Only 9 Percent of Physicians Feel Ready for "Business Side" of Medicine

Medical residents are feeling the pull of hospitals and medical groups, as 78 percent of residents said they have been contacted by recruiters more than 51 times during their residency training, according to a survey conducted by Merritt Hawkins.

The 2011 Survey of Final-Year Medical Residents reflects generally positive attitudes toward hospital employment, as 32 percent indicated they would prefer to be employed by a hospital more than any other option. Only one percent of residents said they would prefer a solo setting as their first practice.

Only nine percent of residents said they're prepared for the business side of medicine, and 56 percent of residents said they did not receive any formal instruction on contracts, compensation arrangements and reimbursement models during medical training.

Also, the survey found that 72 percent of residents expect to make at least $176,000 or more in their first practice.

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