What do I do?
Ive been working at a smaller private psychiatry practice for a little over two years now. I started there as a new grad and accepted a pretty low split because I honestly just needed a stable job with benefits. At the time, I didn’t really understand what was standard compensation-wise.
I started on a 30/70 split and after my first year moved to 40/60, where I’ve stayed since. There’s currently no indication that compensation will increase further. The role does include benefits, PTO, paid admin time, and 401k matching, which I know has value especially since so many jobs in this field are 1099. We also have an admin and a biller.
I’m seeing around 50 patients a week on average, my schedule is consistently full, and I’m getting a large number of referrals from existing patients. I’m probably one of the higher-volume providers in the practice at this point. I work hard and honestly feel pretty burned out by how much I’m producing compared to what I’m taking home financially. I’m at the point where I’m working constantly but still feeling financially stuck.
I don’t know whether the right move is to renegotiate compensation, try and find a new job, or slowly build something of my own.
For people who’ve been in this position
- How did you approach the compensation conversation?
- At what point did you realize it was time to leave?
- Is the stability/benefits tradeoff worth it long-term?
- If you started your own practice, what made you finally take the leap?
I would appreciate any insight, I feel like I’m being taken advantage of and it’s disheartening.