John has made strides in his career so far as an anesthesiologist. To date, he has only worked as an employee of a group practice affiliated with a hospital system. Now he has enough experience and financial flexibility to consider pursuing his own independent practice.
John is excited about the longer-term prospects of being his own boss but knows there are nearer-term benefits and conveniences he would leave behind as a hospital employee. There is a lot to consider and he’s feeling overwhelmed by this big decision.
John’s career dilemma is not unusual: The urge to pursue your own private medical practice can often increase as you progress in your career. One study1 showed that nearly 70% of physicians under the age of 40 years were employees; though for those 55 years and older, the percentage of employee-physicians drops to 38%. The same study showed that for anesthesiologists specifically, 51% of those surveyed (not age-specific) owned their own practice.
The choice to go independent or work as an employee should not be taken lightly and there are many pros and cons on both sides. Below, we have summarized some issues you may want to think about, side-by-side, as you consider a private practice opportunity:
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At Modera Wealth Management, we strive to be your partner through important life decisions, such as deciding whether to start your own anesthesiologist practice. Our financial planning professionals, including Patrick Runyen, CPA/PFS, CFP® and Karl Graf, CPA/PFS, CFP®, work with anesthesiologists like you to think through the pros and cons and help you come to the best decision for you and your overall financial plan. To learn more, please get in touch.
Learn more on how we work with doctors and dentists: moderawealth.com/specialties/doctors-dentists
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