I am a new NP grad that has started my own family practice business. I have been approached by a MD looking for an NP to work for him. He wants to pay a salary, however I am torn about leaving my business. I only work 2-3 days a week, but I am not seeing the volume of pts that I expected and I keep loosing money. Help!
Apr 14, '11
I would seriously consider his offer. I am in NP school because my husband who owns his own pediatric practice doesn't get paid about 3 months out of the year.
As you know, owning your own practice you are responsible for paying everything: insurance, immunizations, phone, electric, lawn care, computers, comp maintaince etc sometimes the costs end up being more than what you bring in. The stress to us is not worth it and if we had to do it over again, we wouldn't go this route. The stability of drawing a paycheck is worth so much.
He's struggled for 5 yrs now and we are just to the point where we think we can depend on him having a regular income.
Can you calculate how many patients you need to see per day in order to pay overhead and yourself? Are you close to this number? Husband has to see at least 25/day. Winters can average 32 and summers can go as low as 18, so you have to make more in the winter and save it for the summer in order to survive. He can't change jobs because he owns the building which is now very undervalued.
I'm sorry to be so negative, but if someone had told us what life would be like after we did this, I don't think we'd have ever done it. I just don't want to see someone else go through it.
Apr 14, '11
Thank you for sharing your experience. How unfortunate to have to go through all that. Here are some of the reasons for not walking away.
Rent...250 month. I split the cost with another NP. I work 2-3 days a week. The other NP is a retirement age, and is looking to cut back. However, I have 2 small kids and student loans coming up. I have to see about 8-10 pts a day to make it work. It has only been 4 months. Patience is not my strongest quality...
Apr 15, '11
That is really low overhead! I guess you need to decide if it's worth the stress and how far you are from your monthly goal of patients, if you're just around the corner than it might be worth staying.
Apr 16, '11
Wow, im starting Fnp next spring I wanna do a business inm" my home town.
Hoping to keep the overhead low like you have done.
Apr 16, '11
I have been lucky to have found a great mentor to guide me through everything. Despite the low costs, somehow it all adds up fast. I have been in business for 4months and it looks like this month I may have made a few hundred, and not lost money.
Good luck with your practice.
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