Deciding whether or not you want to own your own private medical practice is a big decision and it’s important to be prepared.
There are many advantages of owning your own medical practice.
There are also a lot of factors to consider as you decide what the best move is for your career.
After all, you want to make sure you’re going to be able to grow your career while also feeling confident and satisfied with your decision.
So, what questions should you ask yourself before you start your own private practice?
Let’s find out.
Do You Want To Be Able to Choose Where You Work?
When you own your own medical practice, you can decide where to start it.
Do you want to be close to your extended family?
Want a better commute?
Or do you know of an underserved area that might benefit from your presence?
There’s lots of flexibility when starting your own practice.
When you’re looking at an area to start your practice in, there’s a lot to consider.
- What other healthcare providers are in the area
- What the demand for your specialization is like
- Whether your demographic is in the area
- How accessible your potential location is
- How visible your location is
- Parking and metro options
- And more
RELATED: How To Choose Your Clinic Location
Being able to choose where you work gives you an enormous amount of freedom and a greater work life balance as a healthcare provider.
Why do you think so many remote workers are reluctant to return to their big, soulless corporate offices?
When you get to choose where you work, you can build your lifestyle around your location.
Do You Want To Be Able To Grow Professionally?
As a physician in a hospital or large practice, it can be easy to feel overworked and burnt out.
There’s lots of demand for you to meet and there are so many other physicians working at the same time that it can be hard to stand out and achieve professional growth.
When you own your own practice, it’s all about your own growth.
This gives you the opportunity to know and appreciate all your colleagues and patients more.
It feels much more human.
Beyond that, it gives you greater opportunities to expand your practice and your professional capacity.
Want to explore a new treatment angle?
Want to pursue additional training?
Want to work with a new population you didn’t before?
There’s nobody stopping you, no HR department to justify yourself to.
You can just do it.
Do You Want Full Control Over Your Career?
Owning your own practice gives you control over your employees, the patients you take, and how you practice healthcare.
Having your own practice also lets you work in areas that interest you and you can use your management skills to guide your practice towards those areas.
But that’s not all.
Owning your own practice can give you more control over your income than working for a big company.
Doctors in a private setting get a bigger percentage of their practice’s gross income than a doctor that works for a company or group.
And that makes sense – after all, you’re in control.
You’re in control of the private practice digital marketing strategy that brings you new patients.
You’re in charge of how much your staff gets paid and what expenses you have.
And you get to keep the lion’s share of the profits.
Do You Want Greater Job Security?
You might think that owning your own practice sounds like less job security, but the truth is that a corporate healthcare job doesn’t guarantee you job security either.
With your own practice, you can build your own reputation to grow your patient roster.
Your job security doesn’t come from the hope you won’t be laid off by a big corporation, but from patients who trust you and will continue to come see you.
When you have your own practice, you don’t have to answer to anybody but yourself.
RELATED: Want Job Security As A Healthcare Provider? Start Your Own Private Practice
Are You Ready To Provide The Highest Quality Healthcare Experience?
There are a lot of ways employers can measure the quality of your work as a healthcare professional.
They might look at the number of billable hours you work, for example.
But when you own your own practice, you can choose how you measure the quality of the healthcare you provide to make sure it truly is the best experience for your patients.
Plus, you’re able to spend more time with your patients, create real connections, and even bring in innovative treatments that you may not have been able to in a corporate setting.
The point is – you get to decide what creates quality healthcare for your patients and follow through with that in a way that works for you, not for a big corporation.
RELATED: How To Improve Quality Of Healthcare In Your Private Practice
Do You Want Greater Career Satisfaction?
There may be lots of pros and cons to owning a private practice, but physicians who successfully transition into private practice often think it was the best decision they ever made.
As a private practice owner, you get to control your practice and the decisions it makes.
This means that you can be proud of the business you’ve created, knowing that it’s yours.
Plus, you get to directly contribute to the economic and social development of the area your practice is located in.
Maybe most importantly, you can find satisfaction in creating your own practice that’s in line with your ethics and internal needs, rather than simply having to follow the rules of a hospital or medical corporation.
RELATED: Who Has More Career Satisfaction: Employed Doctors Or Doctors Who Own Their Own Private Practice?
Questions? Ask Symbiosis!
Starting your own medical practice can seem daunting, but it doesn’t have to be.
At Symbiosis, we provide structure through a medical coworking space so you can spend less time worried about the small details and more time focused on your patients.
Symbiosis takes most of the hassle out of starting your own private practice, so you can get to profitability much more quickly.
Book an appointment with Symbiosis today to find out how you can get started.
1331 H St NW Ste 200,
Washington, DC 20005
Our Practice In A Box solutions take all the headaches out of opening and scaling your own private practice. We provide the clinic medical coworking space, operations, management, and more. Do what you do best – practice medicine – and leave the rest to us. From start to finish, we make sure your business is ready and thriving. This is what makes Symbiosis the smarter choice.