Many reasons can influence your decision of starting a medical practice, but how many of them are your own?
Have you considered that some of your ideas about having a private practice have been adopted and rooted in the experiences, fears, or antiquated business models of others?
Outside influences can wreak havoc on your decision. And if you’re not careful, these ideas can be toxic.
Seek Wise Counsel But Keep Your Individuality
What are your aspirations? How do you envision yourself running your practice? It’s important to distinguish between your desires and still giving respect to a veteran in the game. It’s what sets you apart. But with your tenacity, focus, and willingness to go against the grain will determine how far you’re willing to go to reach your goal of successful business ownership while incorporating some traditional concepts.
Challenging Dilemmas of Starting a Private Practice
Many healthcare professionals think that starting their practice is too complex. And to be fair, challenging dilemmas can arise when you’ve leaped into uncharted territory. Understand, in no way am I making light of the undertaking of starting a private practice.
However, the biggest dilemmas of starting your practice do not supersede the tangible solutions that are available if you apply them.
Let’s look at some of the reasons that may be holding you hostage from starting the practice you have envisioned:
1. “Big business is better!” Joining a private equity firm or hospital acquisition vs owning a private practice is better.
Issue: Some private equity firms employ outdated services and many hospital acquisitions have not met their promises leaving healthcare professionals dissatisfied and drastically affecting patient care.
2. You’ve heard it’s too much overhead cost, low reimbursement and it makes everything unmanageable.
Solution: Fixable/preventable cost-effective tools and resources to reduce costs and increase profits are available. It’s simple to integrate them into your practice.
3. Someone told you that you shouldn’t because of their bad experience.
Issue: Over the years, some practices refused to adapt to the required changes, which further influenced the financial success of their practice. Make note of their experience, but follow your gut.
4. You’re not very business savvy.
Solution: Says who? Change your thinking and get the support your need from lending industry experts so that you can succeed. Delegate responsibility. You can’t do it alone, it takes a committed team.
5. You only want to focus on patient care.
True: With the right support this should be your only focus, but a successful practice is one that has an engaged CEO. Stay present.
6. Payers are not willing to reimburse private practices fairly.
False: Most contracts can be renegotiated and customized to the specific services that you provide at competitive reimbursement rates as often as every 24 months.
7. Fear is driving your decision.
Issue: You should fear not trying more. Do it afraid anyway.
All of your concerns are warranted and should not be taken lightly. But, there are PROVEN solutions and economical resources that are CUSTOMIZABLE to help you thrive in private practice.
Critical Thinking | Applying Action
Not convinced yet? Take the quiz to see if you’re ready to start your own practice.
Reconsidering starting? Schedule your free consultation with me. Let’s talk!
Since 2001, Simone Harris has developed a solid foundation in administrative healthcare services and business development. She has 20+ years within the healthcare sector and serves as the Executive of Business of Operations and Compliance Officer. Modified Solutions is furnished with professional medical administrative resources that are firmly rooted in compliance, integrity, and experience. To learn more visit https://modified-solutions.com/.