Surgery center administrators are relying on today's medical residents to provide the next generation of ASC investors, as older physicians retire and give up their shares in surgery centers. Here are 10 statistics from Merritt Hawkins' 2011 Survey of Final Year Residents, which indicate where medical residents are hoping to practice in the next few years.
• 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.
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Physicians' Compensation Higher in Private Practice Than Academic Settings, Study Says
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When Hospital Employed Physicians Own a Joint Venture ASC: 4 Points From Dr. Thomas Miller of Carilion Clinic
• 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