Solo Practice

As the name implies, a solo practice has only one physician who maintains responsibility for all aspects of the practice. These responsibilities are in addition to the physician's primary duty of providing medical care. All the [Page 513]income and liabilities attributable to the practice are retained and controlled by the practitioner. Data from the American Medical Association's Socioeconomic Monitoring System surveys indicate that the percentage of solo practitioners decreased from more than 40% in 1983 to less than 25% in 1997. Solo practitioners generally earn less than their counterparts in group practice.

Probably the most desirable feature of a solo practice is that the physician has total control over all practice decisions. When compared with small group practices with several physicians who produce income and share expenses, the overhead of the solo physician is higher and there is more financial risk. Because the practice income is totally dependent on the solo practitioner's work, any disruption caused by factors such as illness, travel, unfortunate business decisions, or bad economic conditions could cause large variances in funds available to pay expenses or distribute as income.

The lifestyle of a solo practitioner basically depends on the type of practice and predetermined goals with regard to income and free time, but in most cases the solo practitioner must spend more time working than do counterparts in group practice. The workload can be decreased by sharing night call and vacation coverage with other physicians in the area. In many cases administrative assistance can be obtained from local management service organizations or professional consultants.