Countdown to Practice
I’m Finishing Residency — Now What?
Congratulations! You have almost completed your residency training. The next few months will be busy with the conclusion of residency requirements, job searching, and preparation for the next stage of your career. LAFP has several resources available to help you make this transition.
Every journey will be different, and below you will find helpful resources on licensing, board certification, work-life integration, and more. Although the timeline for preparing for your transition into the workforce will vary by practice setting and job position, here is a general guideline of the steps you will take in the coming months.
6 Months from Completion of Residency
Taking the leap into medical practice after decades of school and training can be both exciting and daunting. For years, you have focused on learning, achieving and surviving all of the rigors and requirements laid out before you. Now you have arrived at the fork in the road, and it is time to make big decisions about the next stage of your journey — where and how you will establish your practice.
As with any major choice or life change, it is best to step back, breathe, reflect and take the time to determine what you want for your future and then thoroughly evaluate your options. Entering a rapidly evolving health care marketplace can be overwhelming, but it is possible to build a successful, sustainable and rewarding practice if you take control and develop your own personal action plan.
1. Plan ahead. Steps for Transitioning to Practice |
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This involves quite a bit of self-reflection throughout your residency, and the earlier you can start narrowing your focus and working on your career plan, the better. Do your homework. What are your specific values, goals and vision for your future? What steps do you need to take to get there and how long will it take? Set yourself up to soar after residency with member-exclusive resources and education designed around career and practice needs in six of the areas that matter most right now. Want to track your progress? Members can download a checklist version all of these steps and resources. Resources |
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2. Set salary and career expectations |
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3. Find the right type of practice structure. |
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Determine the type of setting you prefer. Academic or community? Employed or private practice? Large group or small group? There are advantages and disadvantages to each choice, depending on your specific goals. The choice between employed and private practice can be an especially difficult one to navigate. Either way, be sure to go in with eyes wide open. An employed environment typically means a set salary, but be aware of the length and terms of that agreement, including productivity expectations and accountability to quality metrics. Working as an employed physician usually carries fewer administrative responsibilities but also means less autonomy. By contrast, a private practice career typically offers more control, autonomy and flexibility, but it also brings greater financial risk (no guaranteed income) and administrative burdens along with increased personal responsibility to build your own practice. Resources |
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4. Find a mentor. |
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If you haven’t already, identify a mentor or two. Especially in this day of electronic communication, developing real relationships where you meet in person and have meaningful, open and honest conversations can prove invaluable. Good mentors can help you set and achieve goals, hold you accountable, provide feedback and also serve as a sounding board when you encounter difficult challenges and choices. Don’t be afraid to ask direct, specific questions and seek their input and guidance, especially before making major decisions. Allow them to provide practical insight based on their experiences and to help you troubleshoot issues you encounter before you take action. You can also pursue shadowing opportunities to gain additional experience and insight. Listen, observe and be willing to continue to learn. |
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5. Study up on practice management. |
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| You’ve spent years refining your clinical knowledge and skills. Be sure you also understand and stay current on the evolving business side of practicing medicine, including financial management, coding, alternative payment systems and performance metrics. Again, professional associations can serve as a great resource for timely information and updates. There are also a number of online resources, especially through the Medical Group Management Association. Once you begin your medical practice, surround yourself with experts in these fields, and if you have the authority and they are on your staff, invest in their ongoing professional education and development. | |
6. Choose an Attorney. |
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Choosing the right attorney can safeguard your career, protect your practice, and support your long-term goals. Take the time to assess your needs, interview multiple attorneys, and prioritize those with healthcare-specific expertise. A good attorney is more than a legal advisor—they’re a vital partner in your professional journey. Resources |