Five reasons to consider becoming a partner in a practice

By Michael Jerkins, MD, M.Ed, Panacea Financial

Imagine having the power to shape the future of your medical practice, influence patient care, and reap increased financial rewards. Becoming a partner in a practice offers these benefits and more. Here are five reasons to consider becoming a partner.

1. Decision-Making
One of the significant benefits of being a partner is having a role in shared decision-making. Instead of working under someone else’s directives, partners enjoy the autonomy to influence the practice's direction. 

Partnerships create a collaborative environment where all physicians have a say in important matters, such as staff hiring, new technology implementation, and creating practice policies. This shared decision-making boosts professional satisfaction and ensures that the practice reflects the collective vision of all partners.

2. Financial Security and Growth
Partnership in a practice provides opportunities for increased financial stability and growth. As a partner, you receive a share of the practice’s profits, which can be substantial depending on the practice's success. 

Additionally, investing in the practice allows partners to benefit from long-term financial gains as the practice grows. This financial security opens doors to further personal and professional opportunities that may be harder to achieve as an employed doctor.

3. Building a Reputation and Patient Loyalty
Being a partner enables physicians to build their reputations and foster patient loyalty. As a partner, you can develop lasting relationships with patients, offering continuity of care and personalized attention while building trust.

By providing exceptional care and forming strong patient bonds, partners can enhance their professional reputation and establish themselves as trusted healthcare providers in their community.

4. Flexibility and Work-Life Balance
Becoming a partner offers the potential for greater flexibility and work-life balance. While starting a practice demands hard work and dedication, established partnerships offer the freedom to create a schedule that fits individual needs. 

Partners have more control over their time, enabling them to balance professional duties with personal commitments. This flexibility contributes to overall job satisfaction, promotes well-being, and reduces burnout.

5. Professional Development and Continued Learning
Partners can take advantage of professional development and continuous learning opportunities. Collaborating with other doctors who share a common goal of delivering high-quality care can lead to knowledge exchange and mentorship opportunities. 

Partnerships also provide access to diverse cases and specialization options, allowing doctors to broaden their clinical expertise. Ongoing professional development enhances job satisfaction and ensures partners stay current with medical advancements, enabling them to provide the best care to their patients.

Pursuing Partnership
Becoming a partner in a medical practice offers a multitude of benefits and rewards. It is essential to evaluate the specific opportunities and challenges of each partnership before making a commitment. The role of a partner is just one pathway to both personal and professional success.

If finances are a roadblock to partnership, FMA preferred vendor Panacea Financial is here to help with partner buy-in loans. Learn about FMA-exclusive discounts.