Practice Settings and Transitions

TMA supports physicians in all stages of their careers and in all practice settings.

Often it is difficult for physicians entering practice for the first time to envision the lifestyle, professional obligations, and challenges around work-family balance in different practice settings. Changes in the health care marketplace also prompt some mid- and late-career physicians to consider exploring other options, like selling their practice to a health system or a private equity firm, particularly if they’re not yet ready to retire.
Practice Settings

Private Practice

Employed

Academic

Rural

Closing or Selling a Practice
Private Practice Settings

Starting a solo practice or joining a private practice brings opportunities for long-term relationships with colleagues and patients, business ownership, and financial investment. It’s important to understand what to expect when choosing private practice. Read the June 2024 issue of Practice Pointers for a list of things to consider.

Pros

Clinical autonomy

Practice design

Control over one's future

Cons:

Business administration responsibilities

Less insulated from economic impacts

Fewer predictable referrals

Resources:

Planning for Independent Practice

Practice Help for Independent Physicians

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Employed Settings

Employment opportunities with a private practice, a health system, or an academic institution each come with their own merits and challenges that should be taken into account. Read the July 2024 issue of Practice Pointers for a list of things to consider.

Pros

Predictable income

No start-up costs

Built in referral network

Cons:

Limited income growth potential

Future tied to organization’s success

Limited input on strategic decision-making

Resources:

7 Things You Must Know Before Signing an Employment Contract

What Financial Questions Should You Be Asking

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Academic Settings

Teaching can be rewarding and carries with it a level of prestige and job satisfaction. But the decreased opportunities for face-to-face patient care can be a drawback. Read the July 2024 issue of Practice Pointers for a list of things to consider.

Pros

Time for research

Teaching opportunities

Flexible clinical responsibilities

Cons:

Limited compensation

Often dependent on grant funding

Resources:

Leadership, Advocacy, and Health Policy Curriculum Toolbox

Med School Mission - How TMA gives academic physicians a voice

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Rural Settings

TMA has championed new medical schools and residency programs in rural and underserved areas and fought to increase funding for medical school loan repayment programs. TMA has long advocated for diverse investments in Texas’ rural physician workforce pipeline, which have paid off with the recent openings of two new medical schools – one in Conroe in 2019 and another in Tyler in 2023.

Pros

Tend to offer larger income guarantees

Greater scope of practice

Cons:

Longer requirement to live in area

Usually not state-of-the-art facilities

Resources:

TMA Advocacy Comment Letters

TMA Urges Rural Workforce Investment

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Closing or Selling a Practice

Every practice is unique. The decision to retire, close, or sell a medical practice always depends on the facts and circumstances of the practice situation. You love what you do, but you know you need a change. Perhaps you need a break from the daily rigors of practicing medicine, or maybe your interests have changed, or you want to spend more time with family. In some cases, the change will come as a result of advice from your accountant or, worse, due to your health. The Texas Medical Association cannot tell you why to change, what to do, or even when to do it. However, there are many things to consider when contemplating retirement or other professional practice changes.

Here are a few things to consider once you decide to make a change.

Notifying patients and staff

Valuation of a medical practice if the practice is to be sold

Legal issues surrounding practice sales

Retention of medical records

Resources:

Practice Change Sample Forms

Selling or Closing a Practice
TMA is helping to strengthen your practice by offering advice and creating a climate of medical success across the state.

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Practice Settings

Private Practice

Employed

Academic

Rural

Closing or Selling a Practice
Learn More with TMA’s Free CME

Use TMA’s CME resources to help you choose the right practice setting, understand how to negotiate contracts, and more.

View Practice Settings Education
Practice Pointers Newsletter

Get TMA’s practice management newsletter, Practice Pointers! From obtaining accurate reimbursement from payers, to ensuring adequate staffing and retention levels, improving patient satisfaction scores, and more, you’ll want to be on the list to receive tips and exclusive content!

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TMA Career Center

The Career Center is a one-stop location to find job opportunities in Texas; connect with top health care employers; get assistance with your CV, and more.

If you’re hiring physicians or medical staff for your organization, TMA has special packages and products available to help you find the perfect candidate.

View Open Positions
Ask the TMA Knowledge Center

Have questions about practice transitions? Call or email the Knowledge Center.

(800) 880-7955

Practice Settings and Transitions

TMA supports physicians in all stages of their careers and in all practice settings.

Practice Settings

Private Practice Settings

Employed Settings

Academic Settings

Rural Settings

Closing or Selling a Practice

TMA is helping to strengthen your practice by offering advice and creating a climate of medical success across the state.

What could a TMA membership mean for you, your practice, and your patients?

Practice Settings

Learn More with TMA’s Free CME

View Practice Settings Education

Practice Pointers Newsletter

TMA Career Center

Ask the TMA Knowledge Center

(800) 880-7955