Taking over existing practice

[Yellow mellow]

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I’m considering taking over an existing psychiatric medical practice but I don’t have one clue about business at all. Can anyone give me any pointers, suggestions, anything. I’m doing some research and it feels overwhelming. I’ve been working at a government institution and feel burnt out and have always dreamt about being on my own. I like to jump at the chance and here is my opportunity. There are some personal obstacles. I worked for the government assuming I would use the pslf payments to help erase any remaining debt, I don’t have much in savings yet because of the student loans I’ve accumulated. So, maybe I’m just being unrealistic. So please chime in if you have any thoughtful perspectives or suggestions. Thanks

 

[AD04]

Transition into private practice over a period of time. You need a mentor, especially if you have no clue about the business aspect. Ask the owner to stay on for 2 years while the transition takes places. The owner should teach you the ropes.

The owner should be open to the idea if he wants the practice to flourish after he leaves.

Depending on how many more years you need to qualify for PSLF, maybe you can work full-time for the government and part-time for the private practice. Work it out with the owner.

 

[futuredo32]

I went from residency to private practice. How large is the practice? Is there a receptionist? A biller? It's kind of a pain but has bonuses- you pick your hours days patients. It's not rocket science. It's not that hard.
I have a SMALL private practice so I am my own receptionist and I have to call in my own prescriptions and send stuff to my biller. I have a biller and she got me paneled on insurances. Assuming he has a good patient base already you are really in a good position. You don't have to solicit patients.
What types of insurance does he accept? Medicaid, you don't want that. Do you want to do therapy or just meds? I would find out what insurance he takes. If it's the indigent population, you wont make enough money.
The problem with him staying I would imagine is his patients would want to see HIM. I think asking him to stay TWO YEARS is a lot. Is he selling this practice to you? Maybe find a mentor . But I am a total *****, if I can do it, anyone can. 🙂

 

[whopper]

A problem with taking over anyone's patients is some doctors don't prescribe based on evidenced-based medicine and you might inherit quite a few patients wanting the meds the way they are despite that the regimen is harmful.