Setting out on my own

[theeyeboy]

I am nearing the end of my training and I am thinking more and more about starting out on my own. The whole idea of joining a practice so that they give me the ol' "burn and churn" or make me pay them some huge "to be negotiated" buy in is starting to make me sick.

Does anyone have any solid practical advice about setting up shop? Any good resources (particularly the financial stuff)? As physicians we, almost by definition, are financial and legal idiots. I don't need advice about deciding whether to do it or not. Let's just assume I am going to take the plunge. I could really use some good information.

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[f_w]

Does anyone have any solid practical advice about setting up shop?

Yes: Don't do it fresh out of residency.

Consider working for a large organization (e.g. a multispecialty physician group) for a couple of years and try to get a feel for the business of ophthalmology. Live like a resident. Don't buy that big house, don't drive that ophtho-chevy (mercedes SLK). Take the ample vacation these jobs offer to scout out good practice locations. Read all those 'coding update' things the academy keeps sending you, get all the information on ophthalmic practice management you can get.
Take 2-3 years, accumulate some capital (financial and know-how) and then venture out by yourself.

 

[cdql]

Yes: Don't do it fresh out of residency.

Consider working for a large organization (e.g. a multispecialty physician group) for a couple of years and try to get a feel for the business of ophthalmology. Live like a resident. Don't buy that big house, don't drive that ophtho-chevy (mercedes SLK). Take the ample vacation these jobs offer to scout out good practice locations. Read all those 'coding update' things the academy keeps sending you, get all the information on ophthalmic practice management you can get.
Take 2-3 years, accumulate some capital (financial and know-how) and then venture out by yourself.

Very nice advice!