Do the days of coming fresh out of residency and opening your own practice still exist? Is it a viable option?
This depends on who you ask, and who you are surrounding yourself with. We say YES, it is definitely an option as long as you have the right people on your side and are willing to put in the effort to make it work.
Now, we are not saying that it is easy by any stretch of the imagination. We are not saying that it will be easy and you won’t struggle for a while. What we are saying is that you can do it, and there are Podiatrists out there every day all around the county that are doing it, SO WHY NOT YOU? What are some of the keys to being successful, let’s dig a little deeper into that.
#1 – Start with a Plan
Put everything down on paper. From the most basic steps such as where you want to open up, acquiring a Tax ID #, all the way down to which EMR system you want to use and will you hire a billing company etc. etc. You may not have an answer for all of these questions, and that is ok. Because once you get it down on paper, you now have a plan that you can follow and start asking questions to those who know. The more detail you get the easier it will be when starting to implement your plan. Start early; your first or second year of residency. So that when year 3 comes along you can start going thru your plan and implementing them.
#2 – Location Location Location
Where do you want to set up shop? Have you done your research on how many Podiatrists are practicing in that same area? What is the population in that specific area and the towns/cities in the neighboring areas? Do you have any connections or relationships with other doctors in the area? Can you set yourself apart from the other Podiatrists that are in close proximity, How? Remember, there is always room for another “good” doctor.
We believe that these 2 things are key to starting your practice off on the right foot. The job is FAR FROM COMPLETE but this will give you a good base to start with. There are plenty of tools out there to help you in this process, and your attending doctors and other physicians you come in contact with are some of the best resources. They have done it before and most are willing to help as long as you are not setting up shop right next door. Imitation is the best form of flattery, so start imitating those physicians that you want to model your practice after, and ask a lot of questions.
If you would like to discuss more, or get into even more detail on either of the things mentioned in this article, feel free to send us an email, info@podiatryconsultinginc.com and we are always happy to help all Podiatrists.
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