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THE KEYS TO STARTING A PRIVATE PRACTICE

THE KEYS TO STARTING A PRIVATE PRACTICE. Part I: Thinking Like a Businessman A Presentation of the AACAP Member Benefits Committee. John E. Dunne, MD Co-Chair, Member Benefits Committee 16040 Christensen Road, Suite 217 Tukwila, WA 98188 jedunne@u.washington.edu.

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THE KEYS TO STARTING A PRIVATE PRACTICE

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  1. THE KEYS TO STARTING A PRIVATE PRACTICE Part I: Thinking Like a Businessman A Presentation of the AACAP Member Benefits Committee

  2. John E. Dunne, MDCo-Chair, Member Benefits Committee16040 Christensen Road, Suite 217Tukwila, WA 98188jedunne@u.washington.edu

  3. A Private Practice is a Business • Providing a service for a fee • What services, i.e., general or selective? • What fees? • Where will you set up your practice? • Location, location, location • Willie Sutton’s law

  4. What Not To Do • Don’t set up near where you trained; i.e. don’t set up where there’s a high concentration of child psychiatrists • Don’t set up just because it’s near where you live • Don’t join a group practice just because they want you

  5. What To Look For • A place that has a need for a child psychiatrist and families that can afford to pay for private services and are inclined to seek them • Higher SES • Quality health insurance • A place that fits your own needs and interests • Proximity to family and friends • Personal interests

  6. Locating an Area • Where are the families you will be serving? • Look at median house prices • Proximity to colleges or universities • How long will it take for most families to get to your office? • Convergence of major highways or surface streets

  7. Associating with Other Professionals • Co-tenancy • Each professional has separate practice but share space and certain expenses • Are these professionals you want to be associated with? • Do you share similar expectations, goals, financial realities? • Group practice • Contractual arrangements, degree of control over work load and patient population • Financial arrangements

  8. Renting an Office • Avoid medical office space if possible • Look for a Class A building that’s well maintained • Proximity to other mental health or primary care professionals • Amenities such as free parking, appealing landscaping • Negotiating a lease

  9. Negotiating a Lease • Utilize a commercial realtor • Begin looking 4-6 mo. prior to occupancy • Expect concessions, more with a longer lease • Build-out requirements and costs • Anticipating future practice needs • Larger than standard office size, 180-250 sq ft • Sound proofing – walls, ceilings, doors, and windows • Admin office, break room, storage, running water? • Costs are amortized over the life of the lease

  10. February 16, 1 PM EST Part II Financial Planning and Marketing February 23, 1 PM EST Part III The Nitty-gritty

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