When a surgeon decides to open their own practice, the first thing they need to decide is whether they want to purchase an existing practice or start from scratch. There are some pros and cons to both of these options. Here are some essential factors people should consider when figuring out which choice is right for them.
Generally, it is cheaper to purchase an existing practice. Buying a plastic surgery practice that already exists means surgeons do not have to pay hefty startup costs. Working at a clinic with an established patient list also means surgeons start generating income immediately, so they are more likely to turn a profit.
Purchasing a practice means a surgeon starts working at a clinic where receptionists, assistants, and technicians are already hired. This can be a good thing because it lets a surgeon get help from experienced people who already are used to running the business. However, it can be a bad thing if the surgeon experiences any personality clashes or has their own unique way of handling things.
One of the key benefits of starting one’s practice is that a surgeon can entirely focus on their unique personal goals. They can tailor their business systems to suit their individual needs, pick their equipment, and design their layout. However, those who do not have any unusual plans and just want to help patients and turn a profit may actually find it easier to buy an existing practice. Such a practice will already have an established way of doing surgeries, marketing their services, and interacting with clients.
Clinic Reputation and Look
Surgeons who buy an existing practice need to remember that they are also purchasing the clinic’s reputation and personal brand. This can be a significant advantage if it is a well-respected clinic to which people are regularly referred. However, it can be a problem if the old owners had a reputation for poor practices.
Ultimately, which option is right depends on a surgeon’s goals and preferences. Those who want complete control and are willing to take some risks might want to launch their own, while those who prefer stability may prefer an existing clinic.