Own practice

I had a long conversation with a colleague recently who started his own practice in Texas. I wouldn't even try in a restrictive state like Texas, but in an independent practice state it would easily be worth it if you do the appropriate preparation and draw up a solid business plan. Lots of responsibility and work, but potentially huge payoff as well.

I had a long conversation with a colleague recently who started his own practice in Texas. I wouldn't even try in a restrictive state like Texas, but in an independent practice state it would easily be worth it if you do the appropriate preparation and draw up a solid business plan. Lots of responsibility and work, but potentially huge payoff as well.

Hey Grumble, what specific things/obstacles did your colleague bring up?

There are tons of business books out there. I owned a gym on the side for a while, never took any business classes. What we learn in life is not limited to what we do in school. I would work a few years while reading up on the business side, then if you want to start a clinic take the jump once you feel comfortable in practice.

the SBA has tons of resources.

i bought a few tax books off amazon for 10 bucks each

a used economics book is helpful (older editions work too)

they have some books that cover the need to know from MBA programs for 10-20 bucks online

yale and a few other schools have open source class rooms with finance lectures, accounting, small business stuff, MBA coursework, etc

work in a small clinic for a while and pick the office managers brain on a daily basis

I would start there and see what you can find.

Renting a location, contracting with a delegating physician for himself and the NPs he hires, contracting with NPs to work in his practice, malpractice insurance, and making ends-meet doing telemedicine while he built his practice

I would mention that some states, via the medical licensing agency, prohibit MD's/DO's from being in a partnership with NP's or PA's. The physician can employ the NP or PA, but cannot be a business partner nor can the physician be an employee of the NP or PA.