How do you start your own practice?

[Columbia09]

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Isn't it hard withall the regulations in todays world? I shadow a doctor who works in a hospital and he said that starting your own practice isn't worth it in todays world. There is also this notion that the "real money" is in owning your private practice. This "real money" can really help a doctor out with something called DEBT

 

[cliquesh]

It's just a normal business. Most people don't start their own practice because the start up price is too expensive and most doctors know nothing about business. Business isn't taught in medical school. Most people that want to work in private practice usually work for an established practice and after 3-5 years you buy in to the practice to become a partner. The buy in price varies, but its usually a couple hundred thousand dollars. Eventually, after the other partners retire, you'll be the leader or co-leader of the group.

If you work for a non-profit hospital for 10 years the federal government will forgive your loans.

 

[nardini46]

Most people work a few years (3 to 5 yrs) after residency to pay off debt and gain valuable experience. Then at that point, if you are willing to take a risk you can get loan money to open a practice or you can purchase a stake in a currently existing group practice. It depends on your specialty and a whole list of other factors.

 

[circulus vitios]

The real money in practice ownership is having a team of associates on straight salary while you or your partners are pulling down a salary on top of a percentage of billings.

 

[cliquesh]

The real money in practice ownership is having a team of associates on straight salary while you or your partners are pulling down a salary on top of a percentage of billings.

I hate that model, especially if your associates have no chance of becoming partners. It's so greedy.

 

[circulus vitios]

I hate that model, especially if your associates have no chance of becoming partners. It's so greedy.

Yeah it is pretty s*****, but it's a great way to make money.

I think having in-house diagnostic equipment is lucrative, too. But medical equipment costs a lot more than underpaying a half dozen associates.