Is buying into a medical practice the right option for you? Here are a few of the most important ways that buying in can benefit you as a doctor.
A Simpler Alternative to Starting Own Practice
Like many other doctors, you may be put off of the idea of running your own medical practice. After all, you went to medical school, not business school!
But buying into a medical practice that’s already functioning takes care of almost all the legwork and relieves you of a lot of responsibility. You’re starting with a base of business infrastructure, instead of starting from scratch.
Working With Partners
If you’re buying into a medical practice, you’re joining a team of other practice owners who know the practice intimately. This takes the pressure off you and helps you find your feet while the practice continues to progress. The other leaders can also help you integrate into the practice and understand the inner workings of the business. Importantly, working with partners means that responsibilities are shared, instead of resting entirely with you.
Patient Base Is Well Established
One of the toughest parts about striking out on your own to open up a practice is bringing in a steady and loyal base of patients. It takes time to build a following that can cover your practice’s expenses and generate a profit.
By buying into a practice, you can tap into the rich resource that is an existing patient base. You’ll have some great opportunities to grow that base, as well.
Medical Staff Are Also Ready and Experienced
Starting up a new practice with a new team can be an incredible challenge. It takes time and patience to gradually train everyone and ensure everybody is on the same page. You can spare yourself a good deal of stress and drama and miscommunication by buying ownership in a practice that already has a team of staff members working together efficiently.
When there’s no team training, no inspections and no waiting for paint to dry, you can start seeing patients and earning income right away. This is particularly important when you’ve just emptied your coffers to buy into the practice!
Invest and Profit
As an owner and investor in the practice, you get to draw on the upside. When the hard work of you and your team results in profit for the practice, you and your partners can draw extra financial returns on top of your usual income.
Create the Environment You Want to Work In
As a partner in the practice, you have a major say in your work environment. You’ll have more control over how many patients you see, how tight your schedule is and the general culture of the practice.
More Career Satisfaction
As an employee, you spend your time building someone else’s practice. When you’re an owner, you’re building your own future. This inspiration, on top of the usual satisfaction of helping your patients, makes getting out of bed every morning so easy.
Are you ready to undertake the adventure of buying into a medical practice?
– Kym Nitschke
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