Career and Life Planning Guidebook for Medical Residents

SECTION I: T MINUS THREE YEARS Reflection + Activity Given current market trends and pros and cons of each practice setting, which one(s) appeal to you right now? Solo Practice: Private practitioner who is solely re- sponsible for decisions. Physicians can be supported by the hospital through an income-guarantee arrangement, or they can set up their own practice if they are self-funded or if they choose to leverage through a bank. Pros: Complete autonomy, high reward Cons: High risk; little back-up; high overhead; less stable, more volatility with income Independent Contractor: Similar to solo prac- titioners except that the physician contracts with a hospital or group to provide a service for a specific amount of money per year. Pros: Flexible hours; work when needed or de- sired; opportunity to write off business expenses Cons: Inconsistent hours and schedule; less security LocumTenens (Substitute Physicians): This arrange- ment allows physicians to choose their own hours and the number of days theywould like towork. The locum tenens organization plans out theirwork schedule and sends them on assignments. Pros: Opportunity to travel; great schedule time; able toexperiencemanydifferent types ofpractices Cons: Long-term travel can be wearing; many have to travel to undesirable communities; un- certain schedule; unstable income CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 104