--- title: 'Types of Orthopedic Practices' type: 'lesson' url: 'https://doc.social/courses/the-business-of-orthopedics/types-of-orthopedic-practices' course: 'The Business of Orthopedics' course_url: 'https://doc.social/courses/the-business-of-orthopedics' position: '1 of 7' author: 'William Kurtz' transcript: 'yes' --- # Types of Orthopedic Practices ## Summary _This lesson is a recording without a written summary._ ## Transcript 516 words · 3 min · automatically transcribed (aws-transcribe) and not checked by a person; it may contain errors, particularly in names, drugs and dosages. The recording is the source. [0:00] So getting started here, we're gonna first talk about academic Practices. If you go work in academic practice, you're really gonna have pretty much an instant reputation. Patients tend to go to academic institutions because of the reputation of that institution. So it's very minimal effort in building your practice in an orthopedic setting, I'm sorry, in an academic setting. Uh, there's a lot of potential for clinical [0:21] Research, a lot of potential for Leadership in orthopedic societies for teaching residents and for collaborating with orthopedic device companies. Um, an academic practice is probably gonna have the least amount of autonomy though. It probably has the lowest financial potential overall unless you, uh, get, uh, an orthopedic device company, uh, contracts and things like that. Uh, ultimately, uh, an orthopedic surgeon is gonna be subsidizing some of the less profitable service lines in that hospital. [0:49] A lot of academic institutions will kind of have a take it or leave it mentality, which basically means that physicians can be replaceable, uh, replaceable, and, uh, they're not gonna cater to individual physicians' needs as much. Hospital-based practice generally has a really good starting salary. Usually, you're going to, uh, have a guaranteed salary for a year or two and then be an RVU-based salary after that. Uh, there's less [1:14] Long-term, uh, financial potential in a hospital-based setting. Uh, it's great potential at the beginning though. Uh, there's usually minimal effort in building your practice with a hospital-based setting because the hospital's gonna own Primary care doctors who will help, they'll help refer their patients to you. You're gonna have great payer contracts with the hospital-based setting, um, and, uh, very little chance for ancillaries and moderate autonomy. [1:39] With a multi-special group, you're gonna be in with a lot of different types of physicians. You may have Primary care docs, you may have, uh, Other surgeons in your group, but they're not all gonna be orthopedic surgeons. Uh, again, there's gonna be a minimal effort at building your practice because hopefully your partners who are the Primary care doctors will refer patients to you. Generally speaking, you'll have pretty good pair contracts cause these are usually fairly large groups. [2:01] There's very little, uh, opportunity for ancillaries in a multi-specialty group, uh, and there's very little autonomy because, uh, the orthopedic service line is often gonna be helping, um, pay for the less profitable service lines. And lastly is the Private practice. Uh, you can be in a small Private practice group or a large Private practice group. This definitely has the highest financial. [2:23] Essential for an orthopedic surgeon. It also has the most effort in trying to build your practice. So you kinda have to be a little bit of a self-starter, you have to go out there and market yourself and you have to, um, do a good job and earn a great reputation, uh, in order to start getting the patients to come to you. There's obviously a lot of ancillary opportunities that we'll go through in a minute, uh, and, uh, it's obviously the most autonomy of any job. ## In this course - [Next: How Orthopedic Surgeons Get Paid](https://doc.social/llms/courses/the-business-of-orthopedics/how-orthopedic-surgeons-get-paid.md) - [All lessons: The Business of Orthopedics](https://doc.social/llms/courses/the-business-of-orthopedics.md)