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What’s Holding You Back From Starting Your Own Private Practice?

By October 7, 2021Read more

What's Holding You Back From Starting Your Own Private Practice? | Symbiosis LLC | Medical Coworking Space in Washington DC

Begin by taking away the stress of startup costs so that you can fully focus on your patients.

Symbiosis provides you with your own medical office space in a location that will work for you.

Let’s have a closer look at some of the issues that you may see as barriers to starting a private medical practice.

Choosing The Right Software & Equipment Is Overwhelming

When it comes to medical software, the technology is always changing.

Software is also one of the major startup costs when starting out.

In particular, healthcare revenue cycle management software can be a hassle if you’re not familiar with that world.

As a new practice you may want to purchase gently used equipment to save money, and upgrade as your business grows.

But this means choosing software and systems that that require the least amount of transition, so doing your research is key.

You want the most up to date technology that will bring your patients efficiency and quality of care.

But can you afford it?

The Threat Of A Medical Malpractice Lawsuit

Good insurance is important, both as a new business and as a medical health practitioner.

Liability and malpractice suits are expensive for any company to deal with and can break the back of a small business.

Not to mention the bad publicity you receive if you get sued.

There are ways to cut your medical practice startup costs, but insurance is not a place where you want to cheap out.

Having good malpractice insurance in place will give you the piece of mind to know that if an issue arises, you’re covered.

Don’t put your business at risk when you’re trying to grow.

Income Is Unstable

Being your own boss comes with some downsides.

For one thing, if you can’t pay your bills, you can’t pay yourself either.

Your practice will experience ebbs and flows as you grow, so be prepared for that to affect your revenue stream.

As the business owner, you will often be responsible for collecting past due payments from clients, which might not be your cup of tea.

You are at the mercy of health care reforms as well, which could affect your business and your patients at any time.

Hiring & Retaining Staff Is A Hassle

When you graduated from medical school, being a human resources director was not on your list of qualifications.

Large companies dedicate entire departments to the hiring and retaining of staff, so it’s not surprising that you find the prospect overwhelming.

The success of your business depends on finding the right people for the job and also on keeping your staff satisfied at work.

Interviews, payroll, and benefits – are these words foreign terms to you?

It’s more than a hassle.

Finding, and keeping, the right people can make or break a business.

Unexpected Expenses Are Too Stressful

Expect some surprises along the way – such as a burst pipe, a computer failure, or a pandemic.

There are things you just can’t plan for – you just have to be resilient enough to be able to roll with them.

how to hire and retain staff when starting your own private practice | Symbiosis LLC | Medical Coworking Space in Washington DC

It Just Costs Too Much Money

The reality is that opening a new business is expensive.

You need significant capital for the venture, with massive startup costs for most medical private practices, and there is great risk.

The statistics show that in the US, approximately 50% of small businesses close down within the first year of operation.

But with good planning and the help of a healthcare accelerator, you can make your dream of owning your own private practice a reality.

You don’t have to do it all alone.

How Can Symbiosis Help?

If you decide to start your own healthcare private practice, each of these factors can be a reality for you.

But they don’t have to be.

Here at Symbiosis, we offer a medical coworking model that helps you avoid many of the above hassles.

Not experienced with hiring & retaining staff?

No problem, Symbiosis has most of the staff you need on hand already.

Clinic real estate prohibitively expensive?

No problem, Symbiosis’ medical coworking model is a fraction of the price and means you only pay for the space when you use it.

Concerned about giving up the stable paycheck from your corporate healthcare job?

No problem, at Symbiosis you can begin your practice part time, working up to the point where your income is stable enough to leave your high pressure, low satisfaction job behind.

These, and many more, are just some of the reasons why more healthcare providers are choosing medical coworking spaces like Symbiosis.

Curious to find out more?

Book a consultation with us today to find out how you can work toward starting your own private practice.