Private Practice

Discussion in 'Podiatry Students' started by justincredible, May 9, 2008.

  1. justincredible

    justincredible SCPM c/o 2011

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    Hi everyone,

    After this week of finals I am officially 1 year closer to being a practicing pod! For some time now I've been entertaining the idea of starting my own practice straight out of residency. I already have all sorts of ideas as to how I want to set up shop... However, the only thing I am torn about is WHEN to start my practice.

    If I want to start straight out of residency I wont have the experience that I would have practicing under someone else (be it a separate practice, mutlispecialty group, etc...) where I can observe the inner workings of managing a practice. I DO have the option of getting my joint MS/DPM degree in Healthcare Administration & Management, however I'm still only toying with the idea of adding more debt and spreading myself even thinner than I already am.

    Any thoughts on this? Generally how successful are practices that are set up straight out of residency. I know that with any new business there is some risk and ALOT at stake. So I just wanted some input.
     
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  3. MaseratiGT

    MaseratiGT Legilimens!

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    Congrats on finishing 1/4 of your education! 1 down, 3 to go! :thumbup:
     
  4. Feli

    Feli ACFAS Member

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    Well, I'm not much further into my training than you are, but I have had the chance to shadow and work with a fair number of private practice DPMs (some of whom started up straight out of training). Since nobody else has answered, I will tell you that, as I see it, your answer will depend on a numver of factors:

    1) The area you try to start up (number of F&A docs, number of pts, health plans, etc)
    2) Your residency training (skills, office experience, etc)
    3) Your financial situation (assets, credit)
    4) Your personality (networking, connections, finding good staff/patients, financial business sense, etc)

    I'd say that the residency training will certainly be a huge factor. If you have solid training, you will probably have a much easier time getting onto hospital staff. Staff privileges is a big key to having a place to gain referrals/reputation, do your surgery, do consults and CME, etc.

    There is also no getting around the costs of doing business. You have to spend money to make money.
     
  5. cool_vkb

    cool_vkb Member

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    I have same plans like yours. My own practice in some coastal town in florida [i am fed up of snow]:D. I think rather than starting a new practice, its better to purchase a running practice because its already established, you will get some patient base, trained staff and marketting. plus a lot of DPMs will stay with you for some period for a smooth transition and even introduce you to locals,etc. my cousin,she is an MD bought a practice in Michicgan in this way instead of opening a new one. And she said its totally worth it.

    If you get PMnews via school email, go to the last page. there are always 3-4 ads running on Practices for Sale. Lol, we just finished 1st year. 3 more yrs of hell await us. Plus looking at "true stories frm residency" thread, the post school 3yrs also dnt look tat much fun:)
     
  6. Feli

    Feli ACFAS Member

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    A lot depends on your attitude and if you are interested in what you are learning.
     
  7. cool_vkb

    cool_vkb Member

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    lol thats true.
     
  8. biocmp

    biocmp I'm a computer

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    I believe the three years of residency will be some of best years you will have! Especially if you match into a recognized program. You will get lots of hands on learning, and prep the night before, etc. Maybe it's just me, but surgically fixing a problem seems exciting.
     
  9. justincredible

    justincredible SCPM c/o 2011

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    Actually, I love reading that residency thread! The idea of starting residency is the most exciting part to me!!! This 1st year of didactics was kind of a drag (with all the endless memorizing of basic sciences). But the things I enjoyed most this year were all the clinical correlations (ie. fundamentals of pod med, learning the HPI and physical, etc...)

    I am totally psyched about starting second year and getting into the clinic and interacting with patients.

    I cant wait!!!!!! :D
     
  10. tea_tu

    tea_tu Tea

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    This may or may not help, but your school should have a Practice Management Club that can provide you with some reasonable answers on private practice and expectations. AAPPM (the parent organization) has been providing DMU great resources for guest speakers who came to share their personal take on ther own private practices. I'd suggest talking to a lot of different people who have their own private practice and see what they say about it. You might find that many inherit their practice, instead of having started from scratch. Starting one fresh out of residency? That's something I'd like to know too. What would be your income source? How much do you know about business management, hiring & paying & keeping your staff, hiring a very knowledgable office manager, keeping your books straight on other overhead costs, taxes, networking for new patients, etc... The many reasons why I don't think I will consider opening my own private practice until much, much later.
     
  11. justincredible

    justincredible SCPM c/o 2011

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    Thanks for your input tea_tu. Scholl does have a Practice Management Club and I am in fact a member of it... The club provides some really great presenters and opportunities to talk to actual in-practice pods as well as gain very helpful and pertinent info regarding setting up your own practice. But I go to these meetings and all I want to do is start my practice ASAP!!! I get all kinds of thoughts and ideas as to what I want to do that I seem to get ahead of myself :laugh:

    But I agree with what you said. I think I am considering buying an already established practice, but after residency I certainly wont have the collateral to do so. So now I'm planning on working with a MS group for a few years to get my bearings... then I'll set up my dream! :love:
     
  12. cool_vkb

    cool_vkb Member

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    Dont know if this applies to DPMs or no but MDs and other businesses do get financing under SBA (small business) loans provided by govt and many sellers guide buyers to sources of finance.
     
