How to start a private medical practice for primary care?
What's the average cost for a private physician's liability insurance?
What tips and advice do you have for someone starting a private practice?
- Simpson G.Lv 77 years agoFavorite Answer
Physicians don't take CEUs. They do CMEs.
Also, you don't have to be licensed as a physician to own a practice. Anyone with capital and a proper business license can hire a physician/PA/NP and start a practice as a business investment.
Physicians carry malpractice insurance for malpractice, not "liability insurance". Liability insurance is for injuries on the property that are non-treatment related. Like someone slips and falls on ice in the parking lot. Malpractice costs vary WIDELY by state and specialty. For primary care, the cost shouldn't be as high as an OB/GYN or general surgeon. Family Medicine docs pay on average $10-15k, depending on age, number of hours worked, and location of practice. Yes, if you want to split hairs, Malpractice Insurance is a form of Liability insurance, but it's called Malpractice by anyone in medicine.
My advice is to only do this if you know what you are doing. It is VERY difficult for a solo family medicine doc to make it in private practice. They are typically reimbursed the lowest, have considerable overhead (50%-60%), and have to deal with a ton of insurance garbage. This is one of the big reasons that so many Family Med docs are in groups or large clinics.
- Pooky™Lv 77 years ago
I am merely a nurse, but years ago I worked for a solo doctor and this is what she told me.
1. Plenty of credit and or money to keep the place running for at least a year.
2. Money that pays for front desk staff, nurse, biller, lab tech, x-ray tech, and for yourself.
3. Rent / electric, water, phone, internet bills.
4. Liability insurance. Property / earthquake insurance.
5. Health insurance for all workers.
6. All the machines you need - copier, phone, computers, anything else you need in the mini lab (for example, a semi-automatic urinalysis machine costs a grand. All the supplies and maintenance contracts that go with all the machines. And money set aside for software upgrades, too.
7. Other supplies, you name it, bathroom supplies, cleaning supplies.
Location is important as stated by Magic Bird. You had better have a lot of parking spaces, too.
Honestly, I don't know how she survived!