Transitioning from residency to practice can be challenging for young physicians. That is due, in part, to the fact that young doctors have so many important decisions to make.
Where should you work?
How will you balance your career with your personal life?
How should you spend, invest, and protect your new income?
Decisions made early in your career can affect the trajectory of your life for years to come. Fortunately, there are some things you can start thinking about while you’re still in residency that will help you transition to practice in a smart, successful way.
From finding your first job in medicine to figuring out your work life balance, here are five ways to make the transition to becoming a physician easier.
1. Join a Professional Society
Professional societies offer valuable resources for new doctors. Joining a society in your specialty is an excellent way to network with colleagues, learn about the challenges other physicians face, and stay abreast of advancements and new technologies in your field.
Professional societies hold conferences and events on a regular basis. Attending even one or two a year is a great way to connect with peers, forge relationships with more experienced physicians, and access new job opportunities that may help you advance your career.
2. Seek Advice From More Experienced Physicians
Physicians with more experience are a great source of information. They can provide valuable insight into what it’s like to work in different practice settings and guide you through career path choices that will help you reach your professional goals.
Don’t just lean on the advice of physicians that have decades of experience under their belt. Connect with newer physicians that are just five or six years ahead of you as well.
Newer doctors are sometimes more knowledgeable about the current job market than those that have been in private practice for years. They’re also more likely to have a solid understanding of the unique challenges that young physicians face today.
3. Consider All of Your Options
One of the most important decisions you’ll have to make at the start of your career is where to practice. Consider all of your options before settling on one.
Evaluate different practice settings, including hospital settings, group practices, and academic opportunities. You might even consider working in temporary locum tenens positions in various practice settings to obtain first-hand knowledge of which setting is best for you.
Physicians are in demand, which means you have options.
Before settling on a full-time job with a multi-year contract, think about how that position will align with all other aspects of your life, including where you’ll live and how that might affect your relationships with family and friends.
4. Think About Your Work-Life Balance
Early in your career, you’re likely to feel pressure to accept the highest paying position you can find, especially if you have a large amount of student loan debt to pay off. But it’s important to remember to prioritize your personal life as well.
Think about the work-life balance you need to be successful in your career and be happy outside of work. Whether that includes making time to start a family or having free time to travel the world, you’ll need to determine for yourself how you want to balance your professional goals with your personal ones.
5. Understand Your Financial Obligations
Going from a resident’s salary to a physician’s salary is a huge leap, but with it comes more financial obligations. To protect your finances throughout your entire career, you’ll need the following two types of insurance policies:
- Long-term disability insurance
- Medical malpractice insurance
You need long-term disability insurance in case you ever develop a medical condition and cannot work for an extended period of time. With a disability insurance policy in place, you can continue to collect a portion of your income even if an illness or injury prevents you from working.
Medical malpractice insurance protects your finances as well. Without it, you could be solely on the hook for paying millions of dollars in damages to patients, plus the legal fees required to settle the claim or litigate it in court. See this article from Physicians Thrive to learn more about the cost of malpractice insurance.
In Conclusion
As you transition to becoming a physician, it’s common to face challenges both inside and outside the workplace. To make it easier, lean on the expertise of more experienced physicians. Consider the various job opportunities that exist. Establish the work-life balance you need. Build your network and keep your finances in order.
By learning to do these five things, transitioning to practice can be easier than you may think.
