Considerations of Opening a Medical Practice
Are you considering taking the step to open your own medical practice? This is a big step in your career, and several factors need to be considered. There are an abundant amount of requirements and regulations placed on medical practices, from obtaining a group NPI number, finding office space, hiring the appropriate and needed staff, and so on. This process can easily get overwhelming.
Before taking the leap and making this decision, ask yourself the following:
Why do you want to open your own medical practice?
Is working for a larger organization not the best fit for you? Do you want to set your own hours, determine how many patients you will see in a day, and what your priorities are? Would you like to spend more time with each patient, getting to know them on a more personal level, and building a long-standing relationship with them? Do you want to feel more professionally satisfied?
Then private practice may be the best option for you.
What do you want?
Have you thought through what your vision is for your own medical practice? What your goals and values are, where you see the practice taking you in the next 5, 10, or 15 years? Have you thought about how large you want to be, or what success truly means to you in this setting?
Before jumping into the decision of starting a medical practice, it is important to define what it is you really want. This will help you answer the next question.
Is it worth it to you?
Owning your own medical practice means taking on more responsibilities, ones that you may have not considered before. For instance, just starting out, you may be doing payroll and HR duties for your staff until you are large enough to hire an office manger to work for you.
Owning your own medical practice is also a big investment, not only financially, but of your time. Starting out, you may have to invest much of your time into completing business plans, looking at your finances, or training new employees. You will be the one in charge of determining how many patients or procedures you will need to hit your break even point on your investment, or to start seeing a return on your investment. These tasks may pull you away from spending time with your family and friends.
While it is a large investment, it is an investment that can provide you with much professional and personal satisfaction. Satisfaction knowing that you are able to provide excellent care to your patients, by putting you in control of the practice of medicine.
Once you have answered these questions and want to move forward in deciding to open your own medical practice – Congratulations! No matter your decision, we support and respect the work you are doing to serve your community.
Once this decision has been made, there are a lot of arrangements to be made and a list of things to accomplish before your doors open to new patients. For assistance with this process, check out our Opening a Medical Practice Checklist.
We wish you good luck on your journey, and hope this has been a helpful resource.
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