Partnership

[Brewerzzz007]

Can someone explain what "partnership" means, and different ways to approach the topic/discussion for a pain doc a few years out who wants to bring it up with her boss (solo owner). Assume you're on a collections model.

How do you transition to partnership (both with and without an ASC)- and how does that really play out realistically. Is it better to be partners in the practice or the practice and ASC or just the ASC?

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[Agast]

If your boss hired you without a pathway to partnership, he does not intend to make you one. However when he is retiring he will try to trick you into buying the practice, even though it sounds like he doesn’t have actual assets to transfer.

Partnership usually requires some sort of $$ buy-in, and once you are partner you split overhead more equitably. However that also means co-managing the clinic and having equal decision-making power. Solo docs who hire young bucks have more difficulty accepting this than multi physician pain groups.

ASC ownership is sometimes only offered to people who make partner. This is another form of control, to make sure the product is not diluted to undesirable and people who are not “team players.”

 

[Ducttape]

if your boss did not discuss or offer this when you signed up, your boss has no interest in giving up control and money in his business. ie he has no interest in a partner, only an employee.

time to look at what you have, and if you do not have ASC shares now, its time to consider leaving.

 

[drusso]

If your boss hired you without a pathway to partnership, he does not intend to make you one. However when he is retiring he will try to trick you into buying the practice, even though it sounds like he doesn’t have actual assets to transfer.

Partnership usually requires some sort of $$ buy-in, and once you are partner you split overhead more equitably. However that also means co-managing the clinic and having equal decision-making power. Solo docs who hire young bucks have more difficulty accepting this than multi physician pain groups.

ASC ownership is sometimes only offered to people who make partner. This is another form of control, to make sure the product is not diluted to undesirable and people who are not “team players.”

There is no straightforward pathway to partnership. You earn your place by demonstrating your value and making yourself indispensable. This requires a strong sense of determination and commitment.

Being a partner (in a medical practice, law or accounting firm) means you have equity in the business, skin in the game for its success and failure, and ultimate financial accountability. You make rain.

It means you don't just sign the back of your paycheck; you sign the front, too. It means independence and autonomy. It means you don't just get to call a ball and strike, but you get to write the rules, too.

It's a 5-9 commitment. It's the way our grandparents practiced medicine and once you get a taste for it you'll never, ever want to be a W-2 employee again.