Starting out in your first private medical practice is daunting and joining a Group Medical Practice seems like a better option. There are some serious pitfalls to joining a group medical practice when you first start out and here is a look at a few of them.
Locked In
Joining a group medical practice means you are locked into a contract that is not easy to get out of. You are committed to others in the group, the practice location and the patient base and referrals on offer.
Cost Split
Read the fine print in regards to the cost split and income allocation. At first glance it seems like the costs are reasonable and the income is ‘guaranteed’ on the patient referrals you will receive. But when you look more closely at the numbers once you start practice it becomes evident that you may be better off in your own practice.
Staffing
Group medical practices, once established, come with their own hierarchy. Staff who have been with the practice for a while may not welcome you with open arms. Rather you are adding to their workload and although you may be benefitting financially, staff do not receive an income boost for the extra work. Staff priorities may not be towards your practice, but rather to those already established and much busier than your beginning practice.
Geography
A group medical practice is established in a metropolitan area usually close to a private hospital. This has advantages with a strong referral history built into the history of the practice. However, becoming known as a new practitioner is just as difficult in a group practice as it is when you start on your own.
Software
Often, group medical practices will use one medical practice software and create you as a user in that software. This means that if you choose to leave the practice, all of your patient data and history becomes the group practice property and you will be forced to start again if you commence practice somewhere else.
Conclusion
Group medical practices may feel like a safety net but you can often end up having to start all over again in your own practice. If this is the case, you may as well start where you are going to end up. A dedicated and experienced virtual practice manager can give you all of the advice you need to commence practice, undertake marketing on your behalf and devote attention to your practice rather than multiple practitioners within a single group practice.
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