Lisa McDonald is the founder of Integrated Connections, a healthcare consultancy. She says a big challenge in starting one's own private practice is unrealistic expectations. In partnership with IndeedforSMB
based in Fort Collins, Colorado. It has been edited for length and clarity.
Since founding my consulting company in 2009, I've worked with hundreds of private-practice physicians and aspiring business owners. Here are three common challenges I see doctors face when going off on their own.Many physicians come to me after opening a practice and discovering it wasn't what they'd hoped for.
I've worked with physicians who hadn't developed a proper business plan. They struggled with marketing and staff expenditures, or looked for the best price as opposed to the best value. It's understandable given that many physicians are swimming in student-loan debt, but I've seen this mindset damage a business beyond repair.
For example, many physicians will try to open a practice with little to no administrative staff. They think they can do it all, but soon learn that trying to do everything involved in running a practice — on top of treating patients — is a fast way to get burned out. Managing staff is one of the biggest complaints I hear from business owners, but if you have effective processes in place to hire the right people, it's a huge payoff in the long run.
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