Five steps to start your own independent practice

Physicians decide to strike out on their own for a multitude of reasons. Some find a desire to do it their own way after years of working as an employed physician in another provider’s practice. In other cases, a physician may be presented with an opportunity to take over a practice or fulfill an unmet healthcare need in a new town.

Whatever the impetus, the idea of opening and running an independent medical practice in the age of mergers and hospital buyouts can be daunting. Can an independent medical practice even survive in this environment?

In a word, yes.

Not only can independent practices survive, they can thrive. The key to launching a successful independent practice is proper planning.­ Knowing what steps to take and what mistakes to avoid is critical to ensuring a sustainable, profitable practice.

Follow these five steps to get started down the right path:

Transitioning from an employed provider to a solo practice owner is a journey - a long and challenging journey - but an exciting one that can lead to professional contentment and financial success.