People
assume that a medical degree guarantees a big income for doctors. In reality
though, doctors—like everyone who earns a living—must work hard to earn money.
This is
especially true for those who open their own practices. While they enjoy perks
like being their own boss and deciding how many patients to see each day, they
also don’t have the fixed salary that doctors working in hospitals have.
If you’re
planning to open your own practice, you’re probably aware of the challenges mentioned
above. To help your business thrive, below are a few tips to consider:
Start as
a “Micropractice”
If you open a practice, chances are you’ll be
hiring a support staff too. Before doing so, however, ask yourself how many
people you really need. Remember, the more employees you have, the more
salaries and benefits you have to pay—and the less income you get to take home.
Consider starting a Micropractice instead, which operates with a bare-minimum
staff to reduce overhead costs.
Brand
Yourself
It’s unlikely that you’re the only medical practice
in your town or city. Therefore, decide what’s different about your practice
and market your unique selling point to prospective clients.
Keep Your
Books in Order
Keeping your financial records tight is vital to
tracking how profitable your practice is—though you may not have the time or experience
to do the number crunching yourself. Fortunately, many firms offer medical
accounting services to doctors.