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Loans to Start a Private Practice (Immediately Following Training)

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  • #16
    Go for it!! I’m primary care but I am employed and being employed is not fun to say the least.
    for any business it’s important to stay lean and grow only when needed. There’s other opportunities to pick up side income while you do this also. I think you’ll be happier from day 1. The large healthcare companies prey on our fear to do this that’s why most of doctors are owned by hospital admins who were out sunbathing on the quad during college while we were looking from the library window.

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    • #17
      People in medicine are generally risk averse so you will have many nay-sayers if you start your own practice. I went solo immediately out of training and am doing well financially. Contact your local small business development center for help regarding writing a business plan and securing a loan when you figure out where you want to locate. It’s a government program with free small business advisors who help with these questions. Funding is typically secured through small regional banks, you can try your best at larger banks like Bank of America but many large banks will not want to loan to an unproven resident. I wasted my time with BoA for a few months before switching to a local bank which was able to get me a loan fast.

      There will be a few months delay from start up until you have enough revenue to pay yourself any reasonable salary. I would keep costs as low as possible initially and expand organically.

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