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Do you need business experience to start a private practice?

I plan to go to medical school and become a psychiatrist with a private practice. I'd like to avoid a double major in business if I can, but I don't know how to gain business experience in any other way. #doctor #psychiatry #psychiatrist #business #doctor #hospital-and-health-care


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Estelle’s Answer

Very few people graduating from medical school have much business experience, but residency programs are much better at teaching coding and billing these days. You can consider joining a group of physicians at first and getting experience, or hire a business manager to get your practice started. Most of the business aspects of practicing medicine will be learned on the job as you start your career. A few business classes might be helpful, but I do not think a business degree would be worth the time and money.

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Kianna’s Answer

You do not necessarily need to go to school for business. As long as you know you want to start a practice, you should go for it. Do as you planned- go to medical school and gain all the knowledge you may need then the rest will follow. Good luck !

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Susan Delphine’s Answer

It would be exceedingly helpful if you took a few business courses in college. You would be so far ahead of the pack.

I never did this. When I opened my private practice I read the best book: The Inside Advantage: the Strategy that Unlocks the Hidden Growth in Your Business. It helped me to define my "brand," The On-Time Psychiatrist. It helped me to define the core customer I wanted to serve. And just how I planned to serve them.

You might read that book NOW, highlight things, and start a steno notebook where you can write things. A steno notebook is the same size as the book, so they are easy to keep together. Over time you can jot insights down in your notebook. Then when you are ready to open your practice, you have your goals solidified, and your website practically written.

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Karyn’s Answer

Do you need business experience? Yes of course you do. Does it need to be formal training such as a double major? nope. Personally I would strongly suggest a double major if you are thinking about opening a practice entirely on your own. It is not easy to run a practice by yourself, you will have patients to take care of and you will have the office to take care of. If you hire people to take care of your office you will need the skills to manage those staff or you can hire a manager. You will still need to supervise your manager and make sure your money and other business is being handled appropriately. It is much easier to join a group practice because then you share in the cost of the office and you have other doctors to help run the business. Very few graduates are going into solo private practice anymore because of all the federal and state guidelines that must be followed. Just remember, any office work you have to do will take away from the number of patients you can see.


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