Hello. Long time reader, first time poster. I am hoping to get some advice on an upcoming decision from the forum members.
I am very likely changing jobs to a situation where I will be given the opportunity to either choose hospital employment or private practice. I am a specialist and would have little to no overhead, working in a hospital-based setting. My understanding is that I would essentially be responsible only for the cost of professional billing, as well as malpractice, health, disability, retirement etc if I were to choose a private employment model.
My questions are as follows:
1) Is the work of setting up and maintaining a small private practice financially beneficial to a good employment contract? On the face of it, my gut tells me that it is, just based on the ability to keep all of your professional revenue, rather than share it with the hospital on an RVU model. Autonomy is also a very important factor for me, but I wouldn't want to achieve it at the price of constantly fretting over insurance battles, billing issues, etc. I also understand that the benefits of 1099 income can outweigh W2, but I know this is not universally true and is being discussed in a separate thread.
2) Where is the idiot's guide to setting up a private practice? I have, I think, a moderate level of personal finance and medical billing knowledge, but little to no clue where to start in terms of setting up a practice. I'm sure I know the answer to this before I ask it, but is there a concise guide out there that outlines how to set up a solo/small group practice?
3) Finally, for those who are managing solo/small group practices, particular specialists without facilities or significant overhead, do you enjoy it and find it worth the additional work? Are there times when you would just wish to be employed? Do you have concerns that increasing regulations from healthcare legislation will make the private practice model even more prohibitive then it already is?
Thanks.
I am very likely changing jobs to a situation where I will be given the opportunity to either choose hospital employment or private practice. I am a specialist and would have little to no overhead, working in a hospital-based setting. My understanding is that I would essentially be responsible only for the cost of professional billing, as well as malpractice, health, disability, retirement etc if I were to choose a private employment model.
My questions are as follows:
1) Is the work of setting up and maintaining a small private practice financially beneficial to a good employment contract? On the face of it, my gut tells me that it is, just based on the ability to keep all of your professional revenue, rather than share it with the hospital on an RVU model. Autonomy is also a very important factor for me, but I wouldn't want to achieve it at the price of constantly fretting over insurance battles, billing issues, etc. I also understand that the benefits of 1099 income can outweigh W2, but I know this is not universally true and is being discussed in a separate thread.
2) Where is the idiot's guide to setting up a private practice? I have, I think, a moderate level of personal finance and medical billing knowledge, but little to no clue where to start in terms of setting up a practice. I'm sure I know the answer to this before I ask it, but is there a concise guide out there that outlines how to set up a solo/small group practice?
3) Finally, for those who are managing solo/small group practices, particular specialists without facilities or significant overhead, do you enjoy it and find it worth the additional work? Are there times when you would just wish to be employed? Do you have concerns that increasing regulations from healthcare legislation will make the private practice model even more prohibitive then it already is?
Thanks.
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