For residents, there is scattered information about the job search and the transition from being a resident/fellow to an attending physician.
Many residents get their information by word-of-mouth from the residents who graduated ahead of them.
There is some information at specialty meetings. In my specialty, there are lectures on physician contracts given to the residents at the annual specialty meeting.
There is some information on these topics on internet forums such as the White Coat Investor forum or the Physician Side Gigs Facebook group. But this information comes to you in small morsels over time that you collect from reading hundreds of threads.
As a result, many graduating residents search for jobs and transition from residency to medical practice with little knowledge of the business, financial, and personal considerations related to starting their careers. They might take the wrong job, fail to negotiate for higher pay or better benefits, or overspend their signing bonus.
Practical Advice From A Seasoned Surgeon
Dr. Cory Fawcett fills this need for a concise how-to practical guide on residency transition topics in his book, The Doctors Guide To Starting Your Practice Right.
Dr. Fawcett is a part-time general surgeon who finished residency approximately 25 years ago. He was fortunate to land the right position for him, a general surgery private practice partnership in a small-town Oregon. He was able to build his practice and maintain a great work-life balance as a general surgeon. Because of smart financial decisions early in his career, he was able to retire early from medicine. In his encore career, he works as a consultant, speaker, and of course, writer. He runs a self-titled blog and has written three books, with plans to write more.
Starting Your Medical Career In The Right Direction Is Critical
In the early portion of the book, Dr. Fawcett emphasizes the importance of starting your medical career on the right trajectory. He uses the analogy of an airplane taking off. Flying just a few degrees adrift from your destination may not seem like a big deal in the short-run, but over time, this miscalculation will eventually lead you far away from your destination.
Getting the job search right the first time is critical because the hidden costs of switching jobs can be significant. With that in mind, he discusses the pros and cons of academics vs. private practice, employed vs. partnership-track, and big city vs. small town positions.
Once you’ve defined what your dream job looks like, Dr. Fawcett discusses how to find that dream job, and outlines things to be looking for at the interview. He discusses the many components of a contract and emphasizes how critical it is to negotiate as much of you can during that short time frame between the initial offer letter and contract signing. It is much easier to negotiate improvements to your job as a candidate than as a partner or employee.
He then discusses the various things to be thinking about between signing the contract and your first day on the job, including licensing and malpractice insurance. He discusses the importance of purchasing life and disability insurance for physicians in most situations.
From Getting The Job To Building Your Ideal Career and Life
The second half of the book focuses on building your optimal practice and life from day 1. He gives practical advice on how to increase referrals from other physicians and managing hospital obligations such as committee memberships. He gives financial advice such as not inflating your lifestyle too quickly and initially renting instead of buying your first home out of residency.
As debt is a huge portion of many graduating residents’ financial lives, he devotes a chapter to managing debt, although he’s written a whole book on this topic. He also has a short chapter on retirement and college planning.
Throughout the book, he highlights the theoretical actions of two hypothetical physicians, Dr. Rolex (who seems to make all of the wrong decisions) and Dr. Timex (who seems to make all of the right decisions).
Conclusion
This book is perfect for the senior resident who is beginning their job search. In a single, short text that can be read in just a few hours, you get practical advice from a physician who has a lifetime of experience and anecdotes of how job selection and early career actions can positively or adversely affect a physician’s career, finances, and overall happiness.
The book is certainly influenced by the author’s personal career choices (he definitely makes partnership-track private practice in a small town seem like the best option). But it is precisely this point-of-view that new residents need to hear, as most residents are generally biased towards employed positions in big cities. Even if they eventually choose a big-city employed position, it is important to be aware of the pros and cons of alternative employment arrangements.
Much of the personal finance advice in the second half of the book is likely familiar to readers of physician personal finance blogs, but it is always helpful to hear them again from another source.
In short, I strongly recommend this book to graduating residents. It is full of practical advice that residents need to make thoughtful decisions during their job search and starting their medical career in the right direction.
What do you think? Have you read The Doctors Guide To Starting Your Practice Right or any of Dr. Fawcett’s other books?
Thanks, Wall Street Physician, for your kind words. My hope is that all young doctors will find the career of their dreams. Make it easier by taking a few hours on a Saturday to read this and get started on the right path early.
Best of luck to you all,
Dr. Cory S. Fawcett
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I wish this had been available to me as I finished residency.
I was very naive about financial matters when I took my first job 30 years ago. I knew even less than the average resident because I did my neurology training and fellowship at the Montreal Neurological Institute, so had little exposure to private practice considerations. I chose my first job on the basis of the “feeling” I got from the partners, who were all excellent and compassionate physicians. As a brand-new full-time neurologist, my focus was on developing clinical skills. I eventually became a partner, and it was only then that I realized that my partners’ business acumen was poor, really, really poor. My road to FIRE would be a lot shorter had I been in a group back then with some business smarts! I suspect that such experiences are not uncommon. Hopefully, Dr. Fawcett’s book will make them less frequent!
A great resource from a valuable mentor – no one will ever care about your business like you do, so best to start at the outset.
West coast president of the Cory Fawcett fan club,
CD
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