Private Practice - Understanding Your Worth
If you are working under the NHS or any public organisations, you may have wondered what it might be like to go into Private Practice. Or maybe it's your goal and you are uneasy about taking that big jump in your career?
Our team has had the pleasure of seeing many of our clients successfully jump into private practice and make a name for themselves, but why should you consider doing so yourself?
The Advantages of Being a Private Practitioner
There are all kinds of positive changes that come with becoming a Private Practitioner. Some are instant, and some come alongside growth.
- Independence & Self Growth – You are your own boss. However you envision your work or business to be is now possible. In Private Practice, you will have the opportunity to learn new business skills first hand and create a medical community of you own, revolving around your medical and social values. Therefore making a name and an image for yourself that is unique to you.
- Flexibility in Your Working Environment – Private work brings you a whole new sense of freedom and flexibility that the public sector cannot. It allows you plenty of opportunity to see your patients how you want to see them, reducing the stress of rushing. You can decide your own time slots, your own system and work at your own pace.
- Charge what You are Worth – As an independent practitioner your service is the only service offered – which means it’s value has increased immensely. You are no longer tied to fixed rates. You can now offer your services at the prices you deserve to be paid.
- Better Patient Relationships – You have the freedom to see who you want and when you want. Gone is the pressure of seeing as many as possible in such short spaces of time. Many patients prefer private practice as they find it easier to build familiarity, trust and maintain a good relationship with their doctor.
- Creative Growth – Being in control of your business, you are capable of making various clinical decisions (as long as they follow your government’s guidelines) that will affect the visual aspect of your business, the contents of your business and how you will provide your services.
Things to Consider
When it comes to Private Practice you still shouldn’t just jump right into it. Consider your options and weigh your concerns up against the benefits. In order to head into this career choice you need to make sure the choice you are going to make is warranted. Only once you look at all the details and understand the risks you may need to make, will you be ready to head into the private sector.
- Business Concerns – You will need to obtain a business license in whatever city your private practice will be based and keep up to date with all the laws that will affect your services to stay within their regulation. Look up what other documentation or government requirements you may need to fulfil.
- Accommodating Schedule – Yes, working for yourself means you set your own schedule and working hours. However, you may need to accommodate for others and be flexible with your time slots to either fit your financial goals, or social goals with your clients. An example of this would be working through traditional ‘lunch’ and ‘after work’ timeslots as they are very popular for patients to book.
- Marketing Your Business – There are a lot of things to consider when starting your own business, such as marketing. If you want your brand new business to get seen this is something you will need to invest in. There are plenty of public sectors you’ve worked in or heard of that have their own marketing set ups (even if they are already well known) for new medical recruits, to attract students or inform potential patients of where to go. This may be something out of your comfort zone. So think really hard about it: Do you have the capacity to market your own business? Are you prepared to invest money into your marketing campaigns and/or someone to manage them?
- Expenses & Investment – Unfortunately starting your own private practice costs a lot of money: Money that will be paid immediately into the project and money that will be invested so that your business will grow. How much money you choose to spend and where you place it will influence your business, how it grows, and how quickly you will make a profit, if you manage your practice successfully.
Although time consuming, Private Practice can be extremely profitable and incredibly rewarding. However it is not a decision you should make on the spot. Write down the benefits you receive by going into the private sector and then write down the disadvantages and debate them with yourself and your peers before you set out to do anything. As the benefits of working private are not immediate and will only come if you are prepared to put in the hard work to get there.