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The eMatchPhysicians Blog

The Three Major Choices a New Physician Faces

Posted on: Thursday, March 26, 2009

A new physician faces a number of choices about what career path they are going to take. These days, more pathways are open to physicians than you may have previously thought. Here are the three big choices that physicians have that you may not have considered prior to reading this article.

Relocation

The first choice a new physician must make is whether or not they want to relocate. As with most careers, those willing to relocate have a better chance of making more money because they open themselves up to more options. Organizations located in larger cities will generally pay more for highly specialized physicians, whereas primary care physicians generally earn more in small communities. This increase in salary is generally attractive to those paying off medical school loan debt. The economics of the situation should be carefully examined before such a move is made such as cost of living in a major city or lack of entertainment in a small town to make sure the benefits outweigh the risks or disadvantages of making a move.

Public Vs. Private

The next is whether or not they want to go into public or private practice. For most physician specialties, this is a no-brainer as freshly minted doctors have accrued debt that may prevent them from getting the loans necessary to begin a private practice. However, some banks will want to make the money available regardless of student loan debt, because a physician practice can be a very sound investment. A group practice, however, offers new physicians collaboration and advice from experienced colleagues. Group practices also show the interworkings of running a business so a physician can learn if that is a challenge they want to take on or if they simply prefer focusing on their patients. Running your own practice is typically more financially rewarding if you are a savy business person who understands how to maintain low overhead. However, along with that extra inome, comes many late nights and a lot of headaches. It is a difficult decision that must be carefully evaluated, especially in the early years of practicing medicine.

Governmental Positions

The third path that not many new physicians consider is a job at any one of the governmental organizations that require physicians, particularly now when Obama is pushing for health care reform and better health records. Government positions offer excellent benefits coverage which can add up if the young physician has a family to attend to. That, and they will be helping to shape the health policy of the future. This is most certainly just as lofty a goal as that of practicing medicine. A physician may even practice medicine in a governmental position – the Office of Veterans Affairs currently employs 225,000 individuals in 163 hospitals, 850 outpatient clinics, and 137 nursing homes, along with other facilities.