There are over 938,000 practicing physicians in the U.S. today. Different medical practitioners specialize in different areas of medicine. Some physicians are responsible for diagnosing and treating different conditions in the body.
But others specialize in particular body parts, such as the spine, skin, or eyes. Are you ready to start your medical practice? There are many different medical practice types you can work in. You might be a medical student or an internal medicine resident among others.
Ensure you choose the right practice type to meet your short and long-term career goals. Below is a summary of the most common types of medical practices today.
Solo Practice
Solo practice is well described by its name. It is a medical practice without association with other organizations. In the past, solo practices were quite common, especially in specialized medical fields.
Today, however, solo practices are becoming less popular. They are often associated with a few staff and a small patient base. Solo practices are small and often have just one doctor.
In a solo practice, the organization’s head has the autonomy to make decisions. They are also responsible for growing and developing the organization.
With a smaller patient base, it’s easy to develop deep personal relationships with your patients. You will also have the freedom to practice your own unique type of medicine.
But, there is a significant downside to running a solo practice. You will be responsible for running, operating, and making decisions about the organization. These responsibilities include creating employee schedules and ensuring patients’ needs are met.
You will also be responsible for developing professional relationships with insurance companies. and taking down and documenting patient information. You should also ensure that the practice is legally compliant.
Fortunately, you can use the services of a MAS medical account to help you with Hospital and Professional Fee coding. MAS works with physicians in all specialties. These specialties include urgent care, orthopedics, and behavioral health.
Solo practices also face significant financial risks. This is due to the potential lack of patient referrals and shifting loyalty. Additionally, lost income due to vacations or illness will impact the business.
Group Practices
There are two types of group practices. These include multispecialty and single-specialty practices.
Two or three medical practitioners often run single-specialty practices. These practitioners often provide specialized care for patients.
Many physicians run multi-specialty group practices. The physicians offer patients varying options of medical care within the same organization. For instance, you could find a dental unit, renal care, and orthopedics in one organization.
Running a group practice means you will have increased financial security. You will also be in control of your personal life.
Due to the increased number of physicians, group practices often have more patients. Hence, they can manage the business’s financial risk better than solo practices.
Employees working within these organizations often have more employment benefits. But the benefits are less than what you would get in an employed physician organization.
These organizations have the resources to hire an employee to handle administrative tasks. This relieves the stakeholders of this burden, giving them ample time to focus on their jobs.
Unfortunately, there are several drawbacks to operating a group practice. The biggest one is experienced by shareholders. That’s because the group dynamic reduces their ability to make decisions.
You can’t make a decision; you need to run it through other relevant parties. This increases the risk of conflict when making important administrative decisions.
Employed Physician Practice
Today, many medical practitioners are employed to work in different practice models. Some major hospitals may acquire an existing group or a traditional private practice. Then, they hire physicians to work on these acquisitions.
The physician may work in an ambulatory clinic or an inpatient facility. The corporation will own, make decisions and run the smaller practice.
Some physician-managed practices often have the structure of a corporation. This means the practice is designed and managed like a corporation.
These group practices hire clinicians and avoid pursuing a more traditional partnership method. The advantage of working is that you don’t have to perform administrative tasks.
You will also be guaranteed significant compensation. That’s because employed physician practices often have more resources than other practices.
This gives you more resources to handle your job. Hence, you will have great coverage of clinical responsibilities. You will also have the freedom to control your lifestyle.
Additionally, employed physician practices offer their employees more support. This gives you an opportunity to further your studies.
Independent Contractor
Some physicians and internists prefer to work as independent contractors. An independent contractor creates a working relationship with other physicians. But each physician runs an independent entity.
However, they share clinical coverage and a facility with other practices or physicians. By sharing the cost of business operations among several parties, you share the risks. Hence, you will have some flexibility in clinical scheduling.
Independent contractors also face many drawbacks. The major one is that you will lose the autonomy to make decisions compared to solo practices.
Now You Know the Different Medical Practice Types
The medical field is as multifaceted and expansive as the human body. There is a physician specialty for almost all diseases today. But there are so many new physicians entering the job market today.
Hence, knowing which type of medical practice is best for you can be challenging. Fortunately, our guide above on the different medical practice types will help you. Ensure you settle for a practice that meets your career goals and personal needs.
Did you enjoy this article? Check out other posts on our site for more informative tips.
