Every physician has their reason for wanting to open their own practice. Here are 3 of the most popular reasons someone might want to start their own medical practice:
Lifestyle
Lifestyle is another key reason that so many physicians choose to go into private practice. Physicians are actually more likely to accept a salary reduction in exchange for more free time.
So when physicians are able to own their own practice, they can decide how many hours they work, how many vacation days to take, and how much time you want to spend with patients. Work-life balance is more important than ever.
Autonomy
Some physicians are looking for autonomy and want to have complete control over the decision making for the type of patient care they provide.
As your own boss, you can purchase the kind of medical equipment you want. You won’t have to fill out any request forms or wait for approval from the hospital administration.
As a physician in private practice, you can also adjust the office workflow to how you practice. You have total control over hiring your staff and other medical professionals to support your practice.
You can also provide the type of care you want, such as focusing on underserved populations or providing concierge services.
Income
Another reason to go into business on your own is the earning potential. As the boss, you have the potential to earn considerably more money than you’ll ever make as an employee for a healthcare system or hospital group.
CONTACT PRACTICE ADVISORS
Now that you have read some basic tips and things to consider you are ready to start your practice. After you have found a place that meets your needs you will still need to make on offer, secure financing, sign the practice sale agreement and lease, and complete the purchase. As you can see a lot of important factors go into this decision. Make sure you are being properly advised. Practice Advisors 360 is the nation’s leading dental advisory company. Contact us today at (844) 360-8360 or visit us online at practiceadvisors360.com
