- Joined
- Feb 5, 2022
- Messages
- 9
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I am a psychiatrist in solo private practice in the Northeast who accepts insurance. I'm wondering if anyone with experience can tell me what are the benefits of expanding one's practice by hiring one or more psych NPs, probably to work a mix of in-person and telehealth? I'm mainly interested in if anyone has done this themselves, or has close knowledge of colleagues who have taken this route.
Right now my practice is doing quite well, I work 4 days/week and have way more demand than I can handle, i.e. I have had to temporarily cap my practice to meet the needs of existing patients in terms of scheduling follow-ups.
Although I like what I do, I'm not sure I want to continue the grind of outpatient psychiatry for 25+ more years, day in, day out. I'd like to create a small-to-medium group practice where eventually by employing enough mid-levels I would be in a position to adopt a more administrative/consultative role in the group. Not sure if this is even realistic, or if the "juice is worth the squeeze" of having to pay one or more NP salaries while taking on more malpractice risk, administrative tasks, etc. I imagine in a perfect world after 3-5 years (maybe less), I might be able to move beyond the growing pains phase, and start to see increasing returns on my initial investment in terms of time and salaries/overhead.
But part of me worries in a few years I might find myself in a position of missing the solo private practice days, overworked, stressed and missing the simplicity of working on my own with no employees and just my biller as an independent contractor. Thanks in advance for anyone's advice.
Right now my practice is doing quite well, I work 4 days/week and have way more demand than I can handle, i.e. I have had to temporarily cap my practice to meet the needs of existing patients in terms of scheduling follow-ups.
Although I like what I do, I'm not sure I want to continue the grind of outpatient psychiatry for 25+ more years, day in, day out. I'd like to create a small-to-medium group practice where eventually by employing enough mid-levels I would be in a position to adopt a more administrative/consultative role in the group. Not sure if this is even realistic, or if the "juice is worth the squeeze" of having to pay one or more NP salaries while taking on more malpractice risk, administrative tasks, etc. I imagine in a perfect world after 3-5 years (maybe less), I might be able to move beyond the growing pains phase, and start to see increasing returns on my initial investment in terms of time and salaries/overhead.
But part of me worries in a few years I might find myself in a position of missing the solo private practice days, overworked, stressed and missing the simplicity of working on my own with no employees and just my biller as an independent contractor. Thanks in advance for anyone's advice.