Before Starting a New Medical Practice Ask Yourself These 10 Questions

1. Can I go without any income from a new practice for 3-6 months?
2. Do I have another income stream or can I continue to work part-time at the hospital or at an urgent care while I’m building my practice?
3. Can I envision starting my practice by myself (no receptionist or medical assistant)?
4. Do I have an existing patient base which will be interested in joining my practice?
5. Is the community in which I want to work underserved or overserved in my specialty?
6. Do I have a cash component to my practice that can help defray expenses while I’m building my practice?
7. Will I be able to count on unpaid help from my spouse, family or friends to get things started?
8. Will I be satisfied to start my practice by leasing space from another practice, or at a less-prestigious location that might not be my forever-location?
9. Am I willing to shop for gently used and refurbished furniture and equipment for my medical practice?
10. Will I be satisfied to use one of the free EHRs, even if it doesn’t have all the bells and whistles?
11. Bonus Question: Do I have saved or can I borrow $20K to cover my expenses for the first 3-6 months?

Starting a new medical practice is not easy. No one should tell you that it is.

But, if you want to put in the work, make the decisions, and ultimately, practice the way you want to, then a solo practice may be a fit for you.

You may have to call your friends and family together to help you, you may have to work someplace else while you’re building your practice, but the good news is, you are the boss of you.