How to start a solo practice?

[yesdee]

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Hi,

How do doctors start their solo practice in FM right after completing their residency? I can understand you find an office, hire staff and then what? How do you get the first patient? How much time it usually take to break even?

 

[cabinbuilder]

Not likely in the new age of medicine with all the governmental regulations. I don't know how anyone would want to have solo practice anymore. With that said, patient's would follow you out of residency if you stayed in the area. There are almost no providers who take new patients anymore - especially long standing practices so it wouldn't be long for word to get out you would be taking new patients. Of course then the drug addicts would all flock to you. If you took medicare and medicaid you would be overwhelmed if you didn't put a cap on how many patients you would see a month.

 

[DIce3]

Solo is pretty easy and I recommend it. Break even after about three months. Hang out a shingle and tell the subspecialists you are looking for work. Put yourself on the unassigned call rotation at the local hospitals.

 

[cabinbuilder]

Solo is pretty easy and I recommend it. Break even after about three months. Hang out a shingle and tell the subspecialists you are looking for work. Put yourself on the unassigned call rotation at the local hospitals.

So how do you come up with the capital for building, equipment, staff, etc? How do you overcome all the governmental regulations? How do you get on board with medicaid, medicare, and all the major insurance companies if you have no idea how to go about that? Doesn't seem very practical here in US.

 

[drempl]

You can buy one or you take the risks of opening your own.
Careful if you decide to start from scratch! I would recommend work in the area for a while, make some connections, introduce yourself to the specialist groups...

 

[JustPlainBill]

I'm starting my own in a medically underserved county -- working with the hospital and got a really good deal with a 3 year payback (I have to work in the area 3 years in exchange for support that first year). I was introduced to the area by one of my mentors, I'm the 6th doc in a county of 30K with no medical care except the ER on the weekends --

yeah, it's got risks and a lot of medicare but my loans are getting paid off, the rest of the deal is really sweet and my mentor is in town and is guiding me through the rocks and shoals....

It can be done, but it is a daunting task.

 

[DIce3]

I started a solo practice with nothing and did fine. The key is to start small and keep overhead low.

 

[MOHS_01]

I started a solo practice with nothing and did fine. The key is to start small and keep overhead low.

Word.

I did the same thing. Twice.

Marry well -- don't have one that drags your ass off to be in mommy's backyard after you've put in the 3-5 hard years of ground work.

 

[Kahreek]

from my understanding, start small with something your community needs and go from there, i dont think it would work to try and broaden your services early on. Alas this can make it a bit boring and tedious.

 

[rachmoninov3]

How about if a community physician offers to help you start your own practice? They provide the building, equipment, and staff? I've talked with a guy who says he's helped many people build their own practice and can get you set up in 2 months. Part of me thinks this is very sketchy, and the other part would love the opportunity to learn from someone who has done full scope FM and succeeded.

 

[DIce3]

How about if a community physician offers to help you start your own practice? They provide the building, equipment, and staff? I've talked with a guy who says he's helped many people build their own practice and can get you set up in 2 months. Part of me thinks this is very sketchy, and the other part would love the opportunity to learn from someone who has done full scope FM and succeeded.

Sounds like he might get some ownership of your practice. I would just do it alone. The best place to get advice is from other solo docs, who are frequently willing to direct you in the right direction.