Throughout history, doctors have been the masters of their own fates. Since the beginning of the profession, physicians have been opening and managing their own practices. It doesn’t even matter what the trade is: it could be a vet, a GP, or anything else. However, that tradition is slowly but surely fading into the past. In the present day, doctors come out of medical school and begin looking to be employees, not the employer/owner. Doctors who already have good medical practices set up are beginning to sell them in favor of being employed by a hospital or a practice with many doctors in it. Practices are now more commonly owned by hospitals and not by the doctors themselves, which means that the era of private practices is all but gone.
Should you sell yours?
While the pressure from the rest of the field may be to sell your practice and go the way the rest of them are going, you shouldn’t have to submit to this. You can still stay and succeed in a private practice as well! A doctor with his own practice can earn just as much as a Westmead private hospital obstetrician if he manages it right. In addition to the profits, you also get the advantage of bragging rights, by being the owner and the manager of your own medical practice, and by extension your own destiny. Now, one of the biggest things to remember when you have your own practice is that you need to know the vision of the practice by heart. You need to be able to set certain goals for yourself to attain over time. Direction is extremely important.
Contracts and coding
Other than a Westmead private hospital obstetrician there is also a trusted OBS Norwest private hospital that able to bill each patient for services offered, so can you, as long as you have a contract system in place. This is the best way for you to bill reasonably and safely. It allows you to get the best deals out of your patients and your employees. The contract needs to have all of the pertinent information, including the satisfaction rates of your patients, your medical success rates, the reviews of other GPs and doctors in the area and many more.
The more you are able to show that you have an advantage and a unique way of handling things over your competition, the more likely you are to get a better contract for you and your practice. Good luck in the field of being your own boss!