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private practice or group practice???

Stu

Junior Member
15+ Year Member
Jul 27, 2001
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0
Des Moines
Based on successful young podiatrists you know, what is the best option for a new grad with say at least a PSR-24 of surgical training these days :

1. New practice startup in an underserved area.
2. Buy a successful practice from a retiree.
3. Find a job with a hospital, multispecialty or orthopaedic group, or podiatric group.

Thanks.
 
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the message

Member
10+ Year Member
15+ Year Member
Mar 12, 2001
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cleveland, OH,44120
I think that your best option with those credentials is to work with an established podiatrist or orthopod that will not try and scam you with a low ball offer(teacher salary) and will give you the ability to buy into the practice or at least learn the business around these HMOs. Now, the problem comes in where you might want to practice in a city that has a school or where there is an overabundance of podiatrists. YOU WILL NOT DO WELL IN THESE AREAS and maybe even not allowed to join one of the insurance carriers in that area because of saturation or maybe they need a board certified podiatrist. You should make yourself available to move if neccesary. Good Luck!
 
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efs

Full Member
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15+ Year Member
Jul 20, 2001
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Germany
  1. Podiatrist
I think to some extent it depends on your individual situation and personal preferences.

Single or married. This can make a significant difference in where you might move. Family location may be a facotr for some single people as well. If you want or need to live in a specific geographic location you may have some self imposed restrictions. Not to say this is neccessarily bad, but if you just HAVE TO live in NYC, you may have more problems.

If you want to take the solo practice route, you will initially have a greater start-up cost and this may limit you. It will certainly be a major factor in your decisions. The upside to solo practice is that you get to (or have to, depending on your point of view) make all the decisions. Of course you also have to live with your decisions.

Buying a practice from someone who is retiring could be an interesting alternative. If they were at a point where they want to decrease their hours, and take some time to help you get into the business. If they gave you a fair deal on the purchase of the business. If they are located in an area you can relocate to.
You can avoid or minimize the large initial startup cost of a solo practice. To some extent the business is established already, if you are taking over his patients. Of course you also have to work in his shadow a bit. Did he have a good or bad reputation?
I suppose my take on this option is that it could offer some significant benefits, but I think these opportunities will be few and far between. Good luck in finding one.

Jobs with hospitals, multi-specialty groups, ortho groups or podiatry groups seem to be increasing. (Or at least an increasingly available option.) This is most likely the route that I would consider. You may even create your own job. If the hospital or group does not have a podiatrist, you may be able to convince them that they need one. Put together a proposal that shows how you can benefit them. What additional costs they would incur, and what additional income such an association can bring them. It's all about the money, as these are businesses.
 
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