11:31 "no one can tell me nothing" I sense built up rage from all the years of people telling you what to do😂 Great video though. It was really informative
Private practice * Join Group or go independent * Learn how to do the business * Multiple income sources * Understand pros & cons * Plan for yourself - Thank you for the detailed teaching!
Dr Webb did a great job summarizing everything. I’m finishing up my orthopaedic sports fellowship now and was looking at academic jobs, private practice and employed jobs. I am leaning toward an employed position given the reasons Dr Webb explained in this video. I do not want to worry about making my overhead during the first years in practice. Employed positions tend to offer more up front (salary, retirement, health insurance, no overhead) but you lose out on keeping your ancillary income such as PT, MRI, surgery center fees and etc. Your overhead includes Office space, personal health insurance, malpractice insurance, disability insurance, retirement, nurses salaries, and etc and this cost can be anywhere from $25,000 - $75,000. As Dr Webb explained quite well, this cost will be there regardless. So it can be concerns for make enough income to support a practice and ones family, given these COVID times. Private practice does tend to do better given the practice can make adjustments but at the end of the day, academic, private practice and employed positions tend to closely break even at the end of the year. Like Dr Webb stated, private practice does give you more flexibility to run your practices.
When you say that it costs $30-40k per month to cover overhead in a practice, is that the cost per physician, or is that the cost to cover the practice as a whole? If you were one of, say, 4 doctors in a practice, would the practice still demand $40k/month in overhead or would it be roughly $160k?
In his example he is talking about $30-$40 cover per month if this was one physician. He did mention if you have a group of doctors it would be split amongst the group. If I’m wrong someone let me know.
Another thing I see Med schools talk about is wanting people that will practice in rural or underserved areas. Can you talk a bit more about the the pros and cons of that?
I think they might make more bc they're understaffed and in the middle of nowhere compared to big cities where most ppl wanna be. Less staff might be able to give more in pay, more staff might give less in pay bc so many.ppl working there. Idk about NYC tho bc they pay pretty good here
@@lilrabbitcuz I think that is a practice model for offices that do mostly Medicare type insurance (as opposed to private insurances). Medicare, in general, does not pay that much for services, so to make that up, those practices try to see as many patients as possible, so when they are reimbursed, the income coming in doesn't seem too paltry. Most times, if you are not the manager or one of the doctors, you can expect a tiny pay.
@@bally2203 I hear you but not at all. The two different clinics were in the suburbs and the patients had private insurance. We didn’t see too many Medicare patients. One of the doctors does own like 8 luxury cars and has a mansion. I’ve been to his home.
Man, being a 1099...nothing like it...worked for two companies as an entry level engineer straight out of college...started doing contract work with various companies and havent looked back since....having that freedom and being able to make unlimited income is so clutch...
So, with private practice, how do you get hospital space if you’re working in your own private space? You would still need an OR and place for your patient to recover outside of your office. Do you pay the hospital a fee to get to use their OR when you don’t work for them? Thanks!
not a medical student nor a doctor, but i think thats why they 40-60k a month in overhead fees, he probably has his own operating room and all the equipment. if his patient needs physical therapy then he probably just refers them to a physical therapist which will be paid for by the patient’s insurance
You get hospital privileges. It can be at places you are also on call for or places you just apply to. There are also outpatient surgery centers for surgeries that don’t require overnight stays.
Do doctors interested in private practice always join an existing business group of doctors? Or is it common to start out making your own business plan, finding a location, obtaining financing, and all the other business details for responsibly beginning your own practice as a single doctor? Also, have you seen doctors begin private practice who didn't seem to have a lot of interest in the business aspects? Have you heard of doctors private practice failing like is common for lots of other kinds of small businesses? Or are doctors without business sense smart enough, self-aware enough to pursue some other avenue?
Hi Doctor Webb, I was wondering did you take out private loans or Plus loans? I ask because like you I was considering going to Georgetown medical school. Their tuition is $65,000 a year, but I just read that federal loans cap at $20,000 an academic year. I watched your student loan videos but you didn't mention what type of loans you took out.... • Also did you use the residual money leftover from your loans to pay your rent? • How did you work or attend classes during the summer? • If you took classes how did you pay your rent during the summer? • Did you have roommates or did you get your own apartment?... Thanks
Good questions. This video may help ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-QSIl_bsQjlc.html All private Yes there is usually enough left over to buy ramen noodles and PB&J sandwiches. Lol jk you will live comfortably but not lavishly during school. There is usually only 1 summer in which you are free (between 1-2 year). The others you are working or in school. Here is a video about summers: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-DvMulxokRbM.html Yes, I had a roommate to save money in med school. I suggest doing this if you can.
I'm 18 and I'm about to be the first year student at dental school and honestly I like much more working in a prestigous clinic than having a private practise because it gives me much more mobility and I like much more working with a team of experts beside me, but it all depends on personality and preference.
Very informative! I wouldn’t have thought that private practice typically earns more than employed. I also just finished reading your book “Overcoming the Odds”. Your book is the most inspiring piece of literature that I’ve ever read. I was going to hang up my dream of being an MD because my post bac plans haven’t panned out how I wanted. You are proof that if you want something and you bust your butt to get it, you will get it!
Love your way of thinking, I want to be a surgeon and I've always been very interested in the business aspect of medicine. I'm excited for more content like this!
@@johngunn9281 hahaha if I'm interested in the business aspect of medicine, it doesn't mean I don't love medicine itself. Business comes with it if you enjoy it.
You could join a group of already established private practice, or start your own private clinic. Most times, it makes sense to join another practice first, as you still need to get your skill level, speed, etc. up. That way, if you are ready to start your own practice, you have the knowledge and experience to be successful.
@@bally2203 wait are there like job interviews online or do you have to go to a practice and see the doctors to get a interview I want to be a pediatrician in a private practice but I’m still new to this kinda stuff
@@burg936 I am not exactly sure what you mean by interviews online, but in general, I would say if you find a practice where you want to work, it would be best to interview there in person. That way you can get a better feel of the place, and see if it is a good fit for you. Good luck with all your future endeavors.
It’s is a business or very much so. My primary doctor has to see x amount of patients due to insurance reasons. Just talked to another doctor when I went to the chiropractor. Asked him if he’s been approached by corporations for buyouts and no suprise, he has . Half of the patients he sees are covered by a certain healthcare group( so I assume the corp wants those numbers to get a cut of the insurance payout). What I’m curious on is: 1) Will there be a decrease in private practice openings going forward 2) For those private practices already established, how soon will they sell out or be priced out do to economies of scale.
Such an Important topic! We had a recent talk about this in my residency and it was really an eye opener. You really touched on key topics including the part about business in medicine. Anyone training in medicine needs to know this info. Thank you!
@@antoniowebbmd so is it the same with surgeries, where the compensation is higher when performing them at a surgery center as opposed to the hospital? And how do you get to choose? I’ve always wondered how surgeons navigated having a private practice for their clinic, but performing the surgeries at the hospital
In my country, doctors do all three simultaneously if they want so I've always just known I'd do all 3 eventually when I finish training. I guess in the States you'd have to choose. Also, doctors in my country don't tend to retire. They actually usually work until they die but towards the end of their career (life), they mostly do academic work.
Hey Dr. Webb! Could you make a video about how you chose which private practice group to join, including the different factors you considered in order to make that decision
@@mdamerla3347 sorry everything is a business including medicine. The reason drugs cost money is because of microeconomics of selling products. The world loves to make profit on things it can't have
@@antoniowebbmd being a doctor AND having your own business is such an interesting aspect and career because u become an entrepreneur in which the product that you sell is ur knowledge and skill of medicine . And if ur good at economics then you can do some very successful things and generate millions of dollars .
@@antoniowebbmd Wow, the clinic I used to work in was shared by 4 Orthos who are part of an even larger medical group. It's mind-blowing that the office overhead can run 100k+ !
That’s crazy. As a criminal defense attorney with an interest in medicine, my overhead was 25% of what Dr. Webb quoted. I’m sure a lot of it is the med mal insurance-damn lawyers.
This is an excellent break down! I think medical school and residency should do more education about these aspects of medicine! Every doctor needs this!
You are so right about the business part of being a doctor. I wish that they would teach that to the students. I do all of the medical administration side of the business. It really cost money to run a business. Without the business part of the doctor the employees will not get paid. The insurance companies are very difficult to deal with. The biller and coder's try to get the doctor's as much money as they can from the insurance companies for the services that they perform. Happy belated birthday Dr. Webb,
Could you interview a doctor that knows the answer to this to explain why would someone want to be an employee when they have to have quotas? Right there, i would think it would make a lot more sense to have your own business. i am curious on the thought process. I am not a business person but i would rather become one than to have "quotas". what i mean it is like a landlord saying " well, i am paying the taxes, the insurance and if the water heater breaks, i will call a repairman". A homeowner can do that! it is better to do that stuff yourself than buying your landlord a house.
Stability in pay, good health/retirement/disability benefits, ability to earn tenure, ability to do research and teach, etc. it comes with being an employee. But, yes be your own boss 💪🏾💪🏾💪🏾
Currently a high school senior and I hope to one day have my own private practice. Is there any tips you would give to me, in terms of type of degree to go for. In order better excel so I can one day replicate this.
I felt my back pop last night with a sharp pain and could hardly move because of pain until it popped again. I was thinking I’d have to call Dr. Webb. 😂
My mom is a therapist. She decided to go into private after being employed by police departments and a jewish community center for a while (probably 20 years total or more). She doesn't make as much cause she still does insurance billing for her clients. Its a lot of expenses like you said yes. Insurance companies are extremely difficult to work with lol.
Thank you so much, Dr. Webber for diving into the business/ financial side of medicine. It is a very important topic that isn't discussed as much with premeds and med students!
Without watching this video, I could tell you because it's more lucrative. You can choose what type of work you want to take on. Medicine is capitalistic.
When you are in Private Practice how do you get set up at hospitals ...I know some physicians will practice at multiple hospitals ......I remember as a kid my grandmother scheduling a surgery and the surgeon asked her what hospital she wanted it done at she had a Choice of 2 or 3 in the area ......can you have multiple affiliations with different hospitals????
I realize that this is a RU-vid video that is intended for a wide audience, but I think that you left out quite a bit of what business owners have to do. It is true that the income ceiling is going to be higher than that of an employee, but there are many tasks that you are responsible for that have nothing to do with treating patients. A business owner has to comply with all regulations involving employee training and HR issues. The owner has to be on top of payroll and filing the appropriate tax forms at the appropriate times. As the owner, you can pay other professionals to do these tasks, but then your overhead goes up. And the only money you have to pay bills is whatever has been paid to the practice. If the insurance company is dragging its feet on paying you, then that's less money that you have to pay the bills and less money that you have to pay yourself. And the owner always gets paid LAST.
Very interesting hearing the options in the US vs what’s common here in Holland. By the way, here in Holland there are not spine surgeons, but spine surgery is covered by orthopaedic surgeons or neurosurgeons, just when they are interested in the area. Pity being black is such a point in the US, it shouldn’t matter if you are black, purple, green or white when running a practice as a doctor….
Hey! I'm a medical student with an undergrad degree in bioengineering. Was wondering if you could talk more about the process of developing a product or idea as a physician. Do you work with another company?
Thank you for this video! Otolaryngologist contemplating on private practice vs academics. Medicine being a business - I think at the end of the day, without the stigma, that is true. Money is an exchange of value. Nothing wrong with that. Of course above all else, we should still do our best to be patient - centered.
Listening and appreciating as a Physical Therapist (not in the US). You mentioned - importantly I might add - that you are "business-savvy" and your personality goes well with private practice. Any advice for someone considering private practice but not seeing myself as "business-savvy", or not having that "business-personality"? Thanks for this great video.
