Starting a new practice is often wrought with instability. As a result, a number of young physicians are opting for the safety of hospital employment – only 35% of physicians under the age of 40 are practicing in groups of 5 or fewer physicians.
However, the challenges associated with small group private practices shouldn’t deter more entrepreneurial physicians, since they also provide the chance for health systems to realign their relationships with doctors.
Also, physicians aren’t necessarily moving away from the medical practice setting. Instead of moving strictly to hospitals, doctors are increasingly practicing in mid-sized, single-specialty groups of six to 50 physicians.
Therefore, it’s essential for the budding medical practice entrepreneur to analyze the indicators that will make his/her practice succeed and apply this information to build a comprehensive practice start-up plan.
If you are already confident that starting a practice is the right move for you, or if you want more information about the steps involved in starting a practice, our New Practice Startup Checklist will help.
Power Your Practice has created a quiz to help you measure your new practice’s health. Answer the following 25 questions to evaluate whether you’re fully prepared to launch your new medical practice![QUIZZIN 1]