Did you know that 47.4% of practicing physicians are employed while another 45.9% own their own medical practices?
So says the AMA Policy Research Perspectives series based on the 2018 AMA Physician Practice Benchmark Survey that featured responses from 3,500 doctors across the country.
Whether you work as a physician under someone else or you go it alone and set up your own practice is up to you. Some people choose to work for someone else for a while, build up their skills, and eventually leave and start something independently. Other people start their own private practice straight out of medical school. It all depends on what you want to do.
Do you dream of starting your own practice someday? Perhaps you’re on the verge of starting your studies in medical school and haven’t yet earned a degree. It might also be the case that you are in the medical sector and are interested in setting up your own practice rather than working for someone else. Whatever your motivation, it makes sense to look into what it takes to start a private practice. Continue reading to learn about what goes into starting a private practice.
Conduct Research
You’ll want to conduct research and gather information. Setting up a private practice is a serious undertaking. If you’re going to invest time and money into doing so, your best course of action is to do your homework beforehand.
Many businesses, medical practices included, fail after one or a handful of years. There are many potential causes for this, including cash flow problems. While some circumstances will be beyond your control, many can be avoided. The more seriously you take researching and planning, the better your odds of building a successful practice.
While you’ll be able to find a lot of information on the internet, don’t stop there. It’s also important to talk to other doctors who have done what you want to do. You likely know physicians with their own practices. Find physicians who’ve operated successful practices for many years. They’ll have first-hand experience that you can learn from.
Pick their brains, ask them any questions that come to mind, and ask them about what support services they use. You’ll need to consider things like staffing, payroll, and IT services for your private practice. Making the right selections will increase your odds of succeeding as the owner of a private practice.
When you do the hard work of conducting research, you’ll know what you’re up against and will be able to decide whether or not you want to go through with it. It might be worthwhile to consult with experts who have experience setting up private practices or helping others to do so.
Figure Out Where You Want to Set Up Shop
Where do you want to set up your private practice? That’s an essential consideration. Do you want to be in a downtown area, suburb, or some other setting? Is there a specific area that makes sense based on your target demographic? The cost of real estate is also something that will likely play a primary role in where you decide to set up your private practice.
The more in-demand your skills are in a given area, the more favorable the area will be to set up a practice in. Are the hospitals serving the place you want to work in actively looking for doctors? That’s a good sign that such an area is a great place to set up shop.
Line Up Financing
This step is a big one. You’ll need to line up financing. According to one source, the estimated cost to start up a small primary care practice ranges from $70,000 to $100,000+. This estimate includes the amount required for rent, payroll, insurance, and living expenses for the first few months. You’ll need to figure out how much you’ll need and secure sufficient financing.
You'll also want to do the following ahead of setting up a private practice:
- Go through the steps of incorporating your private practice
- Secure a National Provider Identifier
- Open a business bank account
- Get sufficient insurance coverage
- Hire the right staff for your private practice
- Select the right software and systems for your business
Special Technology You Can’t Do Without
When considering what technology you want for your business, don’t forget technology. You can't afford to sit still as the head of a private practice. You need to keep your skills up to date and leverage the best technologies to run a more efficient and productive private practice. When you tap into the right tools, you’ll be able to use video to record sessions for research and development. You’ll also be able to observe clinical sessions for counselors in training.
Your Private Practice Needs VALT Cloud
VALT Cloud makes A/V capture accessible and affordable by eliminating the need for expensive on-prem equipment or IT department implementation and maintenance. You'll get instant observation, feedback, and collaboration anytime and from anywhere. In what specific ways can a solution like VALT Cloud benefit your private practice?
Use Your Own Device: Instead of installing on-prem cameras and physical servers, use your iOS or Android device to stream and record video using your smartphone or tablet.
Enable Instant Collaboration: Users can access and collaborate on videos from anywhere as soon as they’re uploaded to your private cloud server.
Turn Any Location Into an Opportunity: Stream, record, and collaborate on video from any location that makes sense for you and your needs.
Improve Outcomes: Use video to enable deeper insights and more comprehensive training, as well as enhanced learning, self-reflection, counseling, and observing.
Protect Peace of Mind: Your video data is protected on a private and secure cloud server with advanced permission and password encryption features.
Simplify Observation: Review videos when it’s most convenient for you from anywhere with a web browser and internet access.
Do You Want to Learn More About VALT Cloud?
Are you interested in learning more about how VALT Cloud can help you and your private practice? Get in touch to learn more.
