It can be a rewarding and challenging endeavor to be a physician looking to make a living in private medical practice. Private practice, owned entirely by doctors rather than a hospital, health system, or other entity, is far from dull. According to the American Medical Association‘s Physician Practice Benchmark Surveys in 2020, 49.1% of physicians worked in practices wholly owned by physicians, a figure that decreased from 60.1% in 2012. Despite this, private practice is still a popular choice for many physicians.
The Complete Healthcare Business Consulting team is here to help you make the best decision for your practice. We provide proven methods and resources to consider all practice options so that you can deliver the highest quality care to your patients and the greatest return on your investment.
8 Keys To Starting A Successful Private Medical Practice
1. Leverage Autonomy to Implement Change
The major benefit of private practice over corporate-owned medical centers is the professional autonomy it offers. If you wish to introduce new services for your patients, you are free to do so without any bureaucratic hurdles. All you need to do is make a plan with your team, and you can start executing it. Don’t forget to include CHCBC as part of your team, as we can offer our experience with implementing new services. Formulate the plan, acquire the skilled team and necessary equipment, and integrate the service into your practice.
2. Know the Mistakes Before You Make Them
Anticipation of potential problems is an essential part of medicine from a clinical perspective, and a physician starting a new private practice should take this same approach. Gather information about the process from experts who have already gone through it. Our knowledgeable team has helped hundreds of doctors establish a new business and grow their services and capacity for more than 20 years. Our team has created and successfully utilized proven methods of growth and efficiency. Your team will gain skills, learn how to employ modern techniques and increase your bottom line.
3. Overcome Common Practice Problems
Working in private practice may still involve some difficulties, but it does give doctors the option to find ways to reduce their stress. Discover what can be done to minimize some of the biggest challenges of the medical profession. Speak to our team about the software, training, or techniques that the most successful clinics are currently using with their team.
4. Grow Your Patient List
As a physician building a private practice, there are many things to consider beyond just opening an office and providing care. Every doctor has their own individual brand that will help determine their success. It is important to understand the basics of how to define, promote and support this brand. Key factors in establishing the brand include the specialty chosen, the type of patients the doctor is likely to attract, the practice’s location, their policies, the amenities of the office, communication skills, the commitment to patient satisfaction and education, and more.
5. Know the Basics to Get Paid
In the private practice setting, physicians are responsible for managing the operations and finances of the practice. Unfortunately, medical school and residency training often fail to discuss this critical topic. CHCBC has created a variety of resources to assist new and experienced physicians in understanding, staying up-to-date with, and confidently responding to the complexities and constant changes related to getting paid, such as private practice revenue cycle management and medical coding and billing.
6. Create the Right Culture For Your Private Practice Team
Creating a positive and forward-thinking culture in a private practice is not something that can be done easily. It takes strong leadership and well-thought-out strategies to form a cohesive and effective team and lead them through changes. Physician owners must fulfill multiple roles, such as:
- clinical supervisor
- management leader, and
- chief strategist
It is your responsibility to make sure that patients and team members are well taken care of by increasing practice efficiency, improving patient care, and enhancing professional satisfaction. The urgency of making the right decisions for the practice is heightened due to physician burnout. When the workplace conditions are not set up to support growth and success, team and physician burnout is an ever-present adversary.
7. Don’t Overlook Efficiency
In many medical settings, it is possible to improve the efficiency and quality of care, as well as the workday, by implementing already-proven workflow improvements. However, somebody needs to get the process started. CHCBC provides guidance on how to execute this initiative in your practice.
8. Your Private Practice Is Only As Strong As the Advice You Get
Having a medical degree gives a physician the eligibility to consider owning a private medical practice. However, in order to properly open and operate it, it is often necessary to seek assistance from other specialists. Physicians may look to an attorney and an accountant for guidance in setting up the business structure and for ongoing support. However, succeeding in a private practice requires clinical expertise, commitment to cooperation, and the ability to solve complex problems in a constantly-changing environment. The CHCBC team provides physicians with the tools necessary to launch and maintain a successful private practice. Get started with a practice assessment to help uncover deficiencies that can undermine performance, patient relationships, and overall profits.
