Everyone’s big question: Can I earn as much money in a cash practice as I do with insurance? Obviously, I’m going to say yes, because why would I be advocating for this model if it isn’t viable.
With direct care you can earn as much or more than you earn in insurance based practice.
The amount you earn is a direct reflection of you – your work ethic, dedication to your patients and your ability to position yourself in a way that works for you.
In direct care, it is key to be lean and nimble. If you want a big, fancy office, remember to assess the return on investment. Be open to opportunities. You will have to find a balance between doing enough “free” work to establish yourself and not giving everything away for free.
When I started my practice, I was less than 2 years out of fellowship. We had 2 young babies and we were paying off my husband’s hefty medical school debt. I was unwilling to take a loan out for my practice and too proud to ask for investors.
I think this served me, because it ignited my hustle. It also helped that we had no major lifestyle needs that we were accustomed to since we were just out of training. If you are thinking about starting a business, a deep look at your lifestyle needs is important. I recommend all physicians read The Millionaire Next Door.
I had to keep expenses lean so I learned a lot of things on my own – like how to build a website. If I had to do it again, I would delegate more things earlier. I think delegation helps growth and more importantly, helps maintain your sanity.
I learned a lot doing everything myself. I also made MANY mistakes – some were costly, none that broke me. I hope to help keep you from making some of those. When I started, there were zero direct care general endos near me. There were less than a handful in the country. Lean on your peers in this space – we can help you thrive with support and experience.