• 32 percent of residents said they would prefer to be employed by a hospital than any other setting.
• Only 1 percent of residents said they would prefer a solo setting as their first practice.
• One-half of residents (48 percent) said they are unprepared to handle the business side of medicine. Only 9 percent of residents felt they were “very prepared.”
• 56 percent of residents said they received no formal instruction during medical training around medical business issues such as contracts, compensation arrangements and reimbursement methods.
• Residents identified “geographic location,” “personal time” and “lifestyle” as their most important considerations when evaluating a medical practice opportunity.
• Residents identified “availability of free time” as their greatest concern as they consider entering their first medical practice.
• The majority of residents (94 percent) would prefer to practice in communities of 50,000 people or more.
• Only 9 percent of residents said they wanted to practice in communities of 50,000 or less.
• The majority of residents (72 percent) expect to make $176,000 or more in their first practice.
Learn more about Merritt Hawkins’ compensation surveys.
Related Articles on Physician Compensation:
Physicians’ Compensation Higher in Private Practice Than Academic Settings, Study Says
Hospitals’ Primary Care Plans: Best Practices for the Most Important Decisions
When Hospital Employed Physicians Own a Joint Venture ASC: 4 Points From Dr. Thomas Miller of Carilion Clinic
