Custom «Starting Up Medical Practice» Essay Paper
Before Dr. Paul House makes his decision on whether to start his own solo private practice, or join group practice, he has to consider the advantages and disadvantages of both sides. First of all, if he starts his own solo private practice he will be in charge of everything. Given that he has a dominant personality and likes to be in charge, this action will be good for him. Emie, who is Paul’s father, is an entrepreneur who strongly believes in his son. He would like to see him succeed and this will only be through starting his own business just as he did his own dry cleaning business. He started this entity from scratch and has grown over with time. If Paul starts his own business practice he will make his father proud and this will in turn strengthen their relationship. On the other hand, starting his own business will be so hard for he has no source of capital at the moment and his father is not willing to support him because he believes that Paul should start on his own just like he did. Again, it will be difficult for him to start his own business practice especially since he has outstanding loans in medical school amounting to approximately $100,000.This will make it hard for him to acquire loans to start his own private business practice.
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Paul House will have to consider a number of key purchases in starting his own medical practice. Some of the purchases include capital equipment, medical supplies and clinical equipments like ultrasound machines, ray machines, medical lasers, anesthetic machines, and laboratory equipment. He wll also have to pay rent for the building he will be setting up the business. The building should be spacious enough to include fully equipped examination rooms, a medical office, and a furnished waiting room (Breen et al, 2010). He will also purchase office furniture like chairs, tables, and beds. Seemingly, he is expected to pay office designers, medical assistants, nurses, clinical officers, subordinates, cleaners, and coffee makers. Computer software will also be needed for storing medical information and records. For these to be installed he needs the services of an IT specialist.
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Apart from the already mentioned purchases that Dr. House needs to carryout for his private business, there are other expenses that he will have to incur such as legal, accounting, and consultancy expenses. He will need a lawyer to help him obtain a business lease and get incorporated. This is quite hard to obtain, but the lawyer will make things a little easier for him (Huss Coleman and Huss, 2006). He will also incur expenses in the accounting sector as he will need an accountant to carry out financial activities. Consulting expenses will also be incurred as he will need to hire consulting officers to help in consultancy. Insurance costs are mandatory since he will have to insure his business in case of anything. Obtaining patients will be hard at first especially if he has not worked anywhere before, so publicity expenses and advertisement costs will also have to be incurred.
On the otherr hand, if Paul House joins group practice, he will not have to have to worry about collecting a lot of capital which he cannot get at the moment. This action will present him with a good opportunity to earn experience in his line of practice before starting his own private practice (Huss Coleman and Huss, 2006). He will also save enough to start his own private entity later on. Joining group practice will help him clear his outstanding loan arrears in medical school fees so that by the time he starts his own business, he will be in a position to obtain more loan to add up to what he will have saved from the group practice for his private entity. The only disadvantage that Paul will encounter by joining group practice is that he will not be in charge as he would like to be especially due to his dominant personality.
After considering the advantages and disadvantages of group practice and private practice, I would recommend that Paul House works with the group before starting his own business. This will help him obtain the necessary experience needed to start his own business practice later. It will also give him time to obtain the startup capital needed for the business. He will in addition have enough time to pay his medical school loans before starting his private business. By working in the group, House will gain experience and knowledge that will prove indispensible when he starts his own entity. He should also keep in mind that decisions made will have impacts on patients, productivity and future success.
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