Career and Life Planning Guidebook for Medical Residents

SECTION I: T MINUS THREE YEARS Recommended Tool Understanding Business Arrangements Use this tool to learn the five different business models, the respective pros and cons, and identify and utilize indicators on which model may suit you best in your practice of choice. http://md.careers/ST-11 R E A D : Trends in the Business of Medicine Now that we understand some of the basics of managing a clinical business, we will take a step back and look at the healthcare environment for physicians. Where Physicians Work The last decade has seen significant changes in the structure and types of organizations for which physicians work. There has been a long-term trend away from physicians being practice owners and toward them being employees. Currently, 47.1% of physicians work in practices in which they have an ownership stake. An equal percentage are employees, while 5.9% are independent contractors. For physicians under the age of 40, only 27.9% of them work in a practice in which they have ownership . The types of employers/groups are also changing. Practice sizes are growing, along with a reduction in the number of solo practice physicians. Further, the number of physicians working in multi-specialty groups or hospitals continues to increase. This trend is not likely to reverse. The physician of the future is very likely to find themselves working for a hospital or a large multi-specialty practice. CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 128