Should You Start Your Own Practice Or Join An Already Operating One?

When you’re just starting out as a physician, the idea of having your own private practice may seem enticing.

But several factors might be holding you back from starting your own private practice

For instance, a bit of research tells you that there’s a lot more to running a practice than just practicing.

So, you start to consider joining a group of physicians to help ease yourself into the world of private practice.

You’re not alone in weighing these options, especially if you’re a newbie to the world of business.

RELATED: 6 Questions To Ask Yourself Before You Start Your Own Private Practice

You’ve always dreamed of having your own practice, of being your own boss, but do you have what it takes to make the leap into the world of financial independence and running your own business?

There are other options out there for you, and joining a group that already exists seems much less risky, so what’s the best path to take?

If you are a physician deciding to start a private practice then Symbiosis is here to help.

Let’s consider the pros and cons of joining a private practice vs. deciding to go it alone.

The Benefits Of Starting Your Own Private Practice

There are plenty of advantages associated with starting your own clinic.

The obvious benefit is the freedom it offers you to set your own schedule, build your own staff, and generally be your own boss.

The challenges of solo business ownership may not always be appealing to you, as there is work to do in a variety of areas: private practice digital marketing, hiring staff, healthcare billing, finding the perfect location, and so on.

But you have the ability to control your own costs, and to personally make the decisions that will affect your bottom line.

One of the biggest benefits, though, is the total control you have over the quality of care you provide your patients, and the type of treatments you provide.

If you’re interested in a specific condition, or a specific subset of the population, you’re much freer to focus on what interests you most.

The Benefits Of Joining An Already Operating Practice

Conversely, joining an already operating practice also has benefits.

Many new physicians choose to join a group that already exists to share some of what can be seen as burdens when you’re first starting out on your own.

This can mean a steady salary right off the bat, as well as freedom from the worries of having to manage the business side of your practice.

You often also have a steady pre established client base, so it doesn’t take quite as much to build up your practice.

Essentially, you can show up to work and provide healthcare as directed by the clinic owners.

The Drawbacks Of Starting Your Own Private Practice

Many of the advantages to joining a group become disadvantages when looking into starting your own practice.

Forbes Magazine argues that business ownership comes with a variety of financial costs.

In another Forbes Magazine article, it’s argued that being your own boss isn’t always financially profitable.

Therefore, one of the biggest drawbacks to going at it alone is not only startup costs but several overhead costs it takes to run the business.

RELATED: The True Cost Of Running A Clinic Series: Part 1

These may include:

Operating Expenses

There is more to consider than just the monthly rent.

This includes things like:

• Insurance
• Staff salaries
• EMR fees
• Phone bills
• Internet bills
• Water bills
• Electrical bills
• Cleaning staff
• IT service fees
• And much more

Business Expenses

Office equipment won’t be the only thing you need to purchase when you start to build your own private practice.

For instance, you might find a space that works well for your needs but needs upgrades.

In this instance, renovation fees will come into play.

Medical equipment and supplies, business credit card vendor fees, and office supplies will also come off your bottom line.

Professional Expenses

These expenses include your medical association fees, accounting fees, and other licensing fees associated with owning your own medical practice.

The Drawbacks Of Joining An Already Operating Practice

It may seem like a no brainer to join a group that is already in operation after considering all the expenses and risks involved in starting your own practice.

But group practice also has its down side.

You might struggle to find common ground with fellow practitioners, especially when dealing with a larger group of conflicting personalities.

While you may save on startup fees, you might find yourself having to shell out for expenses that you don’t agree to.

What’s more, you might not even have a say in the decisions that led to those expenses.

When you join an existing clinic as an employee rather than a partner, which is usually the case, the clinic owners and board of directors will be calling all the shots.

Finally, you’ll have less job security working in a group setting.

How Symbiosis Eliminates The Drawbacks Of Starting Your Own Practice

If you are looking for the freedom of owning your own practice, but want the advantages offered by being part of a group, then Symbiosis is the middle ground you need.

Symbiosis can help you to navigate the numerous hidden costs associated with starting your own practice, while allowing you the freedom of being your own boss.

You may have found the money to cover startup fees, and even found a location that works for you, but what other factors do you need to consider that may prove to be stumbling blocks as you set up your first practice?

Putting Together A Business Plan

Step one is to hire a professional who has more business know how than you do.

This can ease the burden when hiring and let you focus on your clients 100%.

Symbiosis provides targeted business consultation to enable your practice to thrive.

Finding The Right Staff

Your next step is to find the right staff.

There’s more to hiring than just looking through resumes.

An essential component for the health of your business and the trust of your patients is finding the right staff.

With Symbiosis, you’ll get access to our team of highly trained staff who are already experienced with managing the day to day operations of practices like yours.

Professional Services

Marketing, accounting, and legal aren’t your areas of expertise.

After all, you went to medical school.

Symbiosis offers access to the professionals you need to keep your business healthy so that you can take care of the health of your patients.

Administration And Office Management

The right person at the helm to run your office is key to getting good results for both your business and your patients.

Symbiosis has all the staff and software in place to take care of your patient intake, scheduling, billing, and more, so you can focus on what you’re best at: providing healthcare to your patients.

Contact Symbiosis To Start Your Own Private Practice Today

Symbiosis has a range of packages to choose from to get you to the next step.

Let us help you realize the private practice of your dreams.

We can help you reduce your risk while starting a private practice to give you the best chance at success possible.

Contact Symbiosis and take your first step toward starting your own private practice today.