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Want Job Security As A Healthcare Provider? Start Your Own Private Practice

By November 24, 2022Read more

Want Job Security As A Healthcare Provider? Start Your Own Private Practice | Symbiosis LLC | Medical Coworking Space in Washington DC

Let’s face it – it’s a tough job market out there.

If you’re a recent healthcare graduate just starting to make a name for yourself, you might feel like it’s a bit of a frightening time to get into the job market.

And as a result, your dreams of starting your own medical practice might feel like they’re farther away than ever.

You’re not alone – according to a 2020 study by the American Medical Association, fewer than 50% of physicians are in private practice.

That’s the lowest amount they’ve seen since 2012 when they started collecting data on the topic.

Physicians are retiring from medicine, and new residency grads aren’t starting their own private practices at the same rate.

Why?

We’ve talked before about the many elements holding people back from starting their own private practice before.

From dealing with healthcare burnout to how to choose a clinic location to hiring and maintaining medical support staff and much more, these barriers can be significant – if you’re going the traditional route, that is.

Starting your private practice in a medical coworking space like Symbiosis can help you sidestep many of these issues.

But one thing we haven’t talked much about before on this blog is healthcare job security.

There are many reasons why people leave corporate healthcare jobs, but one of the factors that draws people to them in the first place is job security.

The idea is that starting a private practice is unstable, while working at a corporate healthcare job can give you a steady paycheck.

But is that true?

Let’s take a closer look.

What Is Healthcare Job Security?

In the era of the gig economy, the idea of job security can feel like a relic of a bygone era.

As a result, you may feel the urge to ditch your private practice dreams altogether in exchange for a corporate healthcare job.

Sure, there’s no work life balance and you’re less likely to feel a sense of career satisfaction, but at least you have job security, right?

Not necessarily.

The truth is, getting a corporate healthcare job doesn’t guarantee you job security.

As recently as last August, Becker’s Hospital CFO Report mentioned ten different healthcare systems laying off thousands of employees.

We could get into the reasons – technological changes, marketplace shifts, an increase in ownership by profit driven private equity firms – but at the end of the day, does it matter?

If you’re looking for healthcare job security, you might not find it in the corporate world.

So, what’s the solution?

Start Your Own Private Practice, Of Course

At first glance, private practice might not seem like the securest option.

Here’s why starting your own private practice in a medical coworking space like Symbiosis can help you build greater job security for yourself.

1. Symbiosis Lowers The Barrier To Entry

If you’re considering starting your own private practice, you might have an idea of all the various expenses you’re liable to face.

After all, you need to invest in medical equipment, build and maintain a professional private practice website, lease a private practice office space and renovate it, and deal with the various hidden costs of starting your own practice.

That’s a huge money sink, right?

After writing your business plan, you might notice that big six figure sum staring you in the face before you can even see your first patient.

That, on top of the debt you might carry from medical school, might make it seem like it’s just too much of a risk to start your own private practice.

But that’s not necessarily true.

Here at Symbiosis, we take care of many of the above expenses for you, and more, all for a single monthly fee.

This, in itself, is a form of job security, since it can help you get your clinic to profitability much more quickly.

What Is Healthcare Job Security | Symbiosis LLC | Medical Coworking Space in Washington DC

2. Symbiosis Gives You Full Control

One of the key ingredients when it comes to starting your own private practice is to make sure you’re attracting a steady stream of your ideal patients to your practice.

At first, that might seem intimidating.

The days of if you build it, they will come are long gone when it comes to healthcare private practice digital marketing.

But our experienced digital marketing team can help.

We’ll work to build you a private practice digital marketing strategy geared toward attracting as many of your ideal patients as you can manage.

What’s more, you’ll begin to build a reputation within the community as a respected healthcare provider.

By working to build trust with your patients, deal with dissatisfied patients effectively, and maintaining a high quality of care, your reputation, and your patient roster, will continue to grow.

These are all assets you yourself own – nobody can take them away from you.

You’ll never be called into HR to discuss your low performance because you put your patients first.

You’ll never find you’ve been replaced by a new graduate who’s willing to accept lower pay.

You’ll never find out you’ve been downsized or restructured out of a job because corporate shareholders want to buy another yacht.

And you’ll never have to answer to anybody except yourself, your governing body, and your Hippocratic Oath.

Now that’s what I call healthcare job security.

Questions? Ask Symbiosis

If you’re hoping for greater healthcare job security, now is the perfect time for starting your own private practice.

Don’t believe us? Then let’s chat.

Contact Symbiosis today to find out how we can help you achieve the healthcare job security you’ve always dreamed of.