Young Doctors Prefer Hospital Employment Over Private Practice
Over the last decade, studies have shown that young doctors prefer to work in hospitals more than setting up their own private practice. According to medical professionals, there are distinct benefits of working in a hospital setting that can eclipse starting a medical practice, such as greater job security, paid vacation time, and flexible working hours.
This blog post will highlight why new doctors continually opt to work in hospitals or Ambulatory Care Networks rather than starting their own practices. We will examine the beneficial features and how they might apply to your career plan.
A Flexible Schedule
Like most businesses, many private practice facilities operate from 9 am to 5 pm and are closed most weekends, which might sound preferable to a young doctor; however, keep in mind that senior management and physician owners tend to work longer hours in order to get caught up on various tasks such as finishing administration work and business-related duties, whereas a physician in a hospital setting would not.
Physicians with families find that employment within a hospital or ACN allows them a much better work-life balance compared to the stress and long hours of owning a business, cutting into precious family time.
A Social Working Environment
Many factors make it challenging for young doctors to establish a business independently. One of them is feeling isolated and lacking a solid support system. Younger doctors tend to prefer working in shared spaces like hospitals or ACNs, with more social diversity and greater training and specialization opportunities.
Many young doctors enjoy interacting with senior doctors in various areas of specialization, allowing them to learn and expand the scope of their careers.
Fewer Managerial Duties
Managing a private practice center can be demanding because it requires a doctor to stay on top of every aspect of the business, from computer IT to rent and utilities, insurance costs, patient records, and more.
Working in a hospital is less hectic for a physician just starting out, because administrative employees in the establishment take care of managerial and scheduling duties, allowing the physician to focus on the patients and gain valuable experience.
Although medical schools provide management practice classes, many residents skip these classes, preferring to attend ones solely focused on developing their specialty. Consequently, after finishing their studies, they have less desire to operate a private practice. For this reason, seeking employment in a facility where administrative duties are handled by other people is more enticing for a young doctor.
More Opportunities for Career Growth
Starting a private practice means you retain the most senior position in the organization. It also implies limited opportunities for the owner to climb the career ladder and earn more. In fact, physicians can sometimes make less income as their practice matures because they are continually investing in new equipment and office enhancements.
So for many young doctors, working in a hospital or ACN setting is preferable because of the many opportunities to earn a competitive salary and progress your career to greater heights.
Paying off Debt Instead of Accruing More
It is estimated that a typical graduate doctor leaves medical school with a debt of $175,000, which may require loan repayments of up to $1,000 per month when paying off the debt. Since setting up a private facility will require additional loans, a doctor just starting out typically prefers to look for employment in a hospital or ACN for this reason.
Additionally, hospitals often offer better employment terms to young professionals because most hospitals pay the cost of their medical equipment and are willing to pay bonuses to employed doctors.
Whatever option you choose, do your research and talk to other physicians already working in the field to get their perspectives. The healthcare landscape is changing rapidly, so it’s important to explore your options.
If you would like to learn more about physician careers with LA County DHS, please reach out and contact us or view our job board to view our current available positions . We’re happy to answer all your questions!