What is the average cost, in the US, for a physician to start-up a medical
private practice in pediatrics and/or in family practice, and how long
does it take before they are breaking even, and then how long til the
practice, rather than the loans, are paying the physician's salary? I
don't think I know the right economic terms to ask this question, nor perhaps
framing it in the right paradigm, as I am a physician, not an MBA.
My specialty is breastfeeding medicine, a new specialty (only five of
us so far in this type of private practice in the country--CT, NJ, NY, NB,
MS) and we are trying to determine if our costs and time before making
a profit, i.e. paying ourselves, is at all in line with others in our
fields (peds and family practice).
I'm giving a talk to our international organization about our five
practices in October, essentially about the feasibility of this type
of practice, but need to have initial info for the syllabus
by September 1. I will be sending it via email that evening, so your
answer can also be by that morning, though sooner would be great, and
allow for more discussion between you and me if necessary (will pay
more).
Also what is typical startup and subsequent takehome for parttime
physicians in FP or pediatrics?
Background as to why we are asking:
Most of us are self-financed, although one sought out full loans and
grants for a full staff from the outset, and another just got a loan
for capital investments on a new building. The other four are working
20 hrs a week, although I am fulltime. I've been in practice 8 years,
one has been in practice four years, one for two years, and two
started less than 12 months ago. I have four other doctors alone who
are scheduled to come look at my practice because they want to do the
same thing.
I see there are various books that may be able to answer my question,
but I need a good answer by Wednesday, Sept 1. Willing to pay more if
I have any followup questions for an email "conversation" over the 24
hours following your answer, provided we can be done by Sept 1.
(However I may have followup questions on my own behalf later.) |