1. Has my income stagnated or decreased?
Over the last ten years, most physicians in private practice have found the revenue their practice generates is not what it once was. Reimbursement rates have declined, and overhead has substantially increased.
If you find yourself in that situation, it may be time to acknowledge these concerns are not going to go away, and consider options for your practice.
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2. Do I think I can continue in private practice until retirement?
Older doctors have to consider their pace and the age at which they’d like to retire. Can you reasonably continue to work this hard and this fast? For those doctors who are nearing retirement, this many not be a cause for concern. They have the patient relationships and the equity in their practice to last a few more years.
But physicians who plan to work for another five years or more may have to consider new options to maintain a stable and secure private practice and a healthy work/life balance. This is especially true for older physicians who love the practice of medicine and intend to put off retirement. Is there a way to slow down the pace but keep the revenue up?
3. What have I done to supplement my income?
Many physicians have supplemented their income by offering patients healthcare programs or products outside of basic healthcare. These kinds of “extras” are often highly valued by patients and sold directly, outside of insurance. They introduce a new, private revenue stream to a practice—one where the doctor sets the price, not the insurance company.
What do you offer outside of reimbursed healthcare services? Have you thought about services and products such as aesthetic services, nutraceuticals and supplements, special weight loss programs, stress relief, or sleep disorder support programs?
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