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How soon is too soon for private practice

Discussion in 'Australia' started by MelbPod, Apr 26, 2008.

  1. MelbPod

    MelbPod Active Member


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    Hi,

    I graduated last year from pod, and so have ~4 months experience in private practice.

    I am considering renting a room to work for myself maybe 2-3 days a week. The other few days possibly part-time work or residential work for myself.

    I worry that this would be too soon, that I may miss out on working and learning from more experienced peers.
    But on the other hand I think it will encourage independence and be quite similar to the contact I have now with 'podiatrists with skills to learn from'.

    Does anyone have an opinion or advise?

    Thanks,
    Sal
     
  2. admin

    admin Administrator Staff Member

  3. L Sempka

    L Sempka Member

    Hi there,
    I think is valueable to maintain contact with your peers for a couple of years and get a mentor to show you the different side to uni (the real word).
    Maybe start your part time practice but get a contract with an existing clinic which you can develop your skills and have an ability to troubleshoot difficult patients or problems:craig:.
    private practice can be frustrating to start off with so its nice to have some back up or guideance.:empathy:

    Good luck with what you choose
     
  4. twirly

    twirly Well-Known Member

    Hi MelbPod,

    Congratulations on passing. :D

    I am based in the UK so things are possibly different here.

    P/P is indeed a great way to earn a living if you are motivated, committed & enjoy the challenge of standing alone.

    It can also be very isolated & after just leaving uni the working world can be a daunting place to be.

    I agree with L Sempka ie. try to obtain a P/T contract with an existing practice to assist you in honing your skills & learning from others in a safe environment.

    Many UK Pods obtain employment initially with the NHS, although this may be an ideal learning platform it also tends to encourage you to become reliant on the pay packet & may make someone less inclined to take the potential risk of being totally self employed at a later date.

    No holiday pay, sickness or pension plan unless you pay for it yourself.

    Always approach change with a careful business plan. If you already have a colleague in P/P ask them for advice.

    Personally I would also ask for someone to recommend a good accountant.

    I wish you every success,

    Many regards,
     
  5. MelbPod

    MelbPod Active Member

    Thanks for your advise guys,

    I am giving this decision a great deal of thought and don't intend to make it a rushed decision.

    I agree with you that part-time employment would be a great idea to maintain development of my skills.

    I think I am destined for p/p long term, but understand this is a step that can't be hurried.

    Regards
     
  6. Vivian

    Vivian Member

    Hey MelbPod,
    I have been in the industry the last 11-12 years. I spent 3 years in the public sector and also worked in Nursing homes and Hostels for about 7 years.

    I started my practice after the first 3 years in the public sector and have never looked back.

    I still agree with most that you should get some experience in developing those clinical skills.

    I'm glad in many ways that I didn't allow my initial feelings of "my own business" to take over the reality of having no experience in the real world. Build your knowledge on how to run the business etc. No regrets now and have been in my p/p nearly 9 years!

    Vivian
     
  7. RStone

    RStone Active Member

    Hi

    I graduate 10 years ago and went straight into my own private practice in a rural area with no previous podiatry.

    It was actually very successful but there were several reasons for this. Here are some points that were very important for me:

    1. I had a very strong network of "specialist" podiatrists who I could call on/email for help - even though they were 3 hours away this helped immensely. Often I would call/email and say "I saw this, thought this, tried this ... any comments or suggestions".

    2. I had strong family support - my father has run his own business for years and this helped ensure that I had a good business plan, good financial estimates, a reliable accountant and someone to tell me I was expanding too fast and not really understanding the costs of employing someone else or opening a satellite clinic - please take another week to consider this idea :)

    3. I actually spent my entire final year planning the clinic and developing the business plan as well as community networks, relationships with GPs and educational packages for potential patient groups (eg diabetes, arthritis, weight watchers, kindergartens etc)

    4. I recognised I was going to get cases I knew nothing about (in fact my first ever patient was something I had no clue about - turns out it was a spider bite - fortunately I "guessed" and referred to a GP in time) - don't be afraid to look stupid and tell the patient you a) need to talk to someone, b) need to refer them to someone better qualifed in this area

    5. I allowed an ample budget for conferences/education and attended every conference nearby I could (it helps if you can book these in 6 months in advance and rule out these workdays when developing your income required per day figures.

    6. I was fortunate enough to have another podiatrist 2 hours away (ie not in direct competition) with whom I could continue "work experience" - I spent a lot of Saturdays at their clinic watching them.

    7. Take your time about employing your receptionist - they can save (& make) you a lot of money if they are efficient, friendly to patients and have experience in administration.

    8. If you are relying on pp for your total income - work out how long you think it will take to reach your minimum break even timeline (eg I think it will take me 3 months to fill up to 15 pts a day at an average of $41 per patient) and double it - it nearly always takes longer to be consistently busy than what you predict. Secondly - cut your personal expenses NOW - money will be tight for quite a while - get used to it - the rewards will come in the long term.

