Starting a private practice can be a daunting task. In America, there are constant warnings of how saturated and risky it is to create a new clinic. Even so, there are still many physicians opening up solo practices, purchasing practices outright, and even forming private practice groups. With the correct medical practice management strategy, private practice can succeed even in a competitive space.

Many physicians go into private practice because of the desire to be an entrepreneur and to provide higher quality medical services to patients. Owning a private practice allows physicians the opportunity to create their ideal clinic and make more money.

Starting up a private practice is considered risky in many specialties and markets, so much so that it’s just not done. If IPA/ACOs or insurance plans are closed off to newer physicians or they do not pay enough, a private practice startup might be ill-advised. The same holds true for areas where there’s inadequate demographics or an oversupply of doctors in the specialty. In such circumstances, the safe play is to either relocate or take employment, focusing your possible business ventures and risks to things like real estate or the stock market.

Alternatively, there’s plenty of opportunities for full, successful, profitable, private practices in many locations across America. A lot of communities are actually under-served in both primary and specialty areas of care. That gets even truer outside of any commuting distance from a coastal area, urban area, resort, or any other place to live that is desirable.

Should you start a practice? It honestly depends. If income is your only driving factor, it may not be the best decision. Starting a private practice, just like any business, is extremely challenging. You need to weigh out your values and goals to determine if such an undertaking is right for you. We can help.

Progressus Revenue specializes in working with physicians and their practices to attain the highest returns. We understand the challenges faced by many medical practices. Call us or contact Progressus Revenue for more information.