What are the pros and cons of being a doctor and having your own practice as opposed to working in a hospital

Question

Is it better to just work strictly for a hospital or is it better to have your own practice and work for the hospital also

Answer 1

Malpractice insurance is very expensive for a doctor that is in private practice. If you are in a clinic type setting like a hospital, they usually pay for it.

Answer 2

This really depends on your specialty.  In general, though, hospital-employed physicians are salaried (+/- incentive bonuses) so have a more secure income but perhaps less upside income potential.  Private practice physicians have to work harder to develop a practice but there may be greater income potential.  In the end it may be a question of a risk / reward balance.  

Answer 3

Could you click on "Add Details" at the bottom of the question, and let us know where you are?  Not everyone on Yahoo!Answers is in the US, so you could end up with answers that apply somewhere in the world other than where you plan to live and practice medicine.

In the US, many hospitals are now employing physicians; this is called a "hospitalist."  These doctors oversee all the patients in the hospital, monitoring all medical care and working with the patients' primary physicians to assure that the prescribed medications and treatments are carried out.  For some people, being a hospitalist is a better fit for their personality than seeing patients in an office setting and running their own practice.  In a single or group practice, the doctors have the added chores of employees, paperwork, insurance hassles  .... there's a lot that goes on in the business end of a medical practice, and the doctors who own the practice really do need to understand the business side and be involved with it.

There are a good number of doctors and nurses and medical practice administrators who answer questions here.  I'm sure one of them will be glad to give you a detailed answer on how private practice compares with being a hospitalist.