Starting Your Own Private Practice? Here are 5 Tips for Success

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Many physicians are seeking more independence in the healthcare industry. One trend is to transition to a private practice from a hospital. An alternative is to open a private practice and charge patients a monthly subscription fee instead of accepting insurance. The following are some tips on how to successfully transition to an independent, private practice:

  1. Do your research- Consult other physicians who have made the switch. Figure out your business model (i.e. if it will be completely independent or part of a larger system)
  2. Get a handle on legal matters- Look at paperwork and make sure you haven't made any agreements that will affect your ability to practice, such as an in-compete.
  3. Get your finances in order- Transitioning to private practice is definitely an investment. Calculate the costs ahead of time and figure out how you will finance them.
  4. Tackle insurance matters ASAP- It can take more than 6 months to set up acceptance for insurance and Medicare.
  5. Vet your team carefully- Be prepared to spend time interviewing and checking out potential employees and partners on your own. Many physicians find that the best sources of administrative staff are former colleagues or those recommended by their network.

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