If you are a recent graduate from medical school, you are probably wondering the best path to pursue. There are many advantages to working exclusively in a hospital, but there are also a lot of benefits to working in a private practice. As well as benefits to both pursuits, there are drawbacks as well. The following article may be able to help you out, as it outlines the pros and cons of private practice to help you make an informed decision. If you own your own practice and are looking for a reputable place to rent or purchase Alaris pumps, visit a website such as www.medonecapital.com.
Pros and Cons of Private Practice
Being your own boss and setting your own hours can be great, but there is also a lot of responsibility that comes with the freedom of owning your own medical practice. If you are working with partners the burden is shared, but there are also complications that can arise on that front as well. If you are considering opening up a private practice, the following list may be able to help you out, as it outlines the pros and cons of owning a private medical practice.
- Pro: The freedom to set your own hours and make your own decisions. If you would love to be your own boss and come and go as you please, the option to open up your own private practice might be appealing to you. If you do not want to come in to the office on Fridays, as the owner you can close and have a three-day weekend every day.
- Con: Collecting payment for services may be more difficult. When you work solely for a hospital, the hospital bills patients for you, and you receive a paycheck whether the patient pays or not. When you own your own practice, you must staff billing and accounts receivable clerks to ensure that you are paid for your services. You will have to haggle with insurance companies, and you may not always receive the compensation you deserve.
- Pro/Con: You are running a small business, and take on all benefits and risks as a result. If you want to be an entrepreneur, manage the day-to-day intricacies of a private practice, and be involved in all aspects of a small business, then perhaps owning a private practice is a great choice for you. Since you are running a small business, you are subject to a lot of risk. You may lose patients, expensive equipment may be damaged, or employees may have to be laid off. All of these things will set you back financially and/or will cause you a bit of a headache. You must hire and manage all employees, and see that everyone’s needs are met and that they are working at a productive level. Office politics may come into play, and you may find yourself in the midst of the drama, much to your dismay.
- Con: Every responsibility rests on your shoulders. From locating the best Alaris pumps to paying your employees, every aspect of your private practice is ultimately your responsibility, even if you delegate many tasks to others.