Owning and opening a private practice can seem like a daunting task, especially when there are so many aspects involved, including finances and business management knowledge. However, you’ll come to learn that no one is an expert when they first start out, and you’re only missing 100% of the shots you didn’t take. Starting your own private practice business, telehealth or otherwise doesn’t have to be complicated, and we’re here to help solidify the reasons why you should absolutely get involved in opening your own practice.
Starting your own private practice is great for a multitude of reasons, including the fact that it is vastly different from a hospital environment as it allows you more freedom and autonomy. When running your own business, you can control the number of hours that you want to work, and have complete control over your work and life balance. While you’re likely to be responsible for more duties, which can take up time, it’s up to you how many hours you want to work on a day-to-day basis, which is great! With a private clinic, you also have to have some money to start a healthcare practice. This is because you’re in charge of initial capital investments to hit the ground running, which isn’t a requirement for hospitals where you aren’t responsible for the resources sourced and used. While this isn’t a super fun fact, it’s definitely one to consider.
To simplify this for you, we’ve come up with the top five reasons why you should start your own private practice. There are a variety of benefits to being your own boss, and it’s important that you consider these before deciding whether private healthcare is the best option.
With your own practice, you don’t need to follow any guidelines or procedures that you don’t agree with. You can create your own practices and have complete control over all clinical, business, and administrative work within your clinic, which is always a plus. This includes choosing the technology, software, payment plans, and payroll services that are used throughout all your business operations.
While you will continue developing your clinical knowledge when working in private practice, you can also grow in areas you never thought possible. When managing your own clinic, you need to be able to understand aspects of finances, management, and marketing, which are all super beneficial to know. The sky’s the limit when it comes to learning and implementing new information, meaning you’ll never feel stagnant in your job ever again!
Having a good work culture is an essential component of any business, and I’m sure you’ll agree that it isn’t always the easiest to establish. However, starting your own business allows you to set the career goals that you want, and enables you to choose employees that you believe fit well, as well as implement practices that facilitate a welcoming environment. You can set the tone for what you want to get out of your business practice, which customers will certainly appreciate.
With your own practice, you are completely your own boss, meaning you don’t need to deal with contract renewals, layoffs, and redundancies. You can control the number of hours you work, as well as the responsibilities that you delegate to yourself and others, meaning you’ll never be out of a job - so long as your business operates efficiently and generates sufficient profit.
Running your own private practice means that you can establish and build relationships with patients over the years. You can have an extensive local reach, and gradually build a growing client list that cultivates close professional relationships. It’s an effective way to ensure long-term care for patients, and in many cases, it can result in more rewarding work, as well as promote loyalty within your clinic. People are the heart of valuable healthcare experiences, and so working in a way that prioritizes relationships is always a huge benefit.
To help you make an informed decision on whether you should invest in running a private practice, you must be aware of the challenges you may face. This way, you can prepare for the reality of the work, and avoid the major pitfalls. For instance, while it can be done cheaply, there are definitely expenses involved in starting your own business. You are likely to face higher taxes and will need to offer competitive salaries to staff, as well as pay for any equipment and office costs. You must also manage your own time well as a boss because no one’s going to do it for you! Much of these processes take time and a lot of paperwork, so be prepared to have your patience tested.
There are various legal requirements involved in starting a new business, and you must spend time researching these, as each state operates differently. You need to evaluate state and local zoning laws that can restrict where you practice, as well as business licensing and how to class your business as a separate entity. You must also have liability insurance to protect you and your practice against potential malpractice claims, which can be very costly and timely. The exact legal requirements may take time to figure out, so don’t be afraid to source professional legal help to alleviate your concerns and ensure you’re on the right track.
When running a private healthcare practice, you must consider the tools required to ensure that you can hit the ground running, and avoid any bumps that can pop up.
Creating a financial business plan is an important tool to hold you accountable and keep you on track with your business goals. This is a great way to outline all the funds required to invest in the right resources and technology, as well as your marketing plan to attract patients. It should include the goals for the first month, year, and onwards, as well as any loan repayment plans if you require this. It’s an essential document and can make your life much easier by improving the organization of your clinic.
Of course, you need a welcoming and inviting space to treat your patients. Depending on the area of health you work in, this may mean using a physical office location, or online telehealth services. Regardless, you need to ensure you have a reserved space that you’ve paid for, that it is pleasing to look at, and is secure from risky patients or security breaches.
Administration in private practice is an important component that is often overlooked due to its reputation as being boring and tedious. However, it is vital to the success of every business, and with the right processes in place, you can free up time to add business value elsewhere. With an efficient system, you can receive pay on time, and process all appointments effectively to increase customer satisfaction.
We understand that it can be overwhelming to start your own private practice, as there’s a lot involved, and you can be almost certain that you’ll encounter some bumps along the road. However, this shouldn’t deter you, as running your own clinic provides rewarding benefits that make the costs so incredibly small, and worthwhile. Being your own boss can bring you an abundance of freedom and control, and allows you to treat patients on your own time, and on your own terms. It’s a win-win for all involved, and hopefully, we’ve alleviated many of your concerns by providing resources to help you get started.