How difficult/feasible is it to setup a new practice after residency? Like open your own office and rehab center type of setting? Maybe a small 10 to 15 bed acute rehab setup? What if you have 1 or more other PM&R docs as partners? Do many docs do this? Is this difficult if you have enough capital to start this sort of practice?
Sorry if this is a niave question, I ve developed a new interest in PM&R and don't know much about how PM&R is actually/practically run in the "real world"... thanks
Initial costs are variable based upon region, but assume (for solo practice) a 1300-2000sq ft office with 2-3 exam rooms. Lots of file space unless you are jumping right into EMR (then cut your back office space, and buy a bunch of overpriced computers and software).
2 employees at $9-15/hr (again, depending on region)-if doing interventions in the office expect one more clinical staff who will cost a lot more.
EMG machine (MSK ultrasound?/ C-arm?)
Exam room equiptment (exam tables, cabinets etc.) and supplies.
Hire a billing service (or hire a part time person to do in house)
Hire an accountant to help with payroll/books.
Buy health insurance for employees (or don't, and pay the fine next yr)
I am in solo practice for 9 yrs. I am VERY happy in this setup, but could not have made it work right out of training. I worked for others for 6 yrs first. That way I learned to be a good doctor first, and a businessman second.
I still did not have the capital to do it on my own. I used a hospital relocation stipend/loan forgiveness package to set up my current practice.