PracticeLink Magazine

FALL 2018

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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Page 49 of 91

50 F A ll 2018 Practice l features p artnership paths Granted, the interest in joining an independent private practice with a path toward ownership isn't what it used to be. Still, there are opportunities for physicians with an entrepreneurial spirit. Solidify these offerings before taking the deal. Finances. Whatever practice structure, if your deal includes a potential proprietorship of any sort, you should be focused from the get-go on what that really means financially. How will your deal be structured? What will your investment actually buy? Impact. In a similar vein, how much clout will you actually have? You may be a shareholder, but if your stake is relatively small, your influence will be equally small. Structure. Make sure that you understand the steps, timeline and payment options for securing your slice of the business. Ditto on overhead that you'll have to split with others. Assets. Likewise, whatever your investment, make sure the assets — e.g. the equipment, real estate and ancillary services — have real value. Exit plan. Finally, how would you unravel the deal if you're miserable or just want new scenery? How do you liquidate the shares? Such questions not only will help you mitigate your risk, but also determine if it's a good opportunity for your career. As a private-academic hybrid practice, Pulmonary Associates of Corpus Christi, Texas, offers its nine pulmonary/critical care specialists "the best of both worlds," says founder Salim Surani, M.D. They're able to provide clinical services and ICU coverage for various hospitals while teaching residents and fellows. Compensation is based on direct patient care with an academic stipend. There's also a partnership opportunity in the wings for a zero dollar buy-in if a doctor likes the guarantee portion structure the group usually offers. If that isn't enough to draw interest, the partners sweeten the deal with other benefits such as no non-compete clause and a rotating night call schedule that has each doctor covering one week with the next nine weeks off. "Our feeling is that if you want to attract good people then you have to give something better than anyone else," Surani says. "Otherwise why would they want to come in?" Although the objective is to keep providers, he agrees that if a buy-in is in your future, you want to know the amount and entry point of your investment as well as the exit clause. "You never want to go into something when you don't have a clear-cut exit planned," says Surani. "Otherwise you're going to be stuck in that practice — and there's nothing worse than not enjoying what you're doing." It takes more than compensation to make a physician happy in a new job. "Our feeling is that if you want to attract good people then you have to give something better than anyone else," says s alim s urani, m .D. See this issue's physicians in exclusive video interviews at PHOTO BY Dustin Baker

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