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Hello, so a little bit about my current situation. The TLDR of this is whether joining a private practice makes any sense if there is a fairly possible chance I would need to move in 4 years.
My wife and I are currently in different stages of our careers. She is entering into residency this summer (4 years) and has a strong inclination to likely do a fellowship (3 more years) after that. Her new program does have that specialty and is well regarded in it. I myself am leaving training in a procedural subspecialty at the end of June. Leading up to the Match, I had applied mainly to employed positions in places I thought it was likely she was going to end up at, ready to sign when match day came. Well the Match being what it is takes you sometimes unexpected locations and I couldn’t apply everywhere preemptively.
So now the current city in the NE we are moving to does not have available “hospital employed” positions and is very high cost of living. There is an academic center hiring, who primarily run on a wRVU model for its clinical faculty. Im not particularly inclined towards academic medicine and research, but education sits well with me. I worry about the cost of living and ludicrous rent/property values of the area on a more academic salary (obviously I’m still blessed to be a physician and making what I will).
The second option is a small (imagine 4 to 8) group who is hiring. They are offering a 12-24 month partnership track, with a base + wRVU bonus for the employee with a much better compensation. This would be an expansion hire rather than taking over for an existing member. They seem like great people for what it’s worth.
my question comes down to whether, in a time frame where I may have to leave in 4 years due to the match, does working at a private practice even make sense. Would it make sense to just stay as an “employed” member of the practice for 4 years and buy in only if my wife successfully matches there, or would 3 years as partner ina a generic sense be enough. Obviously that in part entails what the financial benefit of partner vs employed would mean, but I guess if someone could explain the typical “buy out” type system I would appreciate it. I’m worried buying in and then potentially buying back out would be messy in a 4 year span.
thank you all very much
My wife and I are currently in different stages of our careers. She is entering into residency this summer (4 years) and has a strong inclination to likely do a fellowship (3 more years) after that. Her new program does have that specialty and is well regarded in it. I myself am leaving training in a procedural subspecialty at the end of June. Leading up to the Match, I had applied mainly to employed positions in places I thought it was likely she was going to end up at, ready to sign when match day came. Well the Match being what it is takes you sometimes unexpected locations and I couldn’t apply everywhere preemptively.
So now the current city in the NE we are moving to does not have available “hospital employed” positions and is very high cost of living. There is an academic center hiring, who primarily run on a wRVU model for its clinical faculty. Im not particularly inclined towards academic medicine and research, but education sits well with me. I worry about the cost of living and ludicrous rent/property values of the area on a more academic salary (obviously I’m still blessed to be a physician and making what I will).
The second option is a small (imagine 4 to 8) group who is hiring. They are offering a 12-24 month partnership track, with a base + wRVU bonus for the employee with a much better compensation. This would be an expansion hire rather than taking over for an existing member. They seem like great people for what it’s worth.
my question comes down to whether, in a time frame where I may have to leave in 4 years due to the match, does working at a private practice even make sense. Would it make sense to just stay as an “employed” member of the practice for 4 years and buy in only if my wife successfully matches there, or would 3 years as partner ina a generic sense be enough. Obviously that in part entails what the financial benefit of partner vs employed would mean, but I guess if someone could explain the typical “buy out” type system I would appreciate it. I’m worried buying in and then potentially buying back out would be messy in a 4 year span.
thank you all very much
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