Are you ready to own a private healthcare practice?Before you decide whether practice ownership is right for you, ask yourself these questions.
Before you decide whether practice ownership is right for you, ask yourself these questions.
Whether you recently decided you’d like to own a dental or veterinary practice, or you have dreamed about being a practice owner your entire life, the first step to feeling confident about taking that leap is believing that you can. Once you have that down, ask yourself these questions to gauge if you’re truly ready to become an owner — or if you may need a couple more years of experience before you venture out on your own.
Am I happy as an employee?
“We find that most doctors understand and identify their ownership goals at an early age. Some don’t want the added stress of being a business owner, while others can’t fathom working for somebody else their entire career. There is no right or wrong answer, but we encourage you to give it deep thought,” said Morgan Stump, Provide national sales manager.
If you’re tired of seeing long wait times, frustrated patients, or a standard of care that you’re not proud of, you might be happier as a practice owner. As a business owner, you are able to personalize services, set your own schedule, and hire the staff that best reflects your healthcare practice’s vision and values.
Am I financially ready to own a private practice?
You may be more financially ready to become a dental or veterinary practice owner than you realize. High student loan debt is typical these days, so don’t count yourself out of ownership without first talking to a lender that specializes in practice acquisition financing. If you dream of practice ownership, keep your debts and monthly obligations as low as possible. Your income ceiling as an associate is much lower than as a private practice owner, and earning a larger income will help you get out of debt sooner.
Where am I in my career?
When you become a practice owner, you are more than an employee who comes to work each day and punches the clock. You have the opportunity to not only build your vision but also to help your team grow in their careers, all while delivering a quality of care you can be proud of. When it comes to securing financing, most lenders like to see that you have at least 12 months of “real world” experience or a completed General Practice Residency (GPR) or specialty program. (Don’t quite have 12 months of experience but are ready to own a practice? We require that you have just six months of experience as a dental associate, as long as you are able to provide six months of production reports. Get pre-qualified today in as little as two minutes, with no impact to your credit score.)
Who can I trust throughout the process of acquiring my dream practice?
“No doctor should navigate a practice acquisition on their own. You study and train for many years to become a doctor, and most of you will eventually become practice/business owners — yet you receive little-to-no business training. This is why it’s crucial you surround yourself with industry professionals who have executed countless successful transitions,” said Stump.
There are many advisors you can partner with to help you through the different stages and nuances of the process. Our regional directors of practice finance are all well connected in your local market and can introduce you to CPAs, attorneys, consultants, real estate agents, and more. You can lean on them to introduce you to industry experts you can trust.
This content is for informational purposes and it does not constitute the rendering of legal, accounting, tax, or investment advice or other professional services by Provide or any of its subsidiaries or affiliates, and it is being provided without any warranty whatsoever. Please consult with appropriate professionals related to your individual circumstances.
All lending is subject to review and approval. Provide, Inc. is a wholly owned subsidiary of Fifth Third Bank, National Association.