Taking the time to patiently and accurately list your personal AND financial goals out can help private practice owners tremendously.
In the United States right now, health care private practice owners are faced, like all small business owners, with more and more layers of red tape, regulations, and fees.
The larger the practice, the more cumbersome these can become. In fact, each employee caries liabilities and costs like we’ve never seen before.
Now, coupled with declining third-party reimbursements and even higher costs of doing business, what are your options?
Here’s my take. First what are your personal AND financial goals ? Don’t underestimate how critical it is to know these numbers! The closer you can get to clarity, the easier your decisions will be come. Be real, but reach, and push these numbers more than you may be comfortable with right now!
Carefully consider your lifestyle first! Then cost it out realistically to get your “enough” numbers. Really take the time to sort out what you want to do with your personal AND professional life.
One of the key reasons for unhappiness is not meeting or living up to our own expectations.
So, if this means you lock yourself away for a weekend to figure this out, have at it!
Next, what are your current obligations, financial and time? More importantly, what would you want them to actually be?
Be accurate with yourself! Private practice owners are famous for self-abuse, left over from student days and financial struggles we all experience early on in our careers. Make sure you build in cushions both financial, and time!
Again, taking the time to patiently and accurately list these out can help private practice owners tremendously.
Once this is done, then it’s decision time for private practice owners!
But having gone through these steps FIRST, you’ll find yourself making better, more lasting, accurate decisions!
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