by Jordan R. Stewart, DPM
Timonium Foot and Ankle Center
Established July 2006
Timonium, MD
When
choosing a practice location, the most common advice you are likely
to hear is, "It is best to open your practice an area where there
are not many podiatrists." Although there is some truth to this
statement, these less populated areas may not go along with your
lifestyle. I decided to open my practice in a suburb of Baltimore
called Timonium. Baltimore and its surrounding counties are
saturated with podiatrists and foot and ankle orthopedic surgeons. I
recognize that I am taking a risk by opening in an area with lots of
doctors, yet the majority of these doctors are very busy and are not
hurting for patients. I saw a patient today who informed me he
called several offices for an appointment and they all told him the
next available new patient visit was in 3-4 weeks. The bright side
of not being very busy at first is that you will be available to get
busy fast.
Once you have established the town you want to
practice in, you need to acquire office space. You may choose to
have your own space or rent space from another practitioner. Both of
these situations have positives and negatives. When you rent space
from another doctor, your overhead is less, but your space and
schedule can be limited. With your own office, you are not
restricted, yet your expenses are higher.
As you search for office space, try to find a
space with the following:
-
Easy accessibility by car
or public transportation
-
High traffic area with
visibility
-
Affordable rent
-
Free parking
-
Close proximity to other
doctors
-
Room to grow your practice
I choose to open my own office on a highly
trafficked road that is easily accessible to the highway and to
public transportation. Additionally, I have a very large awning with
my company name displayed prominently, yet tastefully, and this has
helped attract walk by and drive by "foot traffic."
Although I would have loved to buy a property to
open my office, I am renting space. With my space, I pay a price per
square foot and I am responsible for utilities, janitorial services,
repairs, and my portion of the property taxes and operating
expenses. I looked at other offices with a higher price per square
foot, yet these properties were all inclusive. Shop around and find
a space that falls within your budget. Talk to your colleagues,
other business owners, and real estate services to be sure you are
paying a fair market price for your space. Do your research on the
rental company and talk to other tenants about their experience.
Finally, be sure to have an attorney read through your lease and
make sure all changes are to your satisfaction before signing.
Jordan R. Stewart, DPM
A PRESENT New Doc Editor
[email protected]
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FROM: |
Derek
Naegle, DPM |
| SUBJECT: |
Starting a Practice |
I will be starting
a practice this year in Southern Utah, I was glad to see
your time line because it is much like mine. I was
wondering if you had a list of everything you did to get
started. I have been making a list, but everyone I talk
to just adds to it. Any info you can give me would be
greatly appreciated.
Derek Naegle, DPM
[email protected]
Editor's Response
Derek,
Congratulations on
starting your own practice. It is a very exciting
process and something you will be very proud of once
complete. The upcoming segments will focus on the steps
I took to opening my practice. The main areas you should
focus on are incorporating your business, finding a
location, getting credentialed, lining up your finances,
organizing a business plan, and completing your board
exams. If there are any specific questions you have I
would be happy to answer them at any time. Read the
upcoming segments and you will see the path that I took.
Good luck.
Jordan
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FROM: |
Michael Akers, DPM |
| SUBJECT: |
Signing of Residency Contracts following
CRIP Interviews |
Dear
Jordan,
Your
article was not confusing at all, but very clear as to
whom it was directed: graduating residents. I don't
think you owe anyone any apologies. Actually, I
appreciate you taking the time from your demanding
schedule to write these articles. They are very helpful,
and look forward to reading more. Unfortunately, there
are too many older podiatrists who are overflowing with
negativity. Actually, have been strongly thinking about
opening my own practice as have the same concerns that
you did about being someone's associate. You are one of
the few who have chosen to go this route (opening your
own practice right out of residency) in this day and
age, and your path is inspiring to me.
Thank you for sharing your
personal experiences,
Mike Akers, PGY-2
Metrowest Medical Center; Framingham, MA
[email protected]
Editor's Response
Michael,
Thank you. I am glad
the column has helped. I would be happy to answer any
questions that may help you along the way.
Jordan
Excellent article on starting your
own practice! Keep 'em coming!
Raman Sinha, DPM
Chief Resident, Harris County Podiatric Surgical
Residency Program
[email protected]
I didn't think your statement
about interviews was misleading. I think Dr. Kanat needs
to calm down!!
Mindy Lam, DPM
Crozer - Keystone - Springfield Division
[email protected]
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This program is supported by an education grant from
Dermik Laboratories.
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