Physician Employment: Is it all about Job Security?

The future of the private doctor entrepreneur is bleak. To many, this may seem like a death sentence, but it is only a fact, a reality that many physicians are facing. It is no wonder that there is a massive movement to employment in bigger medical groups, hospitals, or groups affiliated to hospitals. In fact, in 2010, data from American Hospital Association revealed an incredible increase in the number of employed physicians from 2000 to 212,000. But before you take the huge leap, there are some factors beyond job security that you should consider.

1. Your Personality - If you are easy going, it is easier for you to make the transition. If a perfectionist, the transition may be very difficult for you.

2. Your Autonomy - When you get into employment, you will lose your autonomy in terms of decision making, location, and even whether the support staff will have the type of skills you require- remember you are no longer the boss. Your service work may also be affected, as you will be expected to spend more time at the hospital.

3. EHR- Electronic Health Records - In private practice, the systems are simple. as the institution is also small. A move to a large organization means that you have to become part of an intricate EHR system, which again makes the transition difficult.

4. A Reduction in Revenue - In a hospital, your salary will be fixed, with only a bonus, if you are productive enough. You may also deal with many patients under medicare, and medicaid, and even those without any health insurance. The lab charges now belong to the hospital. All these factors will without a doubt result in a significant reduction of revenue, a fact that you will have to grapple with.

5. Mission Congruence - Get to know what the organization you are going to be working with treasures most- is it community activities or high-margin activities?

6. Termination - You could get terminated, and your name tarnished. Your employer could terminate you at his discretion, and never refer any patients to you.

However, all is not lost. If you have decided to go into employment, there are some ways in which you can cushion yourself: Get Legal Advise

Before you make the all significant move, get legal advice. An attorney will help you understand all aspects of the employer's contract, and as you will get to know, all parts of the contract are negotiable. It is important to include what you need to work efficiently in the contract, though the hospital could still deny it. This process, in essence, helps you look realistically at the transition and decide whether its worth all the hassle.

Just like in any other business, you have to keep overhead at minimum if you are going to stick around in private medical practice. This is perhaps the biggest challenge many doctor entrepreneurs are facing, with factors such as decreased reimbursement from the government, and the cost of drugs for patients being highlighted. This is indeed a genuine reason to call it quits on private practice, but before you take the dive, brace yourself for tough times.