Making the decision to start your own business is both risky and rewarding. You get to be your own boss, set your own hours, make your own decisions, and be the ultimate bread-winner. However, you also have to put in a lot of time and money to get your business off the ground.
If you’re in the medical field, you may be considering starting your own medical practice. It doesn’t matter if you’re an orthodontist or a general practitioner, every medical professional has the possibility of being a self-operated business. However, before you think about the benefits, the following are four things you should consider before starting your own medical practice.
Choosing the right location is important to your practice. Are you going to take over an existing business, or will you start your own from scratch? If you opt to take over an existing business, make sure you valuate the business before making an offer. This will ensure you’re not paying too much.
No matter if you’re taking over a business or starting new, make sure you consider the location thoroughly. You want your business to be where people need you, and you don’t want to set up shop right next to the same type of practice either. You also need to consider the demographics of the area you choose too. If your practice is in a low-income area, you may be eligible for certain government grants or programs to ensure you get paid on time, even if your patients can’t afford it.
It’s important to remember that your business is likely going to take time to start generating income, so don’t expect to make more money than a CEO right away. Instead, you will likely need to pay for your office equipment, licenses, and marketing, which can take a major chunk out of your profits. If possible, you may want to keep a second job on hand just until your practice starts picking up regularly.
Before starting your practice, you need to be sure you fully understand the timeline. Many people don’t realize just how much work goes into starting a medical practice, and they leave their old employer just to find out it will be months until their practice can open.
When you start your own medical practice, be sure to create and adhere to your timeline. First, you will need to find your location. Then you will need to buy office supplies, get your licenses in order, get credentials with insurance companies, hire a staff, and find some patients. All of this takes time to complete, and if you jump ship right away, you could end up being income-less.
If you’re currently working for another medial provider, you need to thoroughly review your contract before making the decision to leave. Sometimes your provider may have you sign a non-compete form when hired, which means you cannot work for another similar company for a certain period of time. If this is your current situation, you need to keep this in mind, as you may need to separate yourself from your current employer before opening your practice.
You should also look for a non-solicitation agreement. If you signed this, it means you cannot ask your current patients to leave this current practice to follow you. Obviously, if they leave on their own, that’s fine. But if you are caught soliciting patients, you could face serious consequences.