What to Consider When Starting a Psychiatrist Practice

What to Consider When Starting a Psychiatrist Practice

If you have a degree in psychiatry, then, of course, you're going to want to put it to use, get clients and hopefully build a thriving practice. However, starting that private practice might seem a daunting endeavor. From where to set up your psychiatrist practice, to how to attract potential clients, to the furniture and technology you might need, there are a number of moving parts to consider. Below are just a few essential things you definitely want to keep in mind.

  1. Where will you practice? The nice thing about being a psychiatrist is that you do have flexibility. It's not necessarily about commuting to an office every day—although you certainly can if you so choose. Many psychiatric practices actually begin right at home. You might think about converting a garage, or a portion of your house; you might also play with the idea of adding on. What could be better, you get up and work is right around the corner.

  2. What types of insurances will you accept? As with any healthcare specialty, the question of insurance does come into play. Keep in mind, if you do accept the insurance you will make less per patient. On the other hand, they are a great referral system, plus their payments are guaranteed, albeit you may have to wait a bit longer for them.

  3. What hours will you set? Again, the flexibility of having a private psychiatrist practice does enable you to set your own hours. And you don't even have to work every day if you don't want to. Once you start acquiring patients, you'll better be able to gauge how often you have to work and also what hours best suit your needs as well as those of your clients.

These are just a few of the considerations that you should be thinking about as you establish your practice. As with setting up any sort of business or practice, as it were, certain things will require money. Are you set with financing? Do you have resources from which you can pull? First Union would love to discuss your practice. With short term loans, business credit cards and lines of credit, we can work with you to help ensure that your practice gets off the ground. Call today and let's get started!

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