Starting a dermatology practice is a dream shared by many dermatologists. Objectively, the promise of having the freedom to decide how and when you work, being able to build a business the way you envision it, and creating a legacy that can endure for many years to come are all attractive aspects of starting a practice. However, starting your own business is never easy. You have to consider start-up costs, revenue generation, the time commitment of running everything yourself—it can all quickly become overwhelming.
With that in mind, should you start your own dermatology practice? We’ll help you answer that question.
Challenges of Running Your Own Dermatology Practice
First, let’s address the more daunting aspects of starting your own practice. Then we can remind you of all the advantages of taking this entrepreneurial leap.
Challenge: Time Commitment
You won’t build a successful practice overnight. Once you decide this is what you want to do, secure the necessary start-up funds, find a good location, purchase the equipment you need, hire the best staff you can find, and tackle numerous other tasks that will crop up along the way, you still have to attract a consistent stream of patients. This is going to take years of blood, sweat, and tears, long hours, late nights, and many cups of coffee before you generate enough revenue to do more than simply cover operations costs.
Challenge: Start-Up Cost
Differentiating what to expect when opening a dermatology practice comes down to various different factors. Lease prices, wage rates, and the type or style of business desired all factor in. For example, if you want a practice focused on cosmetic treatments—your start-up cost will be higher since that requires specialized equipment; conversely, if you want your office strictly medical-based, then some equipment costs won’t apply but staff salaries might be higher.
You’ll also need to consider income expectations and how many hours you’re willing to work per week (since these too factor into costs). Finally, consider competition from other nearby practices—the more in your area, the more expensive it’ll be for you because there’s such high demand for clientele already!
Challenge: Revenue Generation and ROI
When planning to open your own practice, it’s important to take into account all the associated costs that come with it and how long it will take for you to become profitable. You’ll need to consider all of your recurring costs, such as rent, utilities, payroll, and business taxes as well as expected cash flow so you can calculate what your return on investment will be once everything is up and running smoothly.
An important consideration when deciding if it is worth starting your own practice or joining an established one is how much cash flow you will need at the beginning. With a larger existing practice, patients and operating agreements already in place help you to generate income immediately. A new practice needs to establish a steady stream of paying patients before you can even hope to start generating a profit. It may take months or even years before the office can sustain itself financially once it opens up.
Benefit: Physician Autonomy
There are a ton of perks to owning your own dermatology practice, but the most exciting part is how much control you’ll have. You’ll be able to manage your finances and staff and determine how you’ll interact with your patients. The ability to set your own hours and decide what services you offer gives you a great sense of autonomy. Not only does this give you much-needed freedom, but it also lets you work at your own pace, allowing you to devote more time to those who need it most while simultaneously making sure they receive top notch care.
Benefit: Control of Operations
When you’re running your own business, there are a lot of decisions that need to be made—but not all of them will be easy. You’ll have to make choices about how to run your business, and those choices can have huge impacts on your bottom line. When you work for someone else, you may find yourself being forced to adhere to an operating procedure or rules you don’t agree with. When you run your own practice, you can set up systems that work for YOU and YOUR goals. You can also make changes as they come up, rather than waiting for someone else to tell you what needs to change.
Benefit: Legacy Building
Opening your own dermatology practice isn’t just about making money. You’re also building a legacy. When you start your own business, you’re no longer simply an employee; instead, you become part of something bigger than yourself—something that could live on long after you’re gone. That’s what makes running your own practice so rewarding: it gives you an opportunity to leave behind something meaningful in this world.
Benefit: Profitability
While working in an already established practice may be easier in the short-term, overtime, it may hinder your profitability. As an independent dermatologist, you have the freedom to make your own decisions regarding what services and products you offer. Whether it’s accepting new patients, extending your hours, or increasing advertising—owning your dermatology practice means that you are in charge of what makes it profitable.
Invest in the Right Equipment for Your Dermatology Practice
When deciding whether or not to open your own dermatology practice, there are a lot of things that you need to consider. One of the most important considerations is the equipment you choose to use with your patients. It requires researching numerous devices and products to determine which will allow you to offer the procedures you want, meet or exceed safety standards, and align with your business goals. Once you identify the laser machines you need, the question then becomes cost. It can take several years for you to see a positive ROI from the purchase of a new machine.
If you’re looking for a way to save money on equipment for your practice by buying a used laser device, make sure to vet the seller thoroughly. They may not have what they say they do, or they may have machines that are damaged or broken. Laser Resellers is different. We guarantee every device we sell is in stock, and we service every machine we sell to make sure they’re in perfect condition before they leave our warehouse. We also offer a 30-day warranty on every machine we sell, so if anything goes wrong with your purchase, we’ll take care of it for you!
If you’re ready to invest in the best equipment for your budding dermatology practice, contact Laser Resellers today!