Good thrifty doc's guide to opening one's own practice?

[WanderingDave]

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Can anyone recommend a good, up-to-date guide, either online or in print, to opening one's own general practice / family medicine outpatient practice? I'd prefer one targeted to doctors who are thrifty and DIY-ish, and want a realistic guide to the hoops that need to be cleared to open an office and start building a patient base.

I have fantasies of opening a minimal sort of practice out of a room in my house, with all electronic records and no employees but me, for a few years while I save money. I'd eventually want to grow the practice, purchasing the equipment to do some more procedures and eventually hiring at least one medical assistant and someone to do the office work. I'd maybe eventually want to bring one or two more physicians who shared my philosophy of medical practice into the practice. But I'd always like to keep it somewhat small.

Surely there are people doing this now, who have written extensively on it. I want to know if I'd even be up for the challenges such a professional choice would involve.

 

[deleted87716]

http://idealhealth.wikispaces.com/

 

[Khaos05]

Man that guide is extensive, but that is A LOT of work! If I ever did FM, I'm not sure I would want to dive into that massive endeavor right after residency. It seems like you would have $0 income for a few years until you got every little thing set up and had the practice running decently. Would you start all that process with one year of residency left or what?

Also, is there any consulting services that will basically do all this for you? I bet that business could make a killing. I would just like to tell someone what I want and i'll sign, fill out paperwork I need to - just have them take care of it so I don't have to mess with it

EDIT: I just read a little more. I think I would rather have a "traditional" practice. I don't want to run a clinic out of my extra bedroom where I am MD, nurse, receptionist, and billing person.

 

[deleted87716]

Consultants don't work for free. Most consultants would probably tell you not to do it. 😉

I have a friend who started his practice from scratch ( you can read his business plan here: http://www.thevillagedr.com/practice/ ). He's successful, but went through a risky period of growth where I think he basically lived off his savings. He had already been working for a few years in another practice, so he wasn't straight out of school.

Most physicians would need to borrow money in order to finance their startup and pay themselves and their staff a salary and benefits during that period.

 

[Khaos05]

Consultants don't work for free. Most consultants would probably tell you not to do it. 😉

I have a friend who started his practice from scratch ( you can read his business plan here: http://www.thevillagedr.com/practice/ ). He's successful, but went through a risky period of growth where I think he basically lived off his savings. He had already been working for a few years in another practice, so he wasn't straight out of school.

Most physicians would need to borrow money in order to finance their startup and pay themselves and their staff a salary and benefits during that period.

Hey BlueDog - been looking for that link again (of course he's using same type of solo practice from IMP) It's kind of a tough situation: do you start own right out of residency, get loans, and live similar to residency? Or do you work for a # of years to pay off some loans, get some savings, then basically leave a steady income and risk it?

I knew consultants didn't work for free, but if there was a consulting firm that "specialized" in the medical field (hospitals, clinics, etc.) then i'd at least look into paying for help haha

 

[deleted87716]

It's kind of a tough situation: do you start own right out of residency, get loans, and live similar to residency? Or do you work for a # of years to pay off some loans, get some savings, then basically leave a steady income and risk it?

Starting your own practice is risky no matter when you do it, just like any other entrepreneurial business venture. That's why so many doctors prefer to work for somebody else.

 

[Khaos05]

Starting your own practice is risky no matter when you do it, just like any other entrepreneurial business venture. That's why so many doctors prefer to work for somebody else.

That's a big possibility too. There are 2 or 3 practices around my area that have 7-10 doctors each and those clinics are nice big buildings with almost everything in house. As long as the flexibility would be near the same then it would be ok. I just wouldn't want to work for another doctor and have numbered vacation/ sick days and have to ask permission to take off (aka be an employee) 🙄

 

[edmadison]

You will need at least one employee because you will need a chaperone.

Ed