Own practice

[Rocknurse, MSN, APRN, NP]

This is just a throw-out thread to see what the general consensus is on owning one's own practice. Has anyone done it? Has anyone gone into partnership with other APRNs or MDs? How do you navigate the business side? I don't know of any NPs that are taught business in their graduate programs so how do you find out how to actually get a business off the ground? Do you hire others? How do doctors do it? You can have all the medical training in the world but how do you figure out the financial and tax side of things? Would love to start a conversation about the pros and cons. Yes, I know the insurance is expensive but there must be more to it than that. What are your thoughts?

[Grumble88]

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.

[Cwoods]

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?

[Aromatic]

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.

[Grumble88]

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

[RiskManager]

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.