If you’re passionate about sports medicine, then you probably already know that you want to keep working in that area. However, you might be struggling with how you want to practice medicine. Do you want to work within a larger healthcare group? Or do you want to start your own, independent practice?
Whether you’re a physician, a nurse practitioner, a physical therapist, or any other medical professional, going independent is something to consider once you’ve got some experience and confidence. As with anything, there are pros and cons to starting your own practice.
Here’s what you should know as you consider the option of working independently.
The Good: Benefits of Being an Independent Sports Medicine Practitioner
Being an independent sports medicine practitioner is a great choice for people who like to have a lot of autonomy. As an independent practitioner, you won’t have a boss looking over your shoulder— you’ll be the boss! You’ll have the freedom and responsibility to make decisions about how you run your business and work with patients.
Independent practice provides significant flexibility. Although you’ll need to offer hours that work for patients, you have a lot of freedom when it comes to setting your schedule. Once your practice is established, you’re likely to have a better work-life balance than you would if you worked in a group practice or within another practitioner’s practice.
Another benefit is that you’ll be able to provide better continuity of care with your patients. You’ll be able to establish personal connections with patients and their managers, coaches, and other professionals that are likely to lead to long-term relationships and more follow-up care. You’ll be able to provide medical advice you really believe in and you’ll always be learning and growing as you take on different kinds of cases.
Finally, you’ll have better earning potential in independent practice, as long as you have a good understanding of how to run a business. Successful practices can bring in excellent revenue for their owners. You’ll have a sense of pride in what you built and the satisfaction of knowing that you are making a difference.
The Not-So-Good: Challenges of Being an Independent Sports Medicine Practitioner
Becoming an independent practitioner is exciting, but it can also be scary. It’s a big risk to break away from an established practice and strike out on your own. Entrepreneurship comes with risks, which is something you have to accept when you start your own practice.
One of the challenges of starting an independent practice is the financial side of things. You’ll need enough money to cover all the startup costs, and that will probably mean finding an investor or taking out a loan. Since medical equipment is very expensive, these costs can be very high. Once you’re up and running, you’ll have to manage your operating expenses carefully, especially if you are going to be accepting insurance.
The other big challenge is building a client base. Even if you have some loyal patients already, it can take some time to make the local sports community aware of your practice. Marketing, which isn’t most practitioners’ favorite activity, is vitally important to building a practice.
There’s also a lot of administrative work and regulatory compliance considerations that go into running a medical practice. You’ll have to be prepared to handle paperwork, protect patient data, and ensure that your practice complies with local and federal laws. That can take away from your time with patients.
Finally, going independent can feel very lonely. You won’t have colleagues close at hand for collaboration and support, so you might have to seek out those connections online. You might feel professionally isolated and even insecure, especially when you have a difficult case or a poor outcome.
Going for It? Get Prepared
Knowing the pros and cons of starting an independent sports medicine practice will help you decide if you’re ready to make the change. If you do decide to move forward, you will need to prepare as much as you can to maximize your chances of success.
Start with a business plan and make a checklist of everything you need to accomplish before you open. Find a business mentor and a lawyer who can help you with the setup and securing funding. You’ll need help from experts to ensure that you’re in compliance.
Every medical professional has different goals. Only you can decide if going independent is the right choice for you, either now or in the future. Identify your career aspirations and work toward them with relentless persistence!
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