Starting Your Own Practice
By Dr. Jessica Wu
Residen
Other doctors often ask my advice for starting their own practices. I opened my solo dermatology practice in 2000, and I’ve never looked back. The freedom to set my own schedule, the autonomy to make decisions without getting approval from a committee, and the authority to hire the right staff far outweighed the long hours I put in.
Here’s what I advise physicians entering Independent Practice:
Create a business plan.
It can be simple, but be sure to think through the basics: your mission statement, how you’ll attract prospective patients, the size of your practice and how you’d like to grow. Will you stay solo or will you bring on associates and/or NPs/PAs? Will you take insurance? Project your revenue and expenses.
Find professional help.
Find a good accountant who can set up bookkeeping and advise you on tax and employee matters (preferably one who works with physicians). An attorney can advise you on how to incorporate your business (S or C Corp? LLC?). A real estate attorney can review your office lease, noncompetes, and contracts with builders if you build out a new office.
Protect yourself.
You’ll need business and malpractice insurance, and workers’ compensation insurance for any employees. Also consider disability insurance for yourself. When choosing a malpractice carrier, compare more than just the premium costs. Over the years, I’ve been grateful that mine has a hotline I can call for immediate guidance whenever there is a potential patient issue.
Select a location.
Think hard about where you want to practice. In the beginning, you may want to try different locations. Consider a Residen facility: we offer easy, flexible and affordable office space options with no long-term financial commitment. As your practice expands, Residen can accommodate your schedule and needs—on your terms.
Get technical.
A website is essential, even if you have an active social media presence. Choose your EHR system carefully (insist on demos and negotiate on the price); it’s costly and cumbersome to switch. Residen’s proprietary technology automates many office tasks to reduce your overhead, minimize staffing costs, and spend more time caring for your patients.
I encourage you to take the plunge into Independent Practice – you won’t regret it!
