Owning your own private practice was like a dream… until it wasn’t. You made the move into private practice, and suddenly EVERYTHING demands your attention. Cost, office space, equipment, staffing, insurance, marketing – these are not just your purview but requirements for your practice to succeed! Your job is to administer healthcare, but now it includes so much more. You are running a business.
Your patients must stay healthy, and so must your practice! Legal, tax, and financial issues require immediate attention.
Your top need as a private practice owner is the need for insurance. It is absolutely critical for professionals in private practice to maintain protection for two reasons: potential physical injury that makes you unable to work, or if you are a 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 health care.
Other business-related insurance: A comprehensive package that includes workers’ compensation, employer liability, commercial property and auto insurance
Secondly, business development/practice growth is the next area that needs constant attention. Marketing, web development and well distributed business brochures can help spread the word about who you are and explain your philosophy toward health care.
If going into private practice is something you want to do, the rewards can be great! Always remember that even though there are many steps to follow, your exceptional brand of medicine will be well worth the effort.