VIDEO: Bert offers financial tips for private practice vs. employed physicians
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Key takeaways:
- Work toward ancillary service ownership to ensure financial success as a private practitioner.
- Employed physicians should collect data on their value when entering salary negotiations.
WAILEA, Hawaii — At Orthopedics Today Hawaii, Jack M. Bert, MD, discussed several paths to success for private practice and employed orthopedic physicians.
“You have to have ancillary service ownership if you want to be successful [in private practice],” he said. “That is the best way to ensure that you will be financially successful,” he added.
Bert also offered tips for employed physicians to demonstrate their value to their employer.
“You are producing five to six times your salary for the employed institution. You must make them aware of that,” he said. “It’s critical when you’re undergoing a contract negotiation or renegotiation that the hospital system or the employed entity knows of your value, so don’t be afraid to try collect as much data as possible,” Bert added.
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Bert JM. Can you be successful as a private practice orthopedic surgeon? Presented at: Orthopedics Today Hawaii; Jan. 7-11, 2024; Wailea, Hawaii.
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