It’s easy to say that you want to start your own medical practice, but have you thought about how you are going to finance it? Whether you wish to start your own aesthetics practice, a medical clinic or a telemedicine practice, you will need money to get it started. When it comes to medical practice financing, you have a few options: dip into your savings, borrow from friends and family, or take out a loan. Alternatively, you may choose to raise the funds yourself.
Read on to find out how you can finance your own practice for NPs!
Dedicate Every Aspect of Your Life to It
The idea of getting into debt or being beholden to friends and family may not be appealing to you. To this purpose, you may wish to finance your own practice. What this means is that everything you do will be dedicated to raising the money you will need to get your practice off the ground.
This will impact your decision to do contract work, get a side gig, and cut down on your expenses. If you have a few spare hours every day or two days off each week, get that side job and put that money towards financing a medical practice!
Make Sure You Have Enough
Before really starting to pursue your dream, you will need to make sure that you have enough money in the bank. Obviously, the amount you will need will depend on your specialization, the type of practice you wish to open, and whether you will be offering in-person consultations. You will need to keep in mind that some ventures have higher startup costs than others and make an informed estimate from there. It helps to have a little more than what you expect you need, so that you have some room to maneuver.
Here is where you may also want to set some realistic goals. If it is your goal to start your practice in the next year, you may want to aim for something that requires a little less startup capital. One good option is telemedicine, as there will be fewer upfront costs to consider. Always remember that you can expand with a physical location in the future, so it does not mean that you are stuck doing one thing forever if you wish to branch out.
Take on a Flexible Side Job
Besides taking on more shifts at your day job or looking for contract work, you may wish to take on a flexible side job that will allow you to make money around your schedule. This may not necessarily have to do with your day job. For instance, you can do health coaching sessions from home, and the extra income will allow you to set aside money for your dream.
If you have an idea but are not sure how to put it into fruition, you may wish to connect with other entrepreneurs in your area and take inspiration from them. One key takeaway is that you should not quit your day job or anything that promises you a steady stream of income. If all else fails, at least you know you have that to fall back on.
At the end of the day, you will derive satisfaction knowing that you have funded your own medical practice with money that you have earned!
Let Us Find a Collaborating Physician for You
There are many things to take into consideration when starting your own practice as a nurse practitioner. Besides finding the money you will need to kickstart your practice, you may also need to engage a collaborating physician who can work with you. Attempting to find a collaborator by yourself can be challenging and time-consuming, as you may also need to draft up a collaborative agreement and ensure that all state-specific requirements are met.
If you would rather focus on building up your practice, let Collaborating Docs do the hard work for you. All you need to do is pay a one-time $500 match fee and a flat monthly rate, and we will take care of the rest. Get started by requesting your free quote from us today!