Failed Private practice

[nastle]

Has anyone here opened up their own private practice but it did not work out very well.
Would you share your view as to why you think you couldn’t make it ?
And any advice to someone who might consider it one day

thanks

[Hatton]

I consider that I was quite successful because I did open a private practice.

[nastle]

I consider that I was quite successful because I did open a private practice.

That’s great ! But no one here opened a practice that wasn’t successful?

[Hatton]

That’s great ! But no one here opened a practice that wasn’t successful?

Hard to know that. I doubt anyone would admit it.

[StateOfMyHead]

It might be worth adding your specialty as although there are universal business challenges much of actual success vs failure will likely be due to the nuances of the specialty.

[nastle]

It might be worth adding your specialty as although there are universal business challenges much of actual success vs failure will likely be due to the nuances of the specialty.

Primary care or family medicine

[nastle]

Hard to know that. I doubt anyone would admit it.

That’s the biggest problem I have seen so far Several of my colleagues and friends started their own practice .And A fewyears later you hear that they are employed by some big medical group
one wonders what happened? What went wrong ? Nobody ever shares it
But for the people who have managed to have a successful practice They never get tired of bragging about it.
So I was hoping at least anonymously people would be more willing to share what went wrong

[Random1]

I had a PP for many years, that I would consider successful. A few years ago I joined a private group.

In my area, which I suspect is like the rest of the country , corporate medicine took over and squashed most everyone else. The market dynamics are quite different now than they were 20 years ago. Hospitals would help get you up and running, now if they see if you are successful , the put up an office across the street. Also, Obamacare, with the explosion of managed MA plans was the nail in the coffin for me.

I still think if you find the right area and are a good business person you can do quite well.

[Tim]

There have been posts. Mostly the subject was about how to navigate the "next step".
One in particular was about a FM that was having a tough go and considering a simple "employed option" with a hospital. Others related to "working for a father" that basically had his own practice which left her in a position having a difficult time building volume. Another was about joining a private ortho group that was "eat what you kill", but the "partners" were cherry picking patient volumes. Others posts are about "predatory private practices" that simply churn new "employees" in a private practice. Zero intent of partnership. I doubt you will find "failures". What you have is a physician with desire to move to better options. BATNA,

[StateOfMyHead]

That’s the biggest problem I have seen so far Several of my colleagues and friends started their own practice .And A fewyears later you hear that they are employed by some big medical group
one wonders what happened? What went wrong ? Nobody ever shares it
But for the people who have managed to have a successful practice They never get tired of bragging about it.
So I was hoping at least anonymously people would be more willing to share what went wrong

No primary care experience but is it a failure if they were bought out by a larger system? Or did they close shop and go back to being an employee? I more often see the former in which case I think good for them. The two who come to mind scaled back to part time after so a big win for lifestyle.

[Kamban]

That’s the biggest problem I have seen so far Several of my colleagues and friends started their own practice .And A fewyears later you hear that they are employed by some big medical group
one wonders what happened? What went wrong ? Nobody ever shares it
But for the people who have managed to have a successful practice They never get tired of bragging about it.
So I was hoping at least anonymously people would be more willing to share what went wrong

If the cost of doing business comes close to or sometimes even exceeding your expenses, you only options are to close it down or sell to a hospital group.

I was quite successful in PP hem/onc when the others in town were also PP. Unfortunately the two hospital systems bought out the two groups out and also bought out all the PCPs and specialists like GI and pulm and so there went away my referral base. Also, the hospitals get 340b pricing on drugs which their employed hem/oncs use on even their private insured patients ( when the initial intent was that it was for indigent patients) . So they buy low and sell high. I, on the other hand, am forced to buy high and sell low ( poor reimbursements).

In today's climate I would not start a PP hem/onc practice. I could join the hospital if I wished. But luckily, I learned to be a squirrel during my early PP life and knew the winter was coming. I have saved enough that I could practice for fun / keeping my brain still ticking. I have no idea if you would consider this a failure of PP.

[nastle]

I had a PP for many years, that I would consider successful. A few years ago I joined a private group.

In my area, which I suspect is like the rest of the country , corporate medicine took over and squashed most everyone else. The market dynamics are quite different now than they were 20 years ago. Hospitals would help get you up and running, now if they see if you are successful , the put up an office across the street. Also, Obamacare, with the explosion of managed MA plans was the nail in the coffin for me.

I still think if you find the right area and are a good business person you can do quite well.

What kind of characteristics such an area should have in your opinion

[nastle]

There have been posts. Mostly the subject was about how to navigate the "next step".
One in particular was about a FM that was having a tough go and considering a simple "employed option" with a hospital. Others related to "working for a father" that basically had his own practice which left her in a position having a difficult time building volume. Another was about joining a private ortho group that was "eat what you kill", but the "partners" were cherry picking patient volumes. Others posts are about "predatory private practices" that simply churn new "employees" in a private practice. Zero intent of partnership. I doubt you will find "failures". What you have is a physician with desire to move to better options. BATNA,

If one tried it for atleast a few yrs and it didn’t make enough money to offset your costs then it’s a failure regardless of how it’s sugar coated
I’m asking specifically as a old acquaintance has offered if I would be interested in a turn key practice he is trying to sell. I’m deeply suspicious but curious at the same time

[nastle]

If the cost of doing business comes close to or sometimes even exceeding your expenses, you only options are to close it down or sell to a hospital group.

I was quite successful in PP hem/onc when the others in town were also PP. Unfortunately the two hospital systems bought out the two groups out and also bought out all the PCPs and specialists like GI and pulm and so there went away my referral base. Also, the hospitals get 340b pricing on drugs which their employed hem/oncs use on even their private insured patients ( when the initial intent was that it was for indigent patients) . So they buy low and sell high. I, on the other hand, am forced to buy high and sell low ( poor reimbursements).

In today's climate I would not start a PP hem/onc practice. I could join the hospital if I wished. But luckily, I learned to be a squirrel during my early PP life and knew the winter was coming. I have saved enough that I could practice for fun / keeping my brain still ticking. I have no idea if you would consider this a failure of PP.

Your position is far better than an average FP IM who goes into PP usually straight out of training
Again specialty practice is much different than Primary care , you were smart enough to know better early in your life

[Craigslist]

Your position is far better than an average FP IM who goes into PP usually straight out of training
Again specialty practice is much different than Primary care , you were smart enough to know better early in your life

This is not true. You are better off PCP than specialty.