Redneck said:
MS0 <3 months left...
I'm brainstorming again and I'm wondering if a fresh Family Med grad is capable of starting a practice in a nice middle of nowhere town? Let's say loans of about $200,000, would it be possible to receive business loans to set up a practice? Are there government incentive programs to make this work? Can this old mentality of 'hanging up a shingle' be done? Or is this merely a dream that requires no debt and an existing capital source to get running?
Well, it depends. Are you independently wealthy? Do you care where you set up?
If you're independently wealthy, you can probably do it. However, unless you went to some special medical school and residency that actually taught you the 'business' end of medicine, I doubt that you'd have much of a clue about the things involved in running a practice. It's not all seeing patients. And, it would take at least 6 months (at the absolute minimum) to locate a space for your office, have any necessary upgrades done, get the equipment in, and have the shingle made to attract patients. Oh, don't forget the DEA registration, state license, malpractice insurance coverage, medicare authorization, etc. If you can't get business loans (and even if you can) it will probably cost close to $250K to get the office equipped, too - that stuff isn't cheap.
If you don't care where you live, you might be able to find an existing practice of a physician getting ready to retire. With luck, you could retain his/her staff and simply purchase (over time) the assets of the practice, including good will.
Finally, some very small towns REALLY want a physician - and will give you significant bonuses to have you move there, like office space, a house, etc. These are hard to find and are almost always in geographically undesireable areas like remote parts of the Dakotas. Work your cards right and you might even get them to pay part of your loans off.
It's probably good that you're thinking of this now. I'd suggest reading Medical Economics magazine (free online) to learn more about it.