When considering entering private practice, there are several considerations for physicians to make, including the operational advantages and pitfalls of running your own practice.
Longtime private practice physician Asa Lockhart, MD, told the American Medical Association five key things physicians should consider in a July 20 report.
1. Figure out the governance structure of your practice. Who is making the decisions? What is your ability to reshape the practice when necessary? Practices need not only astute clinical judgment, but a commitment to problem solving and collaboration.
2. Consider whether your practice will be optimized enough and how you will diversify your services and change messaging for patients and potential employees.
3. Consider what your business plan will look like. Determine your practice's ambitions and larger financial goals.
4. Decide who your fellow stakeholders will be. Who is chiming in on decisions, and do their goals align with your own?
5. Review your staffing breakdown. Will you have enough staff and the right staff members?