Introduction
Just like any major career decision, moving from group practice to private practice has pros and cons. Maybe you've spent years working in a group practice and want to pursue something new, or this has been your lifelong goal. Either way, we're here to help ensure you have all the correct information before you transition.
Moving to private practice is a journey that looks different for everyone. How you navigate this new venture will depend on many factors, including your experience, the type of business you want to run, and your budget.
No matter where you sit on this scale, we have some valuable hints that can help you navigate the mountain of decisions that need to be made. In this guide, we'll outline some key differentiating factors between working in a group versus private practice, the essential pros and cons of this career decision, and, finally (and most importantly), a step-by-step guide to help you make a move.
What is the difference between solo private practice vs group private practice?
First, consider the significant differences between private and group practices. You may still be unsure whether to make a move, and knowing these differences may help you feel more confident about your decision.
Solo private practice
Beginning a solo private practice entails a healthcare provider working alone to deliver healthcare solutions to patients. While an administrative staff member may be needed, a solo practice business plan typically involves minimal support from other staff. Working in a solo private practice allows you to develop meaningful relationships with existing or new clients and run the business on your terms.
Group private practice
A group private practice is a healthcare business with two or more practitioners and additional administrative staff. Group practice owners may have a singular specialty, or the practitioners could specialize in a different field. Income is typically split equally between the practitioners depending on work hours, experience, and the number of patients seen.
Group practices are a fantastic way to learn new skills and enhance communication, but they can also limit career growth and management responsibility.
What are the major pros and cons of solo practice vs group practice?
As we mentioned, transitioning from a solo to a group practice has pros and cons. To help you make decisions, we've listed the pros and cons of group and solo practice.
Group practice
Pros
- Learning from experienced practitioners: Working in a group practice enables you to learn from other, possibly more experienced, practitioners, which is especially valuable if you begin your career.
- Standard routine: Group practices typically have more routine. You most likely won't be expected to work overtime; if you are, you will be compensated. This structure enables you to have a healthy work/life balance and dedicate time to non-career-based activities.
- Professional support: Within a group practice, you will have several colleagues (and an HR team) that can support you both professionally and personally.
Cons
- Patient relationships: One of the most challenging aspects of working in a group practice is the struggle to develop and maintain meaningful relationships with patients.
- Decision-making: In a group practice, all management members must agree on every decision. This can make effective and efficient problem-solving tricky and limit one's responsibilities.
Solo practice
Pros
- Autonomy: Freedom is one of the best aspects of working in a solo practice. You can make whatever decisions you think are best for the business, including hiring staff, marketing strategies, workflow, and specializations.
- Patient relationships: Working independently enables you to develop long-lasting and meaningful relationships with your clients, increasing patient satisfaction.
- Revenue: Building revenue for solo practice may take time, but unlike group practices, you cannot limit how much income you can make.
Cons
- Responsibility: Although the autonomy of solo work is often desired, you must remember that it also means total responsibility. The workload can become overwhelming, given the number of decisions that must be made.
- Finances: While the financial opportunities are limitless, certain burdens can still make solo practice difficult. You are responsible for paying overheads and making ends meet to keep the practice afloat.
How do you move from group practice to solo practice?
There are quite a few steps involved in moving from a group practice to a solo practice. While these may differ slightly depending on your specific business goals, we recommend completing the following steps:
Identify your chosen path for private practice
The first thing you need to do when moving from a group practice to a private practice is decide on a specific path. This involves choosing what type of patients you want to market your services towards, how you want to specialize, and developing a mission statement and business values.
Talk with practitioners within your niche
Irrespective of how experienced you are, there is always more information to be learned. One of the best ways to find valuable advice is to speak to other professionals in your field who run private practices. Begin networking, and don't be afraid to reach out to anyone you think can help you.
Focus and spend time on your skills
To be successful as a solo practitioner, you want to offer skills to patients that they wouldn't otherwise be able to receive. Essentially, this means being one of the top practitioners in your field. Before you move to private practice, focus on and develop your skills to offer your clients unique and valuable care.
Identify the legal obligations for private practice
Maintaining legal obligations is necessary for the success of any healthcare business. You want to ensure you are compliant and have taxation, insurance, and all of the licenses required organized. This will help you keep countless clients and staff.
Know if you need staff in your practice
Although you may be seeking independence, it is sometimes necessary to have more staff. This is especially the case if you have a reasonably large client base. Look at your budget and expenses. Then, determine whether you can afford to hire an administrator, receptionist, or even an additional clinician.
Set your private practice policies
The policies of practice are its underlying framework. It would be best to decide how long your appointments will be, how much they will cost, and whether you will offer discounts or promotional packages. You must also review your intake process and compliant protocols to know how the best way to proceed if a HIPAA regulation is accidentally breached.
Once you have set up your practice, market it
The next most crucial step to setting up an independent private practice is marketing. Even with a seamless transition, your business won't be able to make any money if it doesn't have clients. You can employ a range of different marketing strategies to attract prospective patients. For example, you may devise strategies like offering referral incentives or valuable online content.
Although good marketing requires planning, this is an area of business where you can tap into your creative side. Before you commit to any specific strategy, it is a good idea to look at what your competition is doing and whether or not it is working. Next, you should identify the niche that your practice is catering to and figure out a way to market that to your patients. This could mean advertising in your local area, listing your business in a healthcare directory, or introducing referrals and loyalty discounts.
The other central area of marketing that is particularly important today is establishing an online presence. Most patients research potential healthcare solutions online, so you want to ensure that your business is being found through Google searches. Another effective way of developing your online presence is through social media sites. Having a Facebook, Instagram, LinkedIn, or Twitter account can provide an accessible platform that lists your business information, including location, pricing, and available services.
Conclusion
Moving from a group to a solo private practice may be the perfect next step for your career. We understand that making this kind of decision as a private practice owner incorporates a lot of planning, and we want you to be able to put your best foot forward. The right type of preparation will allow you to establish a reputable practice in your community where you can improve your skills, build meaningful relationships with patients, deliver quality services to those in need, and increase your revenue.
Our final advice regarding managing a solo private practice is to use practice management software. When you invest in the right system, you can streamline a wide range of different processes, reducing your workload without compromising the quality of your services. Carepatron offers a highly sophisticated platform perfect for practitioners looking to move to solo private practice; repeatedly shown to improve billing, documentation, scheduling, and patient management, it'll help you put your best foot forward from the start.
