What to Know When Opening a Private Practice as a Physician

What to Know When Opening a Private Practice as a Physician

By Mark Henderson Leary |
March 16, 2023

We are experiencing an entrepreneurial transformation in healthcare. What used to be salaried surface-level doctors in white coats is transforming into doctors owning their own practices and connecting with their patients. It’s increasing the value for patients, employees, doctors, and healthcare providers.

I recently interviewed Dr. Joe Galati. Dr. Galati is a liver specialist in Texas who left his medical school faculty job to open his own private practice. In short, frustration caused him to go entrepreneurial, and it’s a good thing it did. He now runs a successful practice where he can control his own destiny and take care of people on a level many don’t experience. Everyone, from the patient to the doctor, gets to live a healthier and happier life because he decided not to be afraid to go for his dream.

He shared a few of the things he learned as a physician entrepreneur.

Don't Be Afraid of Failure

Failure is inevitable in most things. You cannot let it hold you back; you must get out there anyway. Dr. Galati has a lot of ideas, but he also has a team and his wife to let him know if his ideas are doable. Continuing to allow himself to have big ideas without being afraid of the no’s has led to the success of his practice today. Dr. Galati recommends creating a tolerance for failure as long as you are not jeopardizing patient care.

Hire Slow, Fire Fast

You may have heard of this saying before, but it’s much easier to recite than to practice. When starting your own business, you will need to hire people. Even if someone interviews very well, you must practice hiring slowly. You can never truly tell how someone will be once they are working alongside you every day and if they will benefit the workplace or be a poison. It can cost you money and morale to keep someone on the team who is not working out, so it’s best to fire them fast to protect your business.

Be Authentic

Above all, you must be authentic. It’s common for us to go to the doctor’s office and see a person in a white coat. The conversation is at the surface. Dr. Galati shares his story with his patients and talks with people about growing up in an Italian family and why he wrote the book “Eating Yourself Sick.” It makes him easier to connect with, and he can provide a better patient experience.

The healthcare industry is changing with physicians practicing entrepreneurship. With this shift, doctors can connect with their patients, and the experience will be better for everyone involved.

If you want to learn more about Practice Freedom, check out https://www.markhendersonleary.com/podcasts/prf084


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