Deciding whether you’ll go into private practice or group practice is one of the most important decisions you’ll make for your new healthcare business. Both choices offer advantages and disadvantages, and only you will know which type of practice is right for you as a practitioner.
Entering into private practice gives you total control, both as a healthcare practitioner and a business owner. A doctor in private practice requires less administrative and clinical staff than they might in a group practice setting, and therefore has fewer employees to manage. But many private practice professionals work long hours taking care of paperwork and other business-related tasks. They are more susceptible to economic changes because they have fewer patients, and their overhead costs are often higher than those found in group practices.
A group practice setting offers less control and flexibility, but makes up for that with lower overhead, shared financial risk, and a better work-life balance. While the majority of healthcare professionals operate as part of a group practice, only you can decide what’s right for you.
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