Just Say Yes! (to Private Practice)

By David Kopacz, MD
“My first word of advice is this, say yes. In fact, say yes as often as you can. Saying yes brings new things. Saying yes is how things grow. Saying yes leads to new experiences, and new experiences will lead to knowledge and wisdom. Yes is for young people, and an attitude of yes is how you will be able to go forward in these uncertain times,” (President of the University of Connecticut, Michael Hogan’s 2009 commencement address, quoted in “How a New Jobless Era will Transform America, by Don Peck, The Atlantic Monthly, March 2010, p. 48).

Doctors are a pretty conservative bunch. We get to where we are by saying no to many things that are a lot more immediately enjoyable than studying biochemistry. It can and has been said that doctors are a risk-averse group. Why then would any physician in their right mind say “yes” to private practice when there are no financial guarantees, no colleagues, maybe even no employees, no 401(k), no one paying your malpractice insurance, maybe you have some patients, but maybe you don’t even have that!

Why on earth would you say yes to private practice?
Well, for me, it felt like a necessity, and I suppose many adventures start out that way. Read more

Find Office Space to Share At ShareMedicalSpace.com

In today’s challenging medical economic climate, it no longer makes any sense for doctors in private practice to leave their offices empty one or two days a week while they work in the hospital or satellite office.

And who wants to plunk down thousands of dollars in furnishings, equipment and staff to open a new office, when you could be sharing an existing office for a fraction of the cost? Read more

If you think business plans are for CPAs, not MDs….think again

Writing a Medical Practice Business Plan

If you need to write a business plan, you are probably:
• Planning to open a private practice
• Planning to expand your practice significantly
• Planning a major investment in space or equipment
• Planning one of the above related to an ancillary business

And…you need money from a bank or an investor or support from a partner such as a hospital. Read more

Developing Medical Office Protocols

As you get started, and as you reassess your progress and results, you’re going to want to have standardized protocols for many of the activities in your medical office. These can be bound together and serve as the core of your employee manual which is useful for your new employees, and I believe can become the basis for evaluating staff, giving bonuses, and even firing them should you need to do that unpleasant task. The more you automate, the fewer interruptions you will get and your whole private practice team will operate as one well-oiled machine. Read more

Buying Equipment for a Medical Office

This is going to be a short post as I really only want to make one main point. When you’re getting started resist the urge to buy any piece of equipment new. You need to manage your available cash and not max out your credit getting set up. Read more

Your First Medical Office

You’ve picked a name for your private practice, you’ve become incorporated and now you need to find the office space that will soon become your home away from home. I’ve gone through this process a few times, finding my first private practice office then moving and adding offices, and I learned something new each time. The factors you need to consider will depend, of course, on how much start-up capital you have and who has an interest in your success. Read more

Next Page »