Have you recently finished your residency and are eager to make your mark in the field of orthopedics?
Or perhaps you’re an established orthopedic doctor who’s tired of having to answer to a bunch of corporate higher ups who haven’t spent a single day in medical school?
If either of these scenarios sound like you, it might be time to consider starting your own private practice.
Opening your own orthopedics clinic can feel overwhelming, but it’s not as difficult as you think.
Here at Symbiosis, a medical coworking space in Washington DC, we’re here to make the transition from medical employee to private practice owner as simple as possible.
That’s why we’ve put together this article to help explain the steps to take if you want to start your own orthopedics practice.
Keep reading to find out more.
Why Start An Orthopedics Private Practice?
Newly graduated orthopedic practitioners must decide on the career pathway that they want to pursue.
Some of the most common workplaces for orthopedic practitioners include:
- Academic institutions
- Private practice
Each of these career pathways come with their share of benefits.
For instance, working in an academic institution may be appealing for those with a passion for research; however, it typically pays less than working in your own private practice.
Starting your own orthopedic private practice provides a multitude of benefits, including:
- Having control over your work life balance and avoid healthcare burnout
- Choosing where your clinic is located
- Choosing your area of clinical focus
- Choosing how to market your private healthcare practice
- Being able to decide who to work with
- And much more
Many new residency graduates tend to opt for a corporate healthcare job in a larger group practice or hospital setting, since at first it may seem to offer greater job security and a better opportunity to pay off student loans.
Plus it’s likely that you spent your internship and residency in a hospital setting anyway, so it seems like a natural progression.
Besides, starting your own private practice involves huge expenses, right?
Not if you open a private practice in a medical coworking space.
Ultimately, opening your own private practice gives you freedom to manage your own patients, thereby giving you more pride and satisfaction in your career.
And opening your private orthopedics practice in a medical coworking space can help you reduce the costs involved with starting a private practice the traditional way.
But before we get too much further into that, let’s take a look at how to open an orthopedics practice.
5 Things You Need To Start An Orthopedics Private Practice
Below, we’ve listed some things that you’ll need before starting your own private practice.
Some of these are true of opening other types of private practices as well, like opening your own physical therapy private practice or opening your own pediatrics practice.
And of course, some of them are different.
Let’s take a look.
1. A Clinic Location
Choosing a clinic location may seem trivial, but it’s one of the most important aspects of starting your own private practice.
The location of your new private practice can either make or break your business.
Think about researching information about a location before deciding on it.
For instance, it’s important to understand the demographic information of an area before starting a private practice in it.
The location may not be suitable if the market has already been saturated with other orthopedic practitioners.
Additionally, you might consider choosing a location that is close to other practitioners you can network with.
Make sure your location is easy to get to – not just with lots of parking, but through public transit.
As well, due to the nature of orthopedics, you might have a number of patients who have trouble with mobility, so make sure your building is accessible to people who use mobility aids.
Creating a solid financial plan is vital for the success of your private practice.
It’s important not to underestimate the initial cost required.
For instance, you’ll have to budget for purchasing or renting medical equipment and insurance.
In addition to the start up costs, it’s also important to budget for any unexpected costs.
Luckily, there are a multitude of loan options available when starting your own private practice.
Many financial lenders view physicians as “sure bets” since medical practices are generally financially successful.
However, if you carry a lot of student loan debt, that can work against you.
Take a close look at all your lending options before deciding on a lender to ensure you’re getting the best bang for your buck.
3. The Necessary Equipment
Research is also helpful for deciding on the types of medical equipment to purchase.
Your research should account for the initial price of the equipment as well as any additional costs associated with the financing and training for the equipment.
Additionally, purchasing insurance for the equipment can also be beneficial should any break or malfunction occur.
It’s also important to prioritize.
Sure, that fancy new machine might be interesting, but is it the most important purchase to make early in your practice, or can it wait until you’re more established?
4. Reliable And Capable Support Staff
Hiring a reliable and capable support staff can ensure that your practice runs smoothly and efficiently.
This can include front desk staff, nurses, an accountant, legal support, and more.
Having a strong team of employees can help make you feel supported and taken care of in your private practice.
5. A Steady Stream Of Patients
Finally, your new private practice will of course need a steady stream of patients.
There are many different options for attracting new patients to your private orthopedics practice, including:
- Networking with other healthcare providers
- Private practice website design
- Getting Google reviews for your private practice
- Private practice SEO
- Social media marketing
- And more
How The Medical Coworking Space At Symbiosis Can Help
Now that you’ve heard about the things that you’ll need to start your open private practice, you might be wondering how to go about obtaining them.
Consider joining the medical coworking space at Symbiosis.
A medical coworking space is a place where likeminded healthcare providers come together to pool their resources.
A medical coworking space can help you to network with other healthcare providers, grow your practice organically, and provide you with greater flexibility in your work.
Additionally, a medical coworking space can help to save you money.
At Symbiosis, our medical coworking space offers help with staffing, IT support, concierge, security, janitorial services, and much more.
This way, you can focus on what you do best – providing high quality health care – while we take care of the rest.
So, why not give us a try?
Questions? Ask Symbiosis
Do you have more questions about starting your own orthopedics practice?
At Symbiosis, we can help.
Contact Symbiosis today, and take your first step toward starting your own orthopedics private practice.