I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
There are going to be many practice ideas that will come to mind. However, you will want to let go of all the silly ones and focus on the ones that you are passionate about and can make into reality. Begin to build your own practice slowly. Do your best to practice patience. You need to go slow so that you can nurture it and help it to succeed. Some practices fail because they grow too fast, so they can’t deal with the rapid change. You have to make a good start to enjoy your time and see your company take off and make some real profits.
When it comes to getting started, you don’t want to take on a lot of work at once before you can learn how to manage the workload. There’s a particular supply and demand element in every practice, so be careful to balance this aspect of your practice. For example: If your community has no child-care program and many working parents, consider providing a babysitting service. However, if 20 mothers call you as potential clients, you cannot closely and safely provide care for 20 or more children every day (not if you are the sole owner with no employees).
Although you will want to maximize your revenue, make sure that you do not lower your work’s quality standards to pursue profit. Once you are able to have a good customer base, you can then raise the prices and create your supply and demand curves. You will want to make sure that you have thought everything through before opening the doors to your practice. Here are some things to do when practicing patience: research your patients, referral sources, and your competition to ensure that your practice will run smoothly.
You may feel rushed for time, but by building your ideas slowly and more thoroughly, your practice is more likely to succeed. It may seem complicated, but it takes money to make money. Ensure that you pay close attention to all of the details of the practice, products, and/or services you provide. This is important so that your practice can make a good start.
Lastly, it will help if you thought about the amount of money you spent to start the practice. You will only want to purchase things that you need right away. However, make sure that you have the room to store it all and start on a small scale. You don’t want to get too far ahead in the investments that you’re making. Consider your costs before you start the practice. This is a crucial component of patience. Always begin small, then slowly build the practice up. You will find that you can create a strong foundation for the practice when you go slow. It’s hard to fail with a strong foundation.
Feeling discouraged while planning your practice? Read our blog on the 3 Strategies for Believing in Yourself
Attention, Physiatrists! Stop leaving money on the table. Sign up for the free video series: How to Build A Profitable Practice in 90 Days or Less: http://www.sixtytosuccess.com
I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits. Follow me on social media @DrHassanRehab.