What Is Partnership in Medical Practice?
Traditionally, many doctors have started private practices in their physician careers where multiple specialists joined together to create doctor-owned partnerships or group practices. Creating a business with other doctors allowed them to share costs, work more efficiently, and provide care as a coordinated team.
Partnerships between doctors can take many forms. For example, primary care physicians may partner with specialists to address all of a patient’s needs. Specialists in the same area, like orthopedics or cancer care, may form a doctor-owned group practice together. The partner-physicians make business and medical choices collectively as owners.
• Exploring the Role of an Employed Physician
In the last few decades, there has been a major increase in the number of doctors who work as employees for hospitals, health systems, and medical groups rather than running their own private practices. These employed physicians get a regular salary, benefits, and other compensation from their employer. They don’t have an ownership share in the practice like they would as a partner.
By working as an employee, doctors give up some control and independence over the business side of things. But they also avoid the risks and responsibilities of owning a practice. Their main role is focused on caring for patients directly rather than administrative tasks. Employed doctors can work in hospitals, outpatient clinics, urgent care centers, and medical office buildings.
• The Benefits of an Employee Physician Career Status
Being an employed doctor has several major upsides compared to private practice. You get a reliable paycheck no matter how many patients you see. The hours and on-call duties are reasonable since your employer sets the schedule. You have built-in mentors, colleagues to collaborate with, and career support from the organization.
Employed physicians also get the reputation and resources of a large healthcare system behind them. You don’t have to handle the administrative headaches alone—those duties are shared with the larger organization. And you get great benefits like health insurance, retirement plans, CME allowance, malpractice coverage, and more.
For many doctors, giving up some independence is worth it for a better work-life balance. Employed positions are a good fit if you want to focus on treating patients rather than running a business. Trading total autonomy for more stability and benefits can be appealing if you want a supportive environment to practice medicine.
• The Challenges Posed by a Physician Career
Being a doctor with an employer has tradeoffs compared to running your own practice. Employed physicians often lose control over their schedules, patient types, and work styles. They can face pressure from employers to see a certain number of patients daily. Within a large healthcare organization, employed doctors tend to have limited say in big business choices. They lose independence in picking resources, staff, vendors, and other practice decisions. Their pay is also usually less flexible. If money gets tight, their job may be at risk.
To thrive as an employed doctor, it helps to be comfortable with established protocols and collaborating as part of a physician team. Willingness to align with organizational priorities is also key. While independence is reduced, employed physicians gain benefits like steady pay and more time on patient care rather than practice management. Overall, matching the employer’s goals and methods is crucial for doctors considering these arrangements.
• The Advantages of Partnership
Becoming a partner in a medical practice as part of a physician’s career gives doctors some great perks compared to just being an employee. A big advantage is getting an ownership stake and a share of the profits. Partners also get more say in shaping the practice’s policies, direction, and strategy. Over time, they can also share in the growth and increasing value of the practice.
A partnership allows for mentoring younger doctors and taking on leadership roles. There’s also more flexibility around scheduling and vacation time and benefits that recognize their partner status.
In short, being a partner provides doctors with financial upside, leadership opportunities, and influence over the practice that regular employees lack. The tradeoff is taking on the risks and responsibilities of ownership. But for many physicians, the pros seem to outweigh the cons of becoming a partner.
• The Potential Difficulties in Partnerships
Forming a partnership in a physician career can have some great benefits, like gaining access to shared resources and expertise. But there are also some potential pitfalls to keep in mind. As co-owners, partners take on legal risks and liabilities for the business. Partners may need to compromise with each other before making big decisions rather than having full control. Tensions can rise between partners who have different priorities or disagree on operational matters. Managing a partnership can mean extra administrative work, like formalizing your agreement, filing taxes together, and tracking financials.
One common source of conflict is how to divide profits, expenses, and compensation fairly between partners. It’s wise to agree upfront on a system to split finances to avoid disputes down the road. While partnerships allow you to amplify strengths, shared ownership and decision-making require robust communication and conflict-resolution skills to work through disagreements. Going into it with openness and clear expectations can help partners manage any challenges.
• Personal Factors and Considerations
When deciding between being a partner physician or solely an employee, doctors should deeply reflect on where their true passions lie and what type of environment they would thrive in. Those with an entrepreneurial drive may feel drawn to the autonomy and potential financial rewards of ownership. However, they must honestly assess if they are comfortable with the financial risks and willing to invest significant time managing both a team and administrative tasks. Others may prefer the relative stability and collaborative spirit of being an employee.
Ultimately, the choice should align with one’s innate work style and temperament. Partnership allows for directing the practice’s future path, while employment offers community without the burdens of running a business. There is no universally right decision—doctors should look inward at their own values and talents to determine if the fulfillment of leadership outweighs its challenges for them personally. This decision greatly impacts lifestyle, so self-reflection on preferences, from autonomy to shared decision-making, is key.
Find Your Place in the Healthcare Field
Expedient VMS partners with healthcare organizations to provide flexible workforce solutions. Our technology platform and dedicated account management teams enable efficient hiring, credentialing, scheduling, time tracking, invoicing, and analytics for contingent workforces like locum tenens physicians. For those seeking a physician career path, we can help place talented candidates into employee or partner positions that align with their skills, experience, availability, and career goals. Our focus is on creating win-win matches between healthcare employers and clinicians. Ready to leave your mark on the healthcare field? Reach out today.
