August 14, 2020
5 Types of Medical Practices to Consider Starting
It’s no secret that 2020 has changed the way medical professionals deliver patient care. The future of individuals, be it physicians or investors, looking to invest in different types of medical practices is also changing.
Where chaos exists, there are always paths of opportunities.
Some medical practices are thriving for a variety of reasons. If you’re considering a medical practice startup, the following are some options to consider starting and why.
1. Concierge Family Practice
Concierge medicine isn’t new, but it’s becoming more popular among the middle-class.
One of the benefits for doctors is the “no-frills” operation. Instead of worrying about staffing issues, training, and budgets, you carry almost no overhead. Having a physical office location is optional and up to the individual physician.
Customers pay a flat monthly rate for unlimited texts, calls, visits, or even house calls. Obviously, a doctor may elect to place restrictions on the specific times a patient may have access to them.
A concierge medical practice removes the need for insurance billing and related payment delays.
The main benefit for patients is the ease of access to a doctor. For them, it’s like having a personal physician. Most concierge doctors will make house calls and/or communicate with patients electronically.
The monthly fee that concierge physicians charge can vary greatly depending upon the patient demographics. Family plans as well as the type of services all influence the cost.
While many general physicians will see several thousand patients a year, a concierge doctor typically limits their patient base. This helps give concentrated care and avoids burnout.
One of the big draws to concierge medicine is to eliminate overhead costs and pass part of that savings on to the patients in the form of lower fees or more extensive and personalized service.
2. Telemedicine Practice
With the rise of Covid-19, telemedicine has sprouted legs that can sprint. The convenience of practicing medicine by telecommunications is a benefit for you and the patient.
Be sure to check local and state laws before choosing this path. Each location may have restrictions that differ from place to place.
Another great benefit for doctors includes the ability to expand services to other states that allow telemedicine. Don’t be confined by your geographic area. If a dedicated patient moves away, you can still service them.
Telemedicine is also easy to market especially to the tech-savvy prospects who look forward to seeing medicine update. Just be sure to form a strong marketing strategy.
3. Group Practice
Teams are always stronger than an individual. This rings true for physicians, too. A group practice has the financial strength to weather lean times and overcome adversity. They also offer patients more options and greater convenience.
In a single-specialty group, several doctors are typically dedicated to one medical specialty. This can be anything from primary care to orthopedic care or internal medicine.
A single-specialty group offers the physicians a better quality of life and enable them to be more refreshed. It can also reduce the concerns about a doctor taking a vacation and having to close the office for a period of time.
Multi-specialty group practices are made up of different doctors from different specialties. The physicians pool their resources together primarily through sharing office space and administrative support.
The scheduling, billing, and filing are handled by one staff for all the doctors. Some multi-specialty group practices have several doctors within each specialty.
While several private practices have to continue to pay their support staff full salaries during tough times (or risk losing them to other jobs) group practices are splitting the costs of their support staff.
4. Traditional Private Practice
Some doctors choose to start a private practice because of the familiarity and stability. Your patients will enjoy the personal touch and attention you can give them resulting in better care and happier clients.
Additionally, you don’t have to pay hospital or facility fees as a private practice outside of a network. Pass these savings to your customers and expect a constant flow of patients.
The health of the doctor can also benefit from private practice.
You can set the hours to be a traditional nine-to-five schedule that gets you home at a reasonable hour every night. There won’t be any after-hours calls or weekend worries.
A doctor can also limit the number of patients that are seen in their practice. When you hit your capacity, let the community and people know you no longer are accepting patients.
5. Locum Tenen or Short-Term Substitute
The fifth option isn’t a common one, but it is necessary. Hospitals, group practices, and clinics may lose a doctor for a short absence. Just because the doctor is gone doesn’t mean care should stop.
Short-term substitutes, or locum tenens, fill the void a practice needs. In most cases, it’s less than a year but longer than a month.
This is a perfect situation for someone who likes to travel or doesn’t want to commit to an area yet. If you plan to fill-in out of state, make sure you complete any certifications or requirements.
Because a locum is only filling in for a few months, the pay can be substantially higher. The prospect of doing this as a career isn’t usually the path physicians take; however, it might be what works for you.
While being a locum tenens isn’t an actual practice, it is a great way for a doctor to see how different organizations or practices work before choosing one.
Knowing the Different Types of Medical Practices
Whether you’re an entrepreneur or medical student, knowing the different types of medical practices can help you pick one suitable for your lifestyle and goals.
The future of medicine looks strong with numerous possibilities and opportunities for every medical professional.
If you need assistance starting or running a medical practice, contact us today for help.