flying solo

Given the complexity of our current healthcare system, is it possible to be successful in solo private practice?

Yes.
With careful and well thought out planning as well as patience, it can be done.

The rewards of professional autonomy cannot be emphasized enough.
Here are just a few:
The ability to take care of patients in an unhurried manner.
The freedom to set one's hours.
The opportunity to select your staff and empower them to work at the top of their licensure.

Keep things simple in the beginning, you can always scale up later if desired.
Think leanly in terms of start-up costs.
Negotiate, negotiate, negotiate.

(1) Develop a simple business plan
How many patients do you envision seeing each week?
How many hospital procedures, surgeries, deliveries can you do per month?
What gross income would you eventually like to earn?
How many days of vacation each year would you like to take?
Talk to your accountant about your plan.

(2) Contract with payers
Every physician has a unique NPI# which can be used to contract with insurance companies as an individual provider.
Calculate what your average revenue per patient encounter will be.
This will determine your projected gross revenue per month.

(3) Financial
Plan for a 6 month launch.
No income for 6 months so secure a nest egg of savings.
Set up PA or LLC with your state.
Bank account.
Business credit card.
Obtain small business loan.
Get liability coverage.

(4) Negotiate with EHR companies
Select one that can provide both documentation, e-prescribing and revenue cycle management.
Get several quotes from various vendors.

(5) Pick out an office space
How many exam rooms will you need?
Provide ample work space for front office staff and nursing staff.
Recommend two bathrooms: one for patients, one for staff.
Aesthetically pleasing waiting room.
Adequate parking.
Wheelchair accessibility.
Close proximity to ancillary services: imaging center, hospital, laboratory services.
Easy to find.

(6) Build out office
Negotiate cost of build out with landlord.
Sign longer lease to get reduced rent.
Furnish with second-hand exam tables, medical equipment.
Enlist help of office staff with selection of furnishings.
Phone system, fax, computers, printer, shredder.

(7) Hire staff
Two well-trained, devoted employees is all you need!
Recommend one employee as your Office Manager and the other as your Patient Care Coordinator.
Cross-train your two employees so they can cover for each other.
Meet regularly and enlist their opinions in setting up your practice.

(8) Develop marketing strategy
Inexpensive basic business cards.
Simple website.
Facebook page.
Reach out to existing patients.
Ad in monthly community newsletter.
Network with potential referring physicians.
Meet with hospital marketing representative.

(8) Schedule patients!
Dry run with mock patients prior to opening day.
Schedule lightly the first few weeks.
Send thank you notes to those who refer patients to you.

(9) Opening day
Fresh flowers.
Refreshments.

Begin celebrating the professional life you have imagined!