If you’re a medical professional discerning whether you should start a private practice, it’s certainly a weighty decision with a lot of important factors to consider. Maybe you’ve been working for someone else for some time and are wondering if going into business for yourself could be a better fit for you. You could also be fresh out of residency and are considering options for your next career move.
Starting your own practice can be a very rewarding endeavor. You have a lot more control over things such as location and equipment and have more influence on your patients’ overall experience. At the same time, running your own practice is not without its fair share of challenges to be overcome.
Clinicians who run private practices often find there are two major factors vying for their time and attention: running the business and providing patient care. In private practice, you cannot have a practice without the business, and you cannot have a business without the practice. Both factors help to sustain each other. However, if you’ve decided to open a private practice you should prepare yourself that there may be some moments when, as a clinician, you will have to decide which of these facets is most important.
If you prefer to focus all your time and energy on providing patient care, starting your own practice might not be the right choice for you. However, there are software platforms such as ClinicMind that are designed to help you run your private practice with ease so that you can focus on caring for your patients.
Alternatively, if you like having a bit more variety to your workload in addition to practicing medicine, then running a private practice will bring you the daily diversity you’re looking for. In addition to patient care, you’ll have the added responsibility of running the business and the many elements that are linked to that.
Whether you work for someone else or own a private practice, the two employment scenarios affect your salary in different ways. Working for someone else will mean your salary is connected to the hospital’s revenue, but it should be relatively consistent. Budgeting for a private practice must include added costs and the salaries of anyone working with or for you in addition to your own salary, and this process is now something you’re directly involved in as a business owner.
“White space” in business refers to the unmet needs of customers, or in this case, patients, on the open market. When discerning whether a private practice is right for you, you’ll need to evaluate this white space, specifically in the general location of where you would ideally like to work. Is there a local gap in care or services relevant to your specialty? In other words, what amount of competition, if any, is in your field in the area you’d like to open your own practice? Some competition is okay if you believe you can offer something unique to your patients that sets you apart from other practitioners, whether that’s the environment you create within your practice, an innovative treatment, or just an overall patient experience that stands out. Having a clear idea of how you can outperform your competition will help you to move forward successfully with a private practice.
Being in potential customers insurance networks will be an immediate factor of consideration for your practice. When starting your private practice, you must also consider if you will accept insurance. If you are going to accept insurance, which insurance providers are most common in your area? Then you must be credentialed with these insurance companies. Insurance companies have provider directories for their customers to choose from. Being on these provider directories can help bring you new clients.
To learn more about how ClinicMind can help you with your credentialing, visit:
One major challenge to consider is how you will build a base of regular patients. How are you going to get patients in the door? If you’ve been a practicing physician for some time, chances are many of your clients will follow you from wherever you were previously practicing. This will help, but you will also have to think about gaining more patients almost as much as a practitioner who is just starting out in the field. While working for someone else may have given you the safety net of a consistent salary, now your paycheck will be directly impacted by the number of patients you see. You will also have to make sure your employees’ paychecks are accounted for, and you’ll need to drive enough business to your practice to do so.
Additionally, you will need to have a system in place that will function to ensure that patient invoices are eventually paid. ClinicMind also offers a software system to make this process seamless for your internal team for clients who choose not to outsource their billing from start to finish with ClinicMind.
Practice managers are often people with business education or who have training on the ins and outs of running medical practices. They can assume much of the workload of running the business side of your practice so that you can focus on providing quality care to your patients. A practice manager’s responsibilities include internal communications, managing correspondence with patients and third parties, implementing policies and procedures, and more. Practice managers can be a very valuable asset to your team.
ClinicMind offers comprehensive practice management solutions to help your private practice run smoothly. Clinic mind software was designed with clinicians to help you handle everything from front desk and EHR to Medical Billing. ClinicMind also offers both credentialing services and billing services and consultations. Every feature within our system was designed with clinicians to help you spend less time managing your practice and more time with your patients. We employ numerous experienced physicians that work to make our systems better every single day. Improving patient care is our number one priority.
Knowing what you want out of your medical career can help you decide whether branching out with a private practice is the right choice for you. If you would enjoy expanding on your medical expertise and have an affinity for running a business, starting a private practice could be the gateway to a rewarding career. Contact ClinicMind today to schedule a consultation regarding their services and how they could help you run a successful private practice.