So, you’ve decided to make a move into private practice and suddenly realized the multitude of things that demand your attention: Location, price, purchase of office equipment, staffing, marketing, insurance – all of these come into play when a professional decides to strike out on his own. Your job is to administer healthcare and now you see that having a practice deals with so much more than the care and services you provide.
Many variables can affect the health of your practice; among the most important are the legal, tax and financial issues involved, for which you will most certainly need the help of lawyers and accountants.
Tantamount to any successful practice is properly insuring yourself. Having the proper amount of insurance is important for any healthcare professional, but is particularly critical for professionals in private practice to maintain protection should physical injury keep you from your ability to earn, or if you become the target of legal action.
Here are the most important types of insurance for your needs:
- Disability insurance: Whether you or a partner become disabled, this insurance will aid you should our ability to earn an income become impaired
- Medical professional liability insurance: This protects professionals and their practices from the financial liabilities associated with practicing and providing healthcare
- Other business-related insurance: This comprehensive package includes workers’ compensation, employer liability, commercial property and auto insurance
Outside of insurance, professionals in private practice need to be constantly mindful of growing their practice. Marketing, website development and creating business brochures that are easily accessible to your client base can help to spread the word about who you are and explain your philosophy toward healthcare.
If going into private practice is something you want to do, the rewards can be significant as you further your own goals and mission in healthcare. Remember, that even though there are many Ts to be crossed, the unique brand of medicine you bring to your patients will be well worth the effort.