It is the journey, not the destination that determines the ultimate reward of private practice ownership.
One of the harshest realities for today’s private practice owner is the fact that professional college has left them woefully unprepared for the demands of today’s private practice!
Private practice now is a business more than anything. And it is an entrepreneurial business requiring many more skillsets than most graduates realize, or are prepared for.
There is the marketing component; miss the marketing component and you may as well never have opened your door. Then there are staffing skills, hiring, termination procedures, compliance with state and federal laws—and on and on.
Lastly, and perhaps the most important of all, are the skillsets required of a CEO.
Like it or not, when you open your doors as a private practice owner you became the chief executive officer. If you’re like most practice owners, you’re also the CFO and HR department. At least in the early stages of your private practice development.
So what is one to do?
Like all successful private practice owners, you will need to be in education in what I call the private practice owners business school.
This means that you will need a team of trusted advisors, as well as the training necessary to accomplish all of the above.
If you find this less than an exciting process, it is entirely possible that you are better suited for public health care as opposed to private practice.
On the other hand, if you find yourself “unemployable”, or simply unwilling to work for someone else, the rewards of private practice ownership are still enormous.
This is not only true from a medical perspective, but also the process it takes to get where you want to be enormously rewarding!
So begin to get together all the necessary tools. Make some phone calls. Interview prospective team members. This includes consultants, coaches, as well as attorneys and accountants.
Always remember: it is the journey, not the destination that determines the ultimate reward of private practice ownership.
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