Starting your own Medical Practice after Residency
If you want to start your own medical practice after residency here are the few options you have to satisfy your entrepreneurial urge:
1) LOCATION: Decide where would you like to practice medicine. Then you need to a little business survey. How many doctors of your specialty are in the town? What is the population? What is the ratio of number of people per physician? Is the population growing , static or decreasing? How many big employers/ big companies are around the area? Remember more the number of white collar companies in the area, better the insurance coverage of the population.
2) Once you have decided on the location then you need to decide a monthly budget for you finances. Since you will be just out of medical residency, your spending habits would be less rampant. So you may not need a huge monthly income. If you have learnt to survive during residency on mere $2000 a month and are willing to do that for another year or two then t6hat is a big plus..
Now the strategy to survive through the launch of your own medical practice. There are many different ways you can go about financing your medical practice and cover your personal expenses. Some of them are as follows:
a) Hospitals love to assist new doctors coming to the area to help set up the practices. Why? Because more physicians around them; more referrals and hospital admissions come to them. Also if they help you out in the beginning most likely you will be loyal to them and send them the referrals.
i) Hospital may loan or grant 200K to 300K for starting your own practice. The loan is forgivable if you stay in the areas a certain time (usually 2 to 3 years)
ii) Hospital may otherwise guarantee you income for 2 years and you may have to get loan from the bank for the practice.
b) Or you can take loan from the bank and earn your monthly stipend of $2000 to $3000 by doing one to four moonlighting shifts a month.