I can definitely appreciate the amount of work that goes into reaching that level of income. Without seeming deaf to the cautionary tone in your post, how did you get started? If it’s so busy, why not consider selling or finding a successor and/or backing off? Sorry if that comes off naive.
EDIT: I found your site and previous posts. Will be reading up on all of those
. Seeing what you went through in the beginning, definitely rooting for you to be successful.
You may have already found the answer but I'll still address the question.
I got started by subleasing from a surgeon. I wanted to be my own boss after getting arguably screwed over with my previous gig and take control over my future. There was a meeting where I was told with my previous employer that they could literally post my job and have 20 people interested in days if they wanted to. They also loved hiring new grads because the new grads had no idea how bad the contracts were against them. A part of me didn't believe it, but now that I own my own practice I see how true it is. Now that I submit payments to insurance companies, I see how much money they took from me. We are talking hundreds of thousands a year for their profit. I posted a job posting for a physician and within a week had 30 job applications from physicians who wanted to come work for me.
I also like running a business so it was a win-win for what I was looking for. If you work for someone else, they take a lot of the headache of running a business off your plate but remember that they make the decisions for the company....not you. For many people that is okay. For me, I wanted to make the decisions.
Everyone told me don't do it. No one is doing primary care anymore. Everyone also told me that Medicare would be such a pain in the ass and take forever to pay. Basically, everything I was told ended up being completely wrong.
It started out slow then snowballed and continues to snowball.
There are headaches to owing your own practice and I could sell out (I've already been offered buy outs twice now). However, its not life changing money and to me the question comes up....then what? I go work for them for a few years or for someone else down the road?
Nah, I'd rather see how big I can make this rather than taking a million or two to sell out what I currently have. I complain sometimes about all the work but the truth is, I love it. I love learning something new. Learning how to run a company, how to grow a company, how to not only practice good medicine but also run a great business that provides for peoples paychecks and lives.
I was so excited when we had our first payment from insurance. I'll never forget that $2.97 check for venipunture. The milestones are a bit addicting. The first $100 dollar day. The first $500 day. The first $1000 day. Now, most days are $10,000 income days. It still is weird when I open my business account and see daily deposits over $10,000. Each milestone still feels surreal that I've built it from the ground up when everyone else told me no one is doing this anymore in major cities.
As biggie says....mo money, mo problems. Running a business is me putting out fires every day in between seeing patients but I wouldn't have it any other way for the time being. It surely is not for everyone since it is essentially two full time jobs. Business owner and physician.
Happy thanksgiving!