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- Apr 20, 2020
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Hey all,
I’m a psychiatry resident who is approaching the end of his psychiatric training and getting ready to enter private practice. I am consulting this forum to ask about the feasibility of building this type of practice. I understand the majority of people here have not undertaken such an act, but would appreciate some input whether it be anecdotal or based off research.
If I did start a private practice, I would like to get on an insurance panel to get cheap Medicaid/Medicare patients initially and avoid cash based. I’d be compensated less per patient, but it would ensure good initial patient flow as I understand that if you are in the right geographic area (something I’m very flexible on) there will certainly be a huge demand for psychiatric services and I will be able to see as many patients as I am able to fill me schedule with daily. After establishing this practice with appropriate auxiliary staff (reception, billing) - keep in mind I have a very minimalistic philosophy towards my business and would not want any unnecessary hires and only absolutely necessary office space which I’ll initially rent - my plan next would be to get into contact with as many physician recruiters as possible and expand the business aggressively. I’d want to hire as many psychiatrists as possible (eventually moving into a large multi specialty group - but I’ll start within my specialty initially due to familiarity). I would continuously be acquiring more space for these new practitioners while I at least initially manage the whole business end of the practice (renegotiating with insurance for bigger deals/panels, better EMR services, etc). I can give these new hires some type of partial ownership deal, possibly with an RVU based model but ultimately the significant majority of profits will be for me as this is my creation - that way these doctors (psychiatrists, etc) can focus on seeing patients and not the business end of the practice and let’s be honest most doctors don’t want to worry about that kind of stuff and are most concerned with work life balance and avoidance of burnout.
Anyways... If I get into a rhythm and continually focus on expansion of patient and physician panels with recruiters and insurance companies, I don’t see why in some amount of time down the road I could be employing 1000+ physicians or more. It’s certainly possible, it’s been done before by many physicians, MBAs, JDs. HCA Healthcare was founded by an IM doctor and also Molina Healthcare in California comes to mind.
Thoughts?
I’m a psychiatry resident who is approaching the end of his psychiatric training and getting ready to enter private practice. I am consulting this forum to ask about the feasibility of building this type of practice. I understand the majority of people here have not undertaken such an act, but would appreciate some input whether it be anecdotal or based off research.
If I did start a private practice, I would like to get on an insurance panel to get cheap Medicaid/Medicare patients initially and avoid cash based. I’d be compensated less per patient, but it would ensure good initial patient flow as I understand that if you are in the right geographic area (something I’m very flexible on) there will certainly be a huge demand for psychiatric services and I will be able to see as many patients as I am able to fill me schedule with daily. After establishing this practice with appropriate auxiliary staff (reception, billing) - keep in mind I have a very minimalistic philosophy towards my business and would not want any unnecessary hires and only absolutely necessary office space which I’ll initially rent - my plan next would be to get into contact with as many physician recruiters as possible and expand the business aggressively. I’d want to hire as many psychiatrists as possible (eventually moving into a large multi specialty group - but I’ll start within my specialty initially due to familiarity). I would continuously be acquiring more space for these new practitioners while I at least initially manage the whole business end of the practice (renegotiating with insurance for bigger deals/panels, better EMR services, etc). I can give these new hires some type of partial ownership deal, possibly with an RVU based model but ultimately the significant majority of profits will be for me as this is my creation - that way these doctors (psychiatrists, etc) can focus on seeing patients and not the business end of the practice and let’s be honest most doctors don’t want to worry about that kind of stuff and are most concerned with work life balance and avoidance of burnout.
Anyways... If I get into a rhythm and continually focus on expansion of patient and physician panels with recruiters and insurance companies, I don’t see why in some amount of time down the road I could be employing 1000+ physicians or more. It’s certainly possible, it’s been done before by many physicians, MBAs, JDs. HCA Healthcare was founded by an IM doctor and also Molina Healthcare in California comes to mind.
Thoughts?