the day, low overhead will make any practice resilient to an infinite number of unknown stressors: COVID, contracts, competition, partnership changes, etc. Thus, a "well run" practice has low overhead with the potential to take home what you earn above your expenses. Your initial employment contract will be a salary ideally with a bonus structure (ie: keep 50% above your expenses + salary) and it should spell out your buy-in formula (terms of the valuation and how it will be paid). Overhead should be distributed fairly among new/old partners, busy/slow partners, etc.

    Hope that at least gets you started.

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    • #3
      I took a job at a hospital doctor factory first for a one year contract, to learn how not to do things right. That way when you go into private practice you will have no regrets.

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