It’s natural to enter the final year of residency and begin wondering what you should do next. Many medical students contemplate whether to gain further training, join an established surgery practice, or enter into the world of academia. There are a plethora of options, so it’s important to evaluate your own personal values, goals, and career mission.
If you feel that you are fully engaged in your passion for cosmetic and reconstructive surgery and want to make a difference in patients’ lives you may consider starting your own practice.
Here are a few key considerations and tips if you’re thinking of beginning your own plastic surgery practice.
Start small and hire the right people
While growing your patient base keep the expenses to the most realistic minimum. At the beginning hire only the most essential staff members. Starting your own plastic surgery practice is centered around building your brand and creating a referral base so that overtime your patient volume increases.
That means start small and hire the right people. Be prepared to not operate at full capacity for at least the first five years. Avoid feeling any pressure to build out and equip each exam room in the office. Hiring only the essential people means doing your due diligence. Verify their competencies and check their referrals. Complete not only background checks, but also reviews of social media. It’s important to hire the right people as they are going to be representing both you and your brand.
Negotiate
While it seems like obvious advice, it must be said: shop around! Don’t ever take the first offer, instead continue to get competing quotes. Use meetings with different vendors to learn new angles on negotiating.
Remember, everything is negotiable. Before narrowing your choices down to two banks, you may be having discussions with six different banks. As they compete for your business your final terms will be improved. Furthermore, while buying things in bulk (such as bandages) may be easier to negotiate pricing for, certain things such as a laser that costs $200,000 may not be offered at a lower price. However, when buying a device such as a laser there may be extended warranties, additional consumables, or extra training days to negotiate for.
You owe it to yourself to be the very best advocate you can be. Ask the right questions and learn from other professionals who can provide you with invaluable information and advice.
No matter what the industry is, starting your own business comes with its own unique set of risks, however, the rewards can be extraordinary. Do not begin on the road to starting your own private plastic surgery practice unless you are confident that you have the patience, persistence, and business knowledge to bring you long-term success. You won’t be able to manage everything, however you must remain engaged with the entire process and performance of everyone involved in helping to make your vision a reality.
Dr. Kenneth Hughes started his own practice in 2012 after his fellowship in cosmetic plastic surgery at Harvard Medical School. To learn more about the procedures that Dr. Kenneth Hughes offers, mommy makeover is a great place to start. View Dr. Kenneth Mommy Makeover Surgery Before and After Photo Galleries.