  13. justincredible

    justincredible SCPM c/o 2011

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    cool_vkb, I'm sure it applies to DPMs too. It should apply to any prospective small business owner, depending on credit of course. ;)

    But more than holding enough collateral, my decision is largely based on learning the ropes 1st. I think the idea of putting a large sum of money into a business without knowing "how" to run the business is a risk for me. Especially considering I'm not the most business savvy! But who knows... plans can change!
     
  14. cool_vkb

    cool_vkb Member

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    Lol iam just finishing 1st year but iam so excited and motivated to open my own practice that i always go thru these ads and sale listings. One thing i found was that many people give us the oppurtunity to observe/analyze the practice for 3-6 months before even thinking of making an offer to them. And even ater you purchase there are some people who stay for a smooth transition. Lol i hope all these ideas stay with me by the end of residency. :)
     
  15. justincredible

    justincredible SCPM c/o 2011

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    Hey cool... check out this practice in downtown Chicago. It's seems so amazing. I really want to contact this doc and request to shadow him for some time.

    http://www.chicagopodiatry.com/physicians_carr.cfm?gclid=COX-t5SVmpMCFQsrswods1lHwA

    :)
     
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  17. MaseratiGT

    MaseratiGT Legilimens!

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  18. cool_vkb

    cool_vkb Member

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    wow! his practice & qualifications looks awesome (proud scholl alumni:)) . his website is so posh and well organized. We should ask the Practice management grp to contact him . iam sure being a scholl alumni he will definetly show some interest. Last october i went with them (Practice mgmt grp) to a surgical center , it was a very good experience.
     
  19. justincredible

    justincredible SCPM c/o 2011

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    Yeah that's actually a really good idea. I'll bring it up to the prez. I'm sad I didnt go to the last 'office visit' AAPPM held a few weeks back. I heard it was really insightful.
     
  20. cool_vkb

    cool_vkb Member

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    Are you talking abt the Gurnee area visit (Sports Medicine DPM). i missed tat too but a friend of mine who went there was saying that it was a great experience. remember we had that ECR extracredit on that day:( . Are you an officer in that grp?
     
  21. justincredible

    justincredible SCPM c/o 2011

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    Yeah I think that was the one... I had a friend that went also and she told me it was a lot of fun... ECR extra credit always seemed to come up at the most inopportune times. Just like all of the grand rounds lectures I missed bc of ECR. :confused:

    And no I'm not an officer of AAPSM.

    Good luck on the lab final tomorrow!
     
  22. cool_vkb

    cool_vkb Member

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    Goodluck to you too! i just cant stop imagining the life after May-16th 11:00am :) ,aaah no more studying.tc.
     
  23. Congrats, only 3/4ths of a decade left. I bought some geritol the other day that was on sale. Thank heavens I found enough quarters in my ash tray of my car.

    I also bough some ramen noodles with the remaining change I found. Now I can eat while I wait for the dispersement check to come in but I might not have enough gas in my truck to go pick it up.

    I'm glad that the clinical sites and externship surgical centers are located all over BFE so that way I can spend ALL of my loan money on $5.00/ gallon gasoline and hotel rooms by the month.

    It'll take my 10 years to pay off the money I was lent for gasoline alone. But hey, I'll be a doctor but for my next 5 yrs, I'll become a used up Boonion salesman to please my oril board masters who are insanely convinced that the world would turn to cotton candy and lollipops if everyone had a boonion hacked off.
     
  24. cool_vkb

    cool_vkb Member

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    :laugh:, APMSA should make you their official Podiatry brand ambassdor. you paint very excellent picture of gloom and sadness. ofcourse what you are saying is absolutely true. iam also waiting for disbursement check to pay my august 1st rent:(
     
  25. Ya like that huh? Oh my, there is plenty more of it where that came from! :laugh:

    All pod students in the us may be forced to move in together in a one room apartment and take turns sleeping on the floor at this rate. We'll be fighting racoons and each other and probably a good deal of practicing pods for dumpster rights.

    Ya know, we're just living way too high. I hate the thought of getting rid of the limmo and driver to pay for school ya know.

    We're a bunch of ingreats expecting these hospitals to actually pay for work performed.

    Crap, people used to teach themselves from a 20 dollar book how to do a boonion sx before the days of endentured servitude to residency programs and their comma shaped directors (pod can be hard on a back).

    I hope I can change some bed pans for free soon that will be an invaluable learning experience just like typing more redundant notes and doing more resident scut work for free.

    Well, gotta get going, I have to continue my journey back to pod school from another rewarding externship and I only have about 600 miles left to go. Restraunts are closed and there should be some good food in their dumpsters and I got to beat my classmates and the local pod to them.
     
  26. IPODiatrist

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    lol. hilarious.
     
  27. SportPOD

    SportPOD Arizona Sports Pod
    Lifetime Donor Classifieds Approved

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    I've been wondering who's been raiding my stash lately! :lol:
     

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