What You Should Consider Before Getting Into Private Practice

December 6th, 2022 | Private Medical Practice

As a physician, you have many decisions to make about how you provide care. You might work for a hospital or run your own private practice. If you’re considering leaving your job to open your own office, there are many things you need to review. The move can be freeing and exhilarating, but it also comes with risks.

Read below to learn what you should consider before getting into private practice and how a private practice consultant can help.

1. Understand Both the Challenges and the Rewards

Like other jobs, operating a private practice comes with challenges and rewards. Many physicians make the mistake of thinking private practice can solve all their problems and fail to see that the work is different, not easier. When you move from a hospital setting, you become responsible for the business side of the practice and have to learn to balance that with your patient care. Once you figure that out, you can enjoy more freedom in your practice, including your work schedule, environment, patient care, and client base.

2. Attend Business Training

Most physicians receive excellent clinician training but not much business training. However, you should be knowledgeable on things like insurance, tax law, and record-keeping to succeed in the business side of your practice. Before getting into private practice, attending business management training courses can be helpful. If you don’t have the time for training courses, there are many books, articles, and seminars that can be helpful to a physician learning about starting their own private practice.

3. Be Prepared To Invest Time and Money

Physicians should be prepared to invest a lot of time and money when starting a private practice. While there’s the initial time investment of starting a private practice from scratch, a physician should expect three to five years of growing before their practice stabilizes. In addition to time, there’s the money investment. Physicians should have a good amount of money saved before moving to private practice. Because it could take six months to a year to get a reliable salary, physicians should be prepared for start-up costs, budgeting, and day-to-day costs. 

4. Create a Good Marketing Plan

Starting your own private practice can take a lot of building and development to make yourself visible to your community. A good marketing plan can put your practice out there for people to see, leading to new patients, referrals, and a reputation within the community. A physician can use various marketing strategies, including social media, billboards, or local papers and magazines. Many physicians may choose to aim their marketing through social media and a website as more and more people spend their time online.

5. Choose a Competitive Location 

Location is key when deciding where to start your private practice. Many patients make physician choices based on proximity to their home or work. As a new private practice, you want to make sure you’re in a location that patients can easily commute to and that there isn’t too much competition already in the area. However, if you have a solid referral base, you may find that patients will commute further to be seen by your practice. 

Consider the Benefits of Private Practice With Rockett Healthcare Strategies

After all these considerations, opening your own private practice can seem daunting, but the reward of having complete control over your practice is often greater! If you have questions about what it takes to get into private practice, Rock at Rockett Healthcare Strategies can help.

Reach out to Rockett Healthcare Strategies with questions regarding your own private practice. Rock will be happy to advise you on starting or building your own practice!

Contact Rockett Healthcare Strategies today for advice on how to move to your own private practice!