As you consider launching your dermatology career, flying solo maybe isn’t your speed. You may find yourself leaning toward joining a group dermatology practice instead. A private group dermatology practice is co-owned by the physicians who manage it. As a physician yourself, the possibility of eventually co-owning a practice definitely exists for you in the future. While there are benefits to joining one now, there may also be some potential drawbacks. If you think a group dermatology practice may be in your future, read on.
With a group dermatology practice, physicians have the benefit of risk and cost sharing while receiving a percentage of earnings. Co-owners share resources and knowledge, and they typically need less business-savvy than an owner of a solo practice does. Another advantage is the benefit of learning the ropes under the group’s tutelage. This is something you would likely miss out on if you were you to join a large corporate practice or start a solo practice of your own. However, you’ll be more likely to experience burnout earlier than you would at a solo practice, since you won’t be creating your own schedule and would have less input into how the practice is run. If you’re a control freak, a group dermatology practice may not be the best option for you.
In the group practice setting, there may be excellent peer-to-peer collaboration which also benefits the patients who want a “one-stop shop.” Although there may be fewer management resources and systemic processes available to you, especially compared to large corporate practices, the individual compensation in a group dermatology practice is usually substantial, and the ownership opportunities may be a major benefit. As an added bonus, you’ll have built-in referrals because you will be sharing them with your colleagues.
A group dermatology practice also provides the opportunity for individuals who seek a social work environment. The group dynamic provides physicians with social interaction, camaraderie, and information sharing. This typically fosters growth within the group. The group practice setting also creates a foundation for collective decision-making for the co-owners. This would be a good option if you are less confident in your business skills.
Overall, joining a group dermatology practice would be beneficial for new dermatologists who are looking for an environment where they can “learn the ropes” through peer-to-peer collaboration, enjoy a social work environment, and share referrals. As you mature in your career, this type of practice may be a great way to grow your business opportunities if you are comfortable sharing risk, cost, and business decision-making responsibilities. If you enjoy working independently, prefer to be in control, and are comfortable in your business knowledge and decision-making ability, a solo dermatology practice may be a better fit for you.
