Signs You’re Ready to Start Your Own Practice

DAMIAN POUSTIE Poustie Author

Posted On Apr 20, 2022 |

The past two years have caused a fundamental shift in the healthcare landscape. Private practice practitioners have faced unprecedented challenges of

The past two years have caused a fundamental shift in the healthcare landscape. Private practice practitioners have faced unprecedented challenges of being on the front line looking after the communities' health and considerable uncertainty around their jobs, leading them to question their role in the healthcare system.

Many traditional working models have been turned upside down sometimes for the better, whether it's work from home, greater flexibility, more excellent work-life balance utilising technology to deliver better services at the least cost.

Many health professionals have had ample time to reflect on what's most important to them. Many of them have moved out of private practice into the stability of larger organisations creating an acute shortage of healthcare professionals. A growing number of younger health professionals consider starting their clinics but are hesitant to take the leap. If you have had those thoughts of going it alone, here are some essential factors that may help you decide if it is right for you.

As the world is returning to normal, there's never been a better time for health professionals to consider starting their own practice; we get to choose how you work, when you work and who you work with. These are all fundamental aspects that can help shape your overall work/life happiness and fulfillment.

If you're still reading this, you probably have been contemplating starting your own business in healthcare for some time already. Here are some signs opening your own clinic might be the right fit for you.

You want to Provide Great Care

For most health professionals, the decision to open their own practice comes from a genuine desire to help your patients receive the best care possible. While employers might measure your care in terms of metrics, statistics, and billable hours, owning your own business allows you to measure your outcomes on your own terms. It also gives you the flexibility to spend more time with each patient, the ability to bring in innovative treatment options, and the chance to spend more time doing what you're great at.

You want to set your own hours

Working for yourself allows you to set your own hours – meaning more flexibility and a better work-life balance. Whether you're exhausted after years of uncertainty and lockdowns or burned out from long hours, opening your own practice will allow you to spend more time with your friends and family and less time in the office – something significant for both you and for your patients! Overall, health professionals who work for themselves report lower levels of stress and a higher quality of life.

You want to Provide a Better Patient Experience

When you're working for somebody else, you often have to follow the protocols and guidelines that may not be the most modern and up-to-date. You may have developed your own style of helping your patients better than what is offered. Going out on your own, you can deliver the best in healthcare outcomes for your patients. having autonomy over your work is a significant factor in your overall satisfaction levels in your role.

You want to Choose Where You Work

Commuting to work every day takes time that you could otherwise be spending helping your patients or taking more time for yourself to better work-life balance. When you start your own business, you can choose exactly where you want to work, either where the best opportunity is or closest to your home.

You want Room to Grow

Growth opportunities can be pretty limited in healthcare. After a few years, practitioners are often looking for ways to continue growing and developing their skills. Taking that leap to run your own business will certainly help you grow personally and professionally. People often go it alone and, without the proper support, struggle to build their clinical practice as envisioned, especially in the city and metropolitan areas. It can add unnecessary stress and overwhelm compared to having business support to help you succeed from day 1.

If you think your current role has hit its max, consider striking out on your own, but without having to do it on your own.

The Health Collective allows you to launch and scale your own health business with support exactly where you need it - with business support.

You want more control over your Earnings

Since healthcare practitioners in private practice get a higher percentage of the gross income than a professional employed by a group, you can increase your income substantially and work less by going out on your own. You will have more freedom to use your full breadth of skills and work in areas that interest you.

While the stability of an employer can be enticing, your long term earning potential on your own may be far greater than you're currently making, especially as you begin to build equity in your business.

If some or all of this resonates with you, take that as a sign that you are ready to start your own health care business. It is undoubtedly an exciting time, and the great news is that you don't have to go it alone in the pursuit of being your own boss. The Health Collective provides premium consulting rooms and business support so you can launch and grow your health care business.

Providing everything from the physical space to business training empowers The Health Collective members to succeed. The company has taken a real estate model initially designed to meet the needs of start-ups and freelancers and has customised it for the health industry.

Visit us at www.thehealthcollective.melbourne to know more.