(Part of the Entrepreneurship & Networking for Doctors Conference)
When I think of an entrepreneur, I think of someone pitching a million dollar proposal on “Shark Tank.” However, Oxford defines entrepreneur as “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.” Physicians don’t usually consider themselves as entrepreneurs because they tend to be risk averse, i.e. “first, do no harm,” and they were never taught about business in medical school.
Yet, starting a practice/business isn’t really that hard. With no disrespect to hairdressers or plumbers, many have started businesses (some making more money then physicians), without a college and even a high school education. More importantly, just as physicians are frustrated with the current system, patients are too and have shown in many ways that they are willing to spend money on better access and care. Thus, now is a perfect time for physicians to leave their overworked and underpaid job, and create financial stability while improving work-life balance.
This session will show physicians how to easily set up a successful practice in today’s market.
Target Audience: doctors who are contemplating starting their own practice, and need a push.
Learning Objectives:
- Discuss the current healthcare market and demonstrate why the current system is not sustainable for many physicians and why now is the best time to start out on your own.
- Describe the process for considering a private practice and how to start by creating your practice’s vision.
- Review basic business economics as they relate to running a medical practice.
- Describe how to secure the funding needed to start up a practice with limited risk and cost.
- List the step by step process of starting your own private practice and pitfalls to avoid.
- Describe the process of running and growing a (medical) business and building and maintaining success.
