Good morning fellow SDNer's:
I have been researching and planning on starting a pain practice and need your opinions into the following issues:
Lot more to ask, but I'm just taking it slow and steady. I'm sure more questions will popup as time goes on.
Thnx for all your input.....
-ML
I have been researching and planning on starting a pain practice and need your opinions into the following issues:
- Location:
- I'm currently in a non-compete clause with the employer I'm working for. It basically restricts me from working in the area I want to open my primary office in.
- However, I can drive 15 more minutes out of this area and start the practice over there. The market seems to be good there also.
- I do eventually want to move into my preferred area though. I'm concerned about having two separate locations though this seems to be the common trend for any solo practice provider regardless of the subspecialty in my area.
- Question for you guys: If I invest good money to start in this outside area, would it cost me more or less the same amount when I'm ready to open in the area I want to open in eventually. What is typically the expense to add a satellite location?
- Start PP now vs in 2 years:
- One option is to work some odd job for 2 years and come back to start a single location PP
- This sounds financially less risky, but obviously the later you start it the more time I have to wait till the practice is financially rewarding down the road.
- With all the changes happening in healthcare, it looks like it is getting harder and harder for single guys to succeed. So, I'm concerned that I may loose out if I wait for 2 years in starting a PP
- Question for you guys: What is your opinion on this? What would you do if this were you right now.
- Should I even start a PP:
- With the way healthcare field is currently, I'm a bit nervous about starting a PP
- Most of the pain clinics in my area were purchased by a single corporate entity. They purchased three clinics in a matter of two years. I'm confused as to why this happened because I feel like this area is a very successful one for individual pain docs.
- My current job makes me decent money in the low 350-450K range (likely around 400K depending on quarterly bonuses), but the overhead can reach 65-70%. Unless, I buy into ASC shares, there is no chance of making more. They did offer me buy-in for the ASC, but I'm undecided at this point. My reason for branching is not just overhead, but the surgeon who started the practice could be a d**k and I feel like I'm constantly under his radar due to his crazy micromanagement. This may be a good thing for the practice, but it bothers me to no end. I feel like I'm in control of my clinic, but he reminds me he is the boss every instance he gets by doing verbal punches.
- Questions for you guys:
- Is there a hidden issue that is making these providers to sell their PP to a corporate entity?
- Is it even worth it to start your own or drink from a common fountain as someone on this forum put it. Should I suck it up and stay in my current job for the rest of my life and just deal with issues at my current practice?
- Capital needed to start a PP:
- What kind of capital is needed to start a bare minimum PP with a Fluoro suite. My calculation is around 100k-150K and this also includes salary for a front desk/office manager person and a MA to help with patients as well as help with C-arm during procedures.
- The large expenses I included are:
- Office space large enough for fluoro suite: 25K/year
- Fluoro suite build expenses (?????). Any input as to the cost of this?
- A comprehensive EMR with EPM and RCM. Four percent of total collections. I'm looking into EclinicalWorks vs CureMD vs Athena in the same order of preference: No upfront cost if I go with CureMD. ECW is $500/month per provi
- Furniture(Front office, exam rooms, fixed fluoro table, computers, and phones): 15K
- Two employees: 50K/year between them
- Initial medical supply orders: 10K
- My tail coverage and one year malpractice premium: 20K
- Consultant to get the practice started: 10K
- Rent Fluoro machine: 5K/year
- Buy used or new RFA machine: 15K
- Any big ticket items I'm missing here, please add to this list
- Doing all of this to build a practice only to make it a satellite office 2 years later and start allover again is concerning even though both locations could be successful. What you guys think?
Lot more to ask, but I'm just taking it slow and steady. I'm sure more questions will popup as time goes on.
Thnx for all your input.....
-ML