How to start a practice?

[Dapathguy]

Hello all, I hope you are all staying safe and well.

I was fortunate to be accepted into an ASOPRS fellowship and could not be happier. I know I will be doing what I love. A concern has recently developed regarding my practice after I graduate. I know this is a long way off, but I really have absolutely zero idea how to run or establish a practice. When do people generally learn these things? Do you approach someone with an established practice maybe 1 year before returning (to your desired practice area) to see if they are interested in someone joining? What's fair compensation for a starting surgeon? How do you determine if an offer is competitive? If I wanted to go about it alone, how would I start that process?

I know it is an extensive subject, maybe too long for an adequate orientation on these forums, but perhaps there is an outside source with this info that someone may know.

I am grateful for your responses and advice,

Dapathguy

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[iasineye]

Solo Building Blogs

Helping solo practice physicians succeed

solobuildingblogs.com

This site should help with some of those questions. Hope it helps!

 

[increscence]

It's not hard, but it is complex. There are lots of chicken-and-egg issues to sort - I need an address to do X, but I need X to get an address.

Solo Building Blogs is good. There is a Facebook group called Private Practice Physicians that is really helpful, too. Your local Small Business Association chapter can hook you up with free mentorship.

There isn't one single guide that will tell you how to do it. You will end up relying on advice from lots of different people.

First start by confirming that you do want to go solo. More and more people are going solo these days as a backlash to consolidation, so you are certainly not alone.

Then find a location. It's easier if you're already licensed in that state. Make sure it will work out strategically, and make sure you actually want to live there. Make sure there is an OR nearby that will suit your needs.

Then get an interim business address, ideally a UPS box (not a PO box). Apply for a corporation. Write a business plan and apply for a business loan if you'll need one.

Then start getting insurance credentialing/contracting and local business permits.

Best of luck!

 

[mjohnsonets]

For a private practice-based, newly graduated ASOPRS surgeon, you're likely to see base salaries in the $250,000 range; they will have a production bonus structure on top of this. This could slide in either direction depending on the saturation of the market you practice in. Just trying to give you a reference in your decision-making process.

Otherwise, as others have already stated, Solo Building Blogs.

 

[Sushirolls]

Read this thread:

Private Practice in Progress

Building a private practice, N of 1. Enjoy. Month zero: Grand plan was to use money from inpatient gig where independent contractor doing own billings to expedite insurance paneling, so all I had to do was switch over the practice address once opened. Long story short, not a quality place I...

forums.studentdoctor.net

Bit rough the first few pages, but gets easier, and also 2 other docs chime in on their private practice statistics, too.

And buried in that thread is a 30+ step by step process to start your own private practice to give you a foundation to spring from.