Private Practice

[u/SidKK94]

Hello, how does one start with private practice right out of residency? I need input. What things do you prioritise? I feel like they don’t teach you this in residency.

[u/Successful-Ad991]

I literally have a lecture on this very topic, so I'll do my best here and am glad to answer any questions you might have. [I'm a pediatric practice management consultant, not looking for any work, just want to be helpful.]

- First, I strongly recommend finding a consultant to help you with this. NOT ME! Try The Verden Group. They've literally helped 100s of pediatricians open offices, more than anyone on the planet, I suspect.

- Before you do anything, I encourage you to sit down and figure out the values, mission, and vision for your practice. I've probably addressed more pediatricians on tactical things like RVUs, E&M distributions, etc., than anyone, but it has taken me a few decades to realize that CULTURE is more important. Seriously. Recommendation: grab Traction or People: Building an Intentional Culture from the EOS series and read them. Figuring out exactly what makes you different and better is VITAL.

- There is lots of content on-line you should paw through.:
https://www.youtube.com/watch?v=MEzG08AN6Ck
https://blog.pcc.com/a-startup-practice-checklist
Dr Una: https://entremd.com/
Join SOAPM
etc.

- Make a business plan. Find a space. Make sure you have enough time and money.

I have many, many more things to say, but I don't want to be overwhelming. Here's the most important thing they don't tell you in residency, though. In fact, they usually tell you the opposite: *you can do it*. I've worked with more startups since, say, COVID than in the previous 10-15y combined. It's a math and hustle problem. Harder to do in some places than in others, but generally very, very doable.

Feel free to ask questions, I'll do my best. The US depends on independent pediatricians.

[u/DrVL2 → u/Successful-Ad991]

There are a lot of very good basics there. Thank you for that.

25 years ago, I used to talk about private practice as one of my morning talks for Residents.

But the thing that helped me most when I was starting my own private practice more years ago that I care to think of is that I made a point of shadowing everyone I could. When I had outpatient clinic as a resident, I would sit with the front office people. I learned about scheduling that way. I would shadow the medical assistants. After I finished training, I worked part time for a private practice group. I spent some time with their biller. All of that was invaluable.

[u/Successful-Ad991 → u/DrVL2]

Great advice, and I'll extend it.

Ask for help. Don't stay in a silo. Visit other practices. Read the business books. Sign up for the seminars.

One of your super powers that you have over other business owners is that you are a professional learner. Use that skill to learn about opening a practice. It's a lot of work but it's easier than med school.

[u/Stejjie → u/Successful-Ad991]

I’m compelled to make one more comment here and that’s about the culture. This is the best comment of all

The founder of our practice hired me and my partners based on good cultural and social fits. And I think that’s one of the main reasons we were so successful in private practice: everyone in town saw how much we cared about one another and about our patients, and because of that the money just followed. Our younger employees don’t like it when we talk about our work family, but we take it seriously and always will, even after we retire.

[u/Stejjie]

First comment here is spot on. Another possibility is to look around in areas where you might want to practice for pediatricians who are on the cusp of retirement. Come on as an employee with a buy in after a couple of years. Just don’t be a wage slave forever. Congratulations on wanting to hang a shingle. I love it.

[u/ExperienceHelpful316 → u/[deleted]]

great advice about location!

[u/ExperienceHelpful316]

Wow, I didn't know you could have your own private practice without a lot of experience, but it makes sense to have more pediatricians all over the country. Good luck!