COVID-19 has affected us all negative in many ways. For this post I would like to take a step back and talk about the financial implications on my practice. In the post COVID-19 shut down, we have seen a huge drop in patient visits and income. We are not alone. It appears that many practices or groups nationwide are cutting salaries, having layoffs, or cutting back hours.… Read the rest
Read more
This week I hired another doctor to join my practice. Lets just take a step back for a second to think about where I was at to where I’m at now. I went full-time in my solo practice November 2018. To reach a point where I am now, employing two other doctors has been mind-blowing for me. The numbers definitely support the decision to hire another doctor since growth has shown no sign of slowing down.… Read the rest
Read more
Since the blog has gained a decent amount of popularity recently, I’ve been asked many times how to start up a medical practice. In the past, I did make a previous post about why I started up my practice. Well, it is time for a post on how to set up a medical practice. Looking back, I had no idea what I didn’t know.… Read the rest
Read more
In 1980, almost 80% of physicians owned their practice or were partners in their practice and effectively co-owners. In 2016, that number dropped to almost 45%. Each year, it seems that another 3-5% of doctors choose to become employees rather than owners in their practice. The trend away from physician ownership in practices is quite disturbing. Without ownership, we are at the mercy of administrators or other physicians telling us how we are going to practice medicine (to a certain degree).… Read the rest
Read more
Today we are going to take a look at the financial breakdown of a primary care clinic that has recently opened. The numbers in this post are not my clinics financial numbers exactly. I don’t want to “dox” myself and I want to give anyone interested an idea of what is generally possible if you work hard. I’ve used the national average income for primary care physicians for gross revenue.… Read the rest
Read more
November will mark one year since I went full time in my primary care practice. It has been a hell of a journey. From all the initial headaches, to now things starting to smooth out. The biggest headache was that Aetna took 9 months to credential me. Not only did they take forever to get me in network, they lied to me and told me I was in network (They even had me listed as in network on their website before taking it down).… Read the rest
Read more
I’ve been out of training now for several years and in that time I’ve seen quite a bit of change in medicine already. Independent doctors are becoming the minority. A career in medicine for physicians is shifting from business owner to being employed by an investment group with a primary means to make money for its investors. This seems to be occurring throughout almost every specialty of practice.… Read the rest
Read more
Primary care is not dying. Solo primary care is dying. Doctors who remain solo will continue to have a hard time at a viable practice going forward. This may be a bit striking, especially for me to say since I went into solo practice. I started my practice initially as part time June 2018, then transitioned to full time October 2018.… Read the rest
Read more
Rent where I’m located in Texas is very very high. Most places that are in grade A office buildings are going to run about $45 per year per square foot (including all fees / NNN). This means that a 2,000 square foot office is going to rent for about $90,000 a year. Sounds insane, I know. The alternative is to rent a building in a less desirable neighborhood or a less desirable building.… Read the rest
Read more
I have finally hit the six month anniversary since my medical practice opened doors. To say there has been a learning curve would be an understatement. Most of the learning curves center around how to navigate insurance companies. Choosing to open a medical practice is not for those who want an easy payday. In the past six months a lot has happened, and I mean A LOT.… Read the rest
Read more