Is Starting A Medical Practice Worth The Time And Effort?
The idea of owning a medical practice used to be a lucrative business idea.
However, the complexity and work required to have a profitable practice are far too much for regular entrepreneurs to handle without the assistance of a professional advisor that has worked in the healthcare industry for many years.
It’s certainly not something that should be considered a viable startup option and unless you’re dead set on starting your own medical practice, there are more profitable and easier options out there.
But is starting a medical practice still worth that time, effort and money?
Absolutely, and here’s why.
- You’ll create more competition and shift the healthcare industry away from corporatization
- If it’s something you are passionate about, you can make it work with dedication
- Having a medical practice is a relatively safe business assuming you can overcome the high cost of entry
- Regulatory compliance used to be a problem but can easily be managed with the right mindset and services
- It’s still a lucrative business especially if you can advertise your services to the right audiences
- It’s a meaningful type of business to operate that offers something important to the local community instead of just a product
Although starting a practice comes with many challenges, it’s well worth the effort especially if you have connections with practitioners or people that want to make a positive difference in their local community.
Below, we’ve included a short infographic that goes into detail regarding Health Insurance Portability and Accountability Act, something that you’ll want to get familiar with if you are to start a private practice.
Infographic: HIPAA checklist
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