Time, niche, location important considerations for opening a private practice
Taking a leap of faith and leaving a full-time position to open a private practice is not an easy step, but it can be the best decision of an ophthalmologist’s career, according to a speaker at Real World Ophthalmology.
“One of my colleagues said to me when I asked if it is a good idea to open up a private practice, ‘You should absolutely do this because of three things: No. 1, you’re at the right time in your career to be doing this, No. 2, you have the right niche, and No. 3, you’re in the right place,’” Rudrani Banik, MD, said.
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One benefit of private practice is autonomy.
“Your practice will represent you and reflect you, the services you offer and the values that you represent,” she said.
Flexibility is another sought-after advantage and lets the ophthalmologist determine work schedules, patient volume, time at work as well as time off.
Third, a private practice offers the possibility to have “a niche of your own.” In Banik’s case it was neuro-ophthalmology, which is not a widespread subspecialty. Offering a subspecialty or service that is not available in the geographic area of the practice can be a key to success, she said.
Importantly, physicians can offer patients a better experience in which they can feel heard, seen and cared for. Private practices also allow for entrepreneurship.
“You can build out your brand, again representing you and your values,” Banik said.
There are also cons to private practice that should be seen as a learning curve. The first con is the expenses involved.
“There are quite a few expenses that come with opening a private practice from scratch: your office space, equipment, your software, your EMR, legal and financial consultants, liability insurances. Then there are the financial responsibilities of a practice: Salaries, payroll, taxes all fall upon you as a practice owner,” Banik said.
During the first few years, a lower patient volume is to be expected, which means less revenue.
“Taking out a loan would be important, or making sure that you have enough savings before you decide on this venture,” she said.
Banik shared five things she wished she knew when she started her practice 7 years ago.
“No. 1, invest in yourself. Invest in some professional development and/or business courses. No. 2, develop a business plan. ... Next, beware of shiny object syndrome: It’s very tempting to get the latest piece of equipment or the latest software or offer something that you may not quite be ready for yet. So, try to be very cautious about that,” she said.
No. 4, do not invest a lot of money in advertising through Google Ads or similar services, and No. 5, get started on social media ASAP.
“Recently I realized most of my patients now are coming from social media. They find me on social media, whether it’s YouTube videos, Instagram or Facebook,” she said.
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Banik R. Building a practice from scratch. Presented at: Real World Ophthalmology; April 27, 2024 (virtual meeting).
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