Owning Your Own Private Healthcare Practice: Are You Ready?
As a healthcare provider within the medical, dental, or veterinary space, it is highly likely that you have always had a passion for providing high-quality patient care and consultation. However, you may also be considering what your career would look like if you made the jump into self-employment and opened your own practice.
Dreams of entrepreneurship are common amongst members of the medical community, especially when considering the benefits of sovereignty from large healthcare systems and the perks associated with establishing your own processes and calling the shots in how you want to run your practice. At the same time, there is another reality present. Namely, are you ready to make the jump to owning a private practice?
In this article, the practice consultants at LenDRgroup Consulting will help you determine if you are ready for practice ownership.
Key Questions to Ponder—And Answer Honestly
If you are keenly interested in the prospect of owning a private practice, our team encourages you to answer these questions prior to venturing out on your own.
- Are you happy as an employee? Sometimes a healthcare provider dreams of being a business owner, and other times, they cannot picture the added stress that comes with being the person in charge. Figure out which category you fall in, and take into account what your day-to-day looks like now. For instance, are you frustrated with the wait times patients experience, do you not like how rushed you feel in your appointments, are you tired of complaints about care standards at your current employer? If so, then practice ownership might offer you an opportunity to create a healthcare practice founded upon your vision, while also setting your own schedule, personalizing services, and ensuring patients receive the attention they deserve.
- Are you financially ready to own a practice? Yes, it’s true that you might have student debt still and you might not feel completely financially stable as an employee of a healthcare system. However, there are lenders who specialize in practice acquisition financing. Remember, as a private practice owner, you will earn a larger income, which can help you get out of debt sooner and reap the benefits of your hard work.
- Where are you in your career? When you decide to become a practice owner, you will be more than an employee who punches in and out each day. You will live and breathe your business, be responsible for your employees and help them grow professionally, and also be responsible for enabling your patients to achieve positive health outcomes. Ultimately, most lenders want to see that you have some real-world experience and recognize that you understand what you’re getting into. However, there are also healthcare practice consultants who are able to serve as a partner and guide to you as you pursue practice ownership. Ultimately, make sure you are taking the time to evaluate this opportunity and just what it entails and that you are ready and willing to be not only a healthcare practitioner but also a business owner.
- Who can help me throughout the process of acquiring my dream practice? Let’s state
another reality, you went to medical, dental, or veterinarian school to become a doctor,
dentist, or vet—and you may not have formal business school in your background or an MBA. You study for years to become a healthcare practitioner, but you likely have not received business training. But that’s okay! This is why you should recognize that you need a team of trusted advisors and industry professionals who have the ability to enable you to pursue your dreams of business ownership and are committed to contributing to your success.
LenDRgroup Consulting Can Help You Realize Your Dreams
Private practice ownership can be incredibly exciting and fulfilling for any healthcare professional, but as we noted in this article, you need a partner you can trust to guide you through the process.
LenDRgroup Consulting would love to be that partner. If you believe you are ready to take the first step into owning a private practice, then we invite you to go through our pre-practice
financing health checklist. Here, you will answer a few questions about your practice’s financials
and then have the chance to discover next-level practice financing solutions tailored specifically
for you. Of course, for more information about how LenDRgroup can help, contact us today.