Opening a private practice can be a natural next step for many clinicians. There are some obstacles to consider as you move forward into the exciting world of practice ownership. The following guidance takes into consideration content from The ASHA Leader’s “Watch Out for These Private Practice Pitfalls", written by audiology private practice co-owner Stuart Trembath.
Having a sound business plan is a road map for success. A business plan helps you identify the key parts of your business and outlines how you can measure success. The key portions of your business plan:
Your plan outlines your business in a clear manner for not only for you, but also for investors or banks, if you are seeking a loan. It is also your blueprint for where you should focus your efforts. But this blueprint can change—and you must change with it. Conditions can evolve throughout the year, and certain products and services can have varying popularity. It is important to funnel resources into the areas that need support or that make you profitable.
Make sure you know your location and your market. Geographically, there may be different pros/cons to opening your practice in a chosen area. Consider these questions:
Running your own business can be fun, but it’s easy to get overwhelmed with day-to-day functions and lose track of your bottom lines. In your business plan, you should identify key performance indicators (KPIs) that will help you measure the growth and health of your business. You should share these KPIs with your employees and accountant to help ensure progress toward your goal.
In the end, you want to be able to pay your bills, take a salary, and meet your tax obligations. Working with your accountant on a regular basis can help you avoid scrambling to meet obligations and help you adjust appropriately to make your business successful.
You are your best marketing tool. Meet the providers in your local area. Let those providers know that you can be another tool in their patient toolbox. Consider meeting with the following professionals:
Identify areas in which you can collaborate around patient-centered care. Offer to provide informational presentations to staff of local health offices and/or local community centers on signs/symptoms of hearing loss, impact of untreated hearing loss, balance issues and the role of the audiologist, and how audiologists work regarding “other auditory issues.”
Consider what will set your practice apart. For example:
Are you entering unfamiliar territory? Do you need support with a difficult decision or case? Reach out to someone who can help you. Even the most seasoned clinicians are likely to encounter situations in private practice that are new to them or constantly changing. It’s important to have trusted advisors who can guide you through the process. These advisors can be accountants, attorneys, other private practitioners, insurance advisors, marketers, and others. (Remember that many of these services have a fee attached, so it’s important to budget for them.)
You also want to budget for professional development that will help you become more comfortable in certain areas such as billing, bookkeeping, marketing, and other practice management skills. Conferences and online courses can help. Each year, identify an area of your business you would like to learn more about, or get a refresher. The longer you’re in practice, the more things around you will change—so it’s important to familiarize yourself with new trends and strategies.
Running your own private practice can be rewarding. Doing your research and homework ahead of time—as well as regularly revisiting your business plan, audiology career goals, and offerings that your clinic can provide to the community—are all great ways to run a successful practice.