“As a group,” he remembers, “it was hard for us to address what would happen if one of us became disabled, died, or couldn’t practice medicine any more — what do we do with a buyout?” So the physicians split.
Pavluk partnered once again, but it was difficult sharing veto rights. So he went solo and was relatively happy until Nochomovitz came along with a proposal to partner with his unique network. Pavluk signed on and now enjoys greater security. He also has some say, presiding over budget issues and other administrative tasks for his multispecialty cluster of 12 physicians. His decision to go big, really big, was worthwhile for him.
The bottom line
Ultimately, each doctor has a mission, says Hertz. Recognize what’s best for your practice and whether partnering is the answer for you. Core values such as family time, patient care, business decisions, and earning potential all come into play. Weigh the issues carefully and write them all down. Proceed with a little caution, a good sense of humor, and plenty of optimism; you’ll probably need it.
You may also need some time to get it right. Conti admits to making several mistakes in striving for the ideal partnership, where collegiality thrives and he has enough time to spend with his wife and son. He assists new doctors entering into limited partnerships and gives salaried doctors quarterly bonuses based on production, while holding onto his leadership position. “I want everyone to be happy,” he says.
Jacqueline M. Duda is a freelance writer in Monrovia, Md. She can be reached via editor@physicianspractice.com.
This article originally appeared in the January 2008 issue of Physicians Practice.
