Albert Schweitzer once said: “Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” Inspired by the pursuit of happiness in our careers, we delve into the transition from associate to owner and explore strategies for success of this critical decision-making process.
ASKING THE RIGHT QUESTIONS EARLY
According to Neel Vaidya, MD, an associate who is becoming a partner at Chicago Cornea Consultants, the decision starts earlier than one would think. “It’s important to understand what it means to become a partner and what that process looks like before you take the job, rather than dealing with it a few years into practice,” he says.
The partner track can begin anywhere between 3-5 years after you sign a contract; this means the next several decades of your career will be spent as a partner. This mindset may alter the way in which trainees approach the job search, Dr. Vaidya says. While factors like location, patient volume, salary and benefits remain important considerations, learning about the partner track prior to accepting a job is critical to setting yourself up for future success.
During the initial conversations, Dr. Vaidya recommends asking the
following questions:
- Is there an outlined partnership track?
- What does the buy-in process look like? How is the value of the practice calculated?
- How is compensation structured for partners?
MAKING THE DECISION
Once you have the information, you can decide whether partnership is something you want to pursue. Being a partner looks different in each private practice, but there are some shared advantages and disadvantages. One of the biggest perks, Dr. Vaidya says, is the opportunity to be a decision-maker. “It’s the decisions that make a business grow, rather than the productivity of any one associate. As a partner, you can shape the practice how you want and share in that success,” he says.
By the same logic, there are risks associated with assuming partnership — primarily financial liability. During a business boom, it is true that partners may take a greater sum of the profit. However, when the business struggles, partners may take home less pay after compensating salaried employees.
It’s okay to be unsure about your interest in partnership — after all, you’re just getting your feet wet as an attending ophthalmologist. In this case, Dr. Vaidya advises transparency. This means asking, “If I decide not to pursue partnership, what does it look like to be an employee at this practice?” He also explains that first contracts are often very different than second or third contracts, even from the same practice. It’s important to know what to expect should you choose to remain an associate.
SAYING YES TO THE PARTNER TRACK
You said yes! Dr. Vaidya recommends the following strategies to ease the transition from associate to owner.
- Set yourself up for success. Negotiate a clause into your contract stating that partnership will be offered at a specific time. Practice owners are not obligated to offer you partnership, so ask for it before accepting a job offer. If you don’t get straightforward answers, maybe it’s not the right job opportunity for you.
- Find a team of trusted advisors. It is important to work with accountants and attorneys who have knowledge of financial statements and contract negotiations. You want to do your due diligence regarding such a sizable and long-term investment.
CONCLUSION
The decision to pursue partnership in a private practice is multifaceted and requires reflection on your career goals. However, partnership is attainable for newly-minted ophthalmologists with the right practice, knowledge and support team. Real World Ophthalmology is prepared to help you navigate this exciting next stage in your career! OM
This column is produced in partnership with Real World Ophthalmology, an educational resource created by Dr. Lisa Nijm helping thousands of young ophthalmologists succeed in early practice. RWO covers new clinical innovations, business topics and areas of professional growth. For more, visit RealWorldOphthalmology.com.
