Private practice - starting from nothing. Would you do it again?

[Ferocity]

As the title states, would you do it again?

What do you think about starting a practice from nothing directly out of residency? Particularly for someone graduating with less than $90k debt, is there a point where it doesn't make sense (financial/stress) to attempt to open your own practice directly out of residency? For example, receiving associate (with partnership path) offers of base salaries of $120k, $150k, $180k etc - at that point do you concede that dealing with the headaches of starting from nothing aren't worth it?

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[PADPM]

As the title states, would you do it again?

What do you think about starting a practice from nothing directly out of residency? Particularly for someone graduating with less than $90k debt, is there a point where it doesn't make sense (financial/stress) to attempt to open your own practice directly out of residency? For example, receiving associate (with partnership path) offers of base salaries of $120k, $150k, $180k etc - at that point do you concede that dealing with the headaches of starting from nothing aren't worth it?

I personally believe that this is not the right climate to open from scratch.

 

[craptivator]

I personally believe that this is not the right climate to open from scratch.

There are tons of positions with orthopedic groups so this is not a issue. Almost all graduates will be placed.

 

[PADPM]

There are tons of positions with orthopedic groups so this is not a issue. Almost all graduates will be placed.

Your answer is irrelevant to the OP's question. He simply asked about staring from scratch. And I would disagree with the comment that there are "tons" of orthopedic opportunities. I'm involved with arguably one of the stronger residency programs in the country, and as of now, none have been offered an orthopedic positon.

 

[G0dFather]

He was being riduculously sarcastic PADPM, this individual constantly keeps changing his name and posting nonsense. He/she needs to be censored, this is becoming absurd and irritating.

 

[jellybean2020]

It's pretty easy to tell because his writing style and sarcasm give him away every time. And every time he gets called out for being a troll he'll reply "Oh just because I disagree with you I'm a troll?" It's pretty much a dead giveaway. Then he'll make himself out to be the sole bringer of truth and wisdom to this terrible profession.

 

[cspmstudent]

Its a crap shoot. But with any risk comes rewards.

 

[PADPM]

Its a crap shoot. But with any risk comes rewards.

Don't agree. There are not always rewards when taking risks, just ask any investor. As per your own words, it's a "crapshoot", meaning there aren't always rewards. If there WERE always rewards, it wouldn't be called a risk.

In today's environment, I believe it's a huge risk to open from scratch. Lower reimbursements combined with increasing overhead isn't a good combo for a solo practitioner with no experience. Bills have to be paid while you sit and wait for patients to walk in the door. The vast majority of grads will have significant debt. Opening an office is very costly. Treatment chairs cost thousands a piece. Digital xay is close to 30 grand. That doesn't include supplies, instruments, sterilizer, waiting room chairs, copier, fax, computers, software, rent, utility, payroll, hospital dues, professional membership dues (APMA, ACFAS,,ABPS), malpractice insurance, office liability insurance, disability insurance........ The list goes on and on.

No, it's not a good time to open from scratch unless you are independently wealthy. This is a time when the risks far outweigh the potential rewards.

 

[newankle]

Join a successful group, show them your value, and become a partner=job security. In this marketplace a stable job is priceless. Starting from scratch is not stable.

 

[PADPM]

Join a successful group, show them your value, and become a partner=job security. In this marketplace a stable job is priceless. Starting from scratch is not stable.

 

[Feli]

I personally believe that this is not the right climate to open from scratch.

Lol, guess I should keep my CV up to date considering what I'm doing right now then.

 

[Feli]

Join a successful group, show them your value, and become a partner=job security. In this marketplace a stable job is priceless. Starting from scratch is not stable.

This is always an option too. It is hard to come by bank and credit union financing right now, and venture capitalists ask 10+% interest rates, so that is crippling sometimes.

Consider ACFAS corporate partner HealthCare Assoc Credit Union (hacu.org) in Chicago?

GL