    9. I booked out some holiday time, in advance - you are going to need it to recharge, be a better practitioner and retain some semblance of life outside of work.

    10. Go for it - it can be hugely challenging and the learning curve is steep but it is a lot of fun and immensely rewarding.

    I have recently started my second private practice in another state (sold the first one after I got married and had to move interstate) and yes I am still going through the start up obstacles again (although I'm more realistic and know those little things are going to blow the budget and yes it is still taking longer to be consistently busy than I predicted). After working for several other podiatrists across both metro and rural areas it sure is good to be back in control - even with all the extra work (accounting, BAS, infection control procedures, staff training etc).

    If you have any questions - DON'T be afraid to ask for help - if you don't want to do this than pp is going to be very difficult!!

    All the best with your decision

    Cheers
    RStone
     
  8. delpod

    delpod Active Member

    Hi Sal,

    I am also a new grad (completed my degree in Adelaide last yr) and have been working for ~2 months at a public rural hospital. Thankfully the senior pod here is very experienced and more than willing to take me under his wing in a mentoring roll. I've realised I still have far more to learn. I too have an ambition to start up a private practice in the future but there is so much more podiatry to learn IMO.

    for the benefit of yourself, your career, and your future practice, you should ensure you stay in good touch with colleague(s) whom can pass their skills/wisdom/experience onto you. Working under somebody who's been out for a few years is probably the best way, eventhough one can communicate quite efficiently by email, phone etc.
     
  9. PF 1

    PF 1 Member

    Depends where you are intending to open. If it's in an area with alot of other podiatrists to compete with, who no doubt have more experience, this will probably work against you as you will probably only get one chance with some patients. It will take along time to recover from this.

    If it's an area with a high demand and long waiting lists due to lack of podiatrists, you probably don't have much to loose. You will certainly learn faster and become more experienced quicker (due to the pressure of making every client REALLY count)

    I took over a practice at 2 years (now 5 years ago), and I was only just okay, but did it with another podiatrist of the same experience which helped. I certainly would not have wanted to do it any younger, however this was in the Eastern suburbs of Sydney.

    If I were you, I'd wait, (unless you are going rural) and try go on a percentage with your employer if it's possible. Kind of gives you a taste without the expenses!


    Cheers


    Tom
     
  10. Jbwheele

    Jbwheele Active Member

    Try to get in good with the Local Gps and other non competitive referrers. Physios will tend to use Pods as a last resort. I worked on 50% comm for six months to sus out the "vibe of the place" and set up and didnt look back, however it is isolated and hard work, If you are setting up on turf already covered you wil be treading on there purse strings so dont expect to make alot in the first 2 years.

    You will also find that working for yourself is better financially, however all the extra CRAP, you have to do and not getting a day off will make you feel like going and working for someone. But at least youlll know what you should be making and not giving it to pay for somone elses holiday house.

    Good Luck


    Joe
     
  11. new_grad_ejr

    new_grad_ejr Member

    Hi Guys
    I am a new grad also, working in the public sector in a graduate position. I had planned on launching myself into PP asap as well - however I am very thankful for landing the position I am currently in purely due to the amount of information I have absorbed in the past 4 months that will be very valuable to me when I do one day get into PP.
    Time management is one for sure - having so much time at uni, thinking you were whipping through patients - then in the real world 20 minute appointment slots back to back definitely provide a wake up call (and thats a community clinic not private!)
    Also chatting to senior pods about why they are now working in public sector rather than private gave me fuel for thought about it all too.
    I will certainly be looking to get into private work when my contract is up in a year just to be able to compare for myself, but I think I would like to work for somebody to start with to get a feel for how it all runs day to day and absorb from that.
    Good luck with it all, I hope to be as close to my own PP as you are one day!
     
  12. Lab Guy

    Lab Guy Well-Known Member

    My opinion is that if you have the opportunity to gain more clinical experience before hanging out your shingle then do so. When your able to start private practice with that feeling of confidence that you can handle most anything that comes through your door, your in great shape.

    Still, if you have the drive and ambition you will make it in private practice. It all starts by getting your toe wet. I would also suggest spending a month with a busy practitioner to gain more experience even if your not getting paid.

    Best of luck,

    Steven
     
  13. AdminMan

    AdminMan Member

    Hi Sal,
    What did you end up doing? Would love to hear your thoughts on this same question now.
    Thanks
     
  14. Jbwheele

    Jbwheele Active Member

    It Depends on how confident you are in your own ability to run your business, good communication and repore with your clients as well as establishing links with referrers, If you can work from home that will save you lots and also a good tax incentive. Just be honest with your clients and yourself. Dont be put off by comments from new patients about your fees or how great there last Pod was, Word of mouth will sell you if your good at what you do and treat clients well.

    All the best

    Joe
     
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