Three types of Medical Practice: Group, Partnership, and Sole Proprietorship
The majority of physician practices are group practice for a variety of reasons. In a group
practice, physicians share patient duties and the physical office space. This is the second most
popular form of practice. It’s considered as three or more physicians, who provide medical
care, jointly using the same facility, personnel and dividing the income as agreed. Typically
there is a greater financial security than with the solo practices. The pay includes salary and
bonus pay. In addition, the hours in a group practice are more flexible because there are other
doctors that are available to cover for each other. However, there are some negative aspects to
a group practice, such as loss of independence, renovating, hiring and firing personnel, relocating, and expanding facilities for consensus requirement. With most issues, there are both positive and negative sides to being a member of a group practice. If you are considering it, you need to be cautious and evaluate the nature of the practice to determine if you would be compatible with the group members.
However, the rewards of being a member of a successful group practice can readily
outweigh its disadvantages. One great advantage of a group medical practice is the group
members’ ability to share the burden of being “on call” to cover patients during non business
hours, such as nights, major holidays. Careful inquiry should be made at the outset of a
physician’s affiliation with a group, however, to determine the group’s particular call-coverage
practices, and the extent to which call-coverage responsibility will fall on the particular
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...(SSI) of a former proprietor can’t be used by a new business owner.
The owner reports business gain or losses on his or her personal income tax return. A sole proprietor is taxed on all assets from the business at appropriate personal tax rates. The corporation income, and acceptable expenses, is reflected on the person’s tax return. All corporation income is taxed to the owner in the year the business acquire it, whether or not the owner take away the money from the business. No disconnect federal income tax return is acquired of the sole proprietor.
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