When it comes to starting your own practice there are many things to consider but probably one of the bigger decisions you need to make is whether to practice on your own or with other practitioners. There are advantages and disadvantages to both.
Those working in a solo practice may feel they have more control over their patient load and hours.
- Retaining all the practice profits
- Solely responsible for decisions pertaining to the running of the practice and purchases etc
- Minimal staff overheads
- Running costs may be higher
- You can only see a limited number of patients due to being a one-person operation
In addition to more practitioners, group practices generally have more support staff such as nurses and admin personnel.
- Shared expenses
- Shared workload (medical and administrative)
- More time to see patients as support staff tend to handle the administrative tasks
- The opportunity to learn from other practitioners’ work experience
- Attracting more patients due to each practitioners’ credentials or specialities
- The ability to see more walk-ins or patients without appointments due to the number of practitioners working in the practice.
- Able to provide extended hours due to more practitioners being available
- All decisions pertaining to the practice must be discussed with all stakeholders
- Policies and procedures may be more strict
- Profits have to be divided
Choosing to work in a solo or group practice comes down to personal preference and circumstances. Weighing up the pros and cons of each while considering what the best working environment is for you will help you make a decision that benefits you and your patients.