Patients require different types of medical attention from doctors. Different practices provide various kinds of medical care. While each method has its advantages, doctors prefer one type over another for a variety of reasons.
Whatever type of medical practice a physician engages in comes with a host of benefits. The most important factor, besides pay, for a physician is the ability to practice in an environment that assures a level of flexibility and control.
For peace of mind, a physician should secure comprehensive malpractice insurance to cover themselves in case the unthinkable happens. For physicians engaged in group and private practices where they have an ownership stake, getting a robust insurance cover helps to spread or mitigate risks. This leaves them to concentrate on the real work of providing treatment and care to patients.
Below are the seven different types of medical practices:
Type #1: Virtual & Online Medical Practices
The internet is arguably the most disruptive technology of the 21st century. It has radically transformed the workplace and redefined professions. Among these professions is medical practice. Imagine a medical practice where there’s no waiting room and no receptionist. Enter the world of online medical practice. If you doubt whether this works, ask Jay Parkinson, the Brooklyn-based doctor who has engaged in online medical practice for more than six years.
This type of medical practice is rapidly gaining traction. It involves a patient visiting a practitioner’s website, checking their calendar to book an appointment and keying in their symptoms. The practitioner receives an alert on their phone or computer and schedules a house call for that patient. They then charge for their services via PayPal or another appropriate online payment method.
Later, the practitioner follows up the patient via IM, Zoom, Skype, or email. If you are a physician and want to spend more time at home with your family, or you are an ambitious young doctor but can’t afford your own practice, online medical practice is perfect for you.
Type #2: Solo & Private Medical Practices
A solo medical practice involves a single doctor who chooses to practice medicine alone. They focus on building their brand. They can either join an association of independent practitioners or work entirely on their own.
Private practices give medical professionals the most control and flexibility. However, they also attract the most work and the highest risk. Since you work alone, you are like to be overworked. Besides, you absorb all the risks.
Type #3: Group Medical Practices
A group practice may involve a handful of doctors or extensive teams of physicians. These professionals spread the work among themselves. They share administrative work, the responsibility of making decisions and also the general risks of operating a practice.
The practice can be a single specialty business for treating a particular type of medical condition or for providing a specific line of treatment. It could also be a group practice that hosts different kinds of physicians qualified in various medical fields. While group practice spread the risk across many doctors, it also means less independence for every practitioner.
Type #4: Locum Tenens
This practice allows a doctor to be hired on a short-term, temporal basis at a specific location. Its structure is highly flexible since a physician can choose their hours of operation and where they want to operate. Locum Tenens positions are usually highly lucrative compared to other types of medical practice.
Type #5: Integrated Delivery Systems
This type of medical practice involves teams of doctors working within a system. It may encompass working in a large hospital or in several clinics. A key advantage of this type of practice is that a physician gets administrative and other forms of support provided by a big hospital. They also have easy access to facilities owned and run by the hospital.
Besides, the peace that comes with a reliable income and a range of other medical benefits, this practice is a massive draw to medical professionals. The downside, however, is that they usually have less flexibility since they have to adhere to the hospital policy.
Type #6: Hospital-Based Practices
This is where a hospital hires a medical doctor as they would any other employer. This type of practice comes with steady pay and plenty of referrals. However, it also means one has to comply with the hospital policy.
One may also be called upon to do committee work on behalf of the hospital. However, they find solace in the fact that the hospital takes care of administration and benefits work.
Type #7: Health Maintenance Organizations (HMOs)
Physicians operating under the HMO umbrella serve patients who are beneficiaries of HMOs or who have a membership to their HMO. They, however, have less independence than those under group practice since they are employees, not partners. This is because HMOs have specific regulations to which every member of the organization must adhere.
However, practicing with an HMO means regular work hours, steady pay, and less administration work. Some HMOs hire doctors as independent contractors instead of hiring them as employees. This provides physicians under this practice with some level of flexibility.