Cost to set up a FM practice

[Guest copacetic]

how much does it cost for a newly minted family medicine doc to set up their own practice rather than joining one?

[Malagasy]

Thats actually a good question...I want to know too!

 

Bump

[leviathan]

($1,000,000?)

[rmorelan]

where do you want to practise?

 

I ask because some cities with shortages even have turn key offices ready.

[hking03]

well, there are a few things you would need to consider- location being primary... if you are in an urban centre you will pay more... if you are on the westcoast you will pay even more.

 

http://www.rbcroyalbank.com/commercial/health-care-prof/doc/rent-or-buy-e.pdf

 

it's funny because the comment i made above is reiterated in this document... location is key!

 

also, how big is the practice you want to set up? how many other people will be working in the practice? is it just you and the admin/medical office assistants?

 

are you going to buy the building/office, lease, or would you consider joining a building with other specialties/groups represented...

 

what kind of equipment do you want/need? do you want to have it decorated or would you only want tables/chairs and magazines...

 

you would then have to consider staff, answering services, emergency coverage, an accountant/office manager to help with the business side of things...

 

i don't even think i'm covering half of the stuff you need to consider... oh, don't you have to purchase a business licence and junk like that too?

 

http://www.cpa.ca/cpasite/userfiles/Documents/publications/PAA%20Guidebook.pdf

 

i found the above link through google... it discusses starting a private practice as a psychologist... but a lot of the information would be the same.

 

if i had to throw a ballpark number out with little to no knowledge of what it costs for medical equipment i would say that you would need to take out a rather large chunk of change (either loan or savings) in the neighbourhood of 200k to get started... that would cover your start up costs, equipment, computers, electronics, hiring staff, downpayments, decor...

 

i tried searching it, but the answers are pretty vague... you could call a bank like TD and ask them as they have medical practice financing loans or you could just ask your family physician what they think a person setting up a practice today would need to have.

 

where's moo when you need him... i bet he knows the answer!

 

edit: here is another link that i found that is a general checklist to consider when starting up a practice... i'm not sure how accurate it is and it doesn't provide the numbers/cost of each but it gives you an idea of the things you have to consider... you'll want to click on the start up doc and open it in word.

http://www.physicianspractice.com/display/article/1462168/1624976

[future_doc]

where do you want to practise?

 

I ask because some cities with shortages even have turn key offices ready.

 

Excellent question, I don't know if Belleville still have their financial package program to attract physicians in FM.

[future_doc]

This was reprinted on Dec. 10, 2010:

 

http://www.thewhig.com/ArticleDisplay.aspx?archive=true&e=832651

 

Just what the doctor ordered; Belleville's recruitment program impresses future physician

 

By W. Brice McVicar

Posted 2 years ago

 

Belleville's commitment to recruiting new family physicians may be the perfect prescription for Biruk Habteselassie. The University of Toronto medical student was one of two prospective doctors who toured the city, met with officials and visited Quinte Health Care Belleville General this week.

 

Habteselassie made no comments on whether he'd set up a practice in Belleville and sign the contract for $25,000 over six years. He went away impressed with Belleville's approach to new doctors.

 

"The offer is something that attracts physicians, for sure, but if you're going to stay for long, you want an environment where you can practice and be happy," he said while sitting in Belleville Mayor Neil Ellis' office.

 

Habteselassie, a native of Ethiopia who will complete his medical studies next week, said many municipalities across Ontario are offering incentives to have him set up a family medicine practice in their town or city.

 

In Kingston, the city has approved $200,000 for incentives to attract family doctors. Incentives are viewed by the head of the Kingston Economic Development Corporation as the only reason to continue with the doctor recruitment program.

 

"It puts us in the realm of competitiveness in the region," said Jeff Garrah, said at a recent city budget meeting. "We've lost physicians to outlying areas ... who put $250,000 on the table. That's hard to compete against. Quality of life only goes so far."

 

In Belleville, money isn't the only item to lure the attention of Habteselassie.

 

"I want to be in a smaller community. I'm looking for an underserviced community. I look at the atmosphere and I want a place where I could raise a family," he said, adding that he pays attention to the people of the community, too.

Watching for