Expanding a practice

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Hello forum members
I have a rural practice that is working at full capacity and giving me a good income. I am the only podiatrist in this practice at the moment and have more work than i can deal with. I was thinking of expanding and introducing an associate member to my first practice and renting a second surgery which the associate can move between. Does this really work? Has anyone else tried it and failed? Is it more bother than it is worth? What are the pitfalls?
Your help is much appreciated. Thank you.

 

Hi Lottie
You need to create a fiancial model and business plan for what the new practice will look like. It will take out much of the guess work. Nobody can really tell if it is a good idea without this. It should be possible to get close to the answer before you start.

Mark

 

HI Lottie,

I decided to take on an Associate to relieve me of one or two days to start the wind down to retirement, unfortunately, I was presented with the opportunity to open a second clinic (no patients) in conjuction with the local physios. So, do I refuse or do I take it on? I decided that to take it on and build it up so I would give an new graduate the opportunity to work, as there is not much going in the NHS! So, new clinic open 2 days a week quiet at the moment, old clinic 3 days a week and very busy, and the potential to employ very appealing - to the newbie

It cost me £3 - 4K to set up the new clinic as it seemed a good idea at the time - no kidding, I'm sure it will be in the long term. It also gives me the chance to take holidays as, between the 2 of us, we can share the load and cover both clinics.

Hope this helps,
Angie

 

a key question is do you want to take on a fresh grad or a experienced grad...

you will most likely take on a fresh grad
1) easier
2) cheaper
3) more willing to travel

 

Another way I like to recommend is to find a practice nearby with whom you can develop a strategic partnership and open a third location together. This give you two owners with three practices and a new grad as a succession plan. You can also take one practitioner out for a while and with a small increase in effort the three locations can be covered effectively by two people. 3 locations also give you economies of scale and staff sharing etc, and if you get busy enough you might be able to afford a group practice supervisior or manager. Also cuts risk involved in the whole deal. Just got to find the right person

 

Its a very interesting idea... but Im sure the sheer cost of the set up (even divided) would out way trying a new grad / some1 experienced...

It is interesting

 

never have business partners u always get screwed one does the work ,one cooks the books .ps if you take arisk and strike it lucky why do you want to share the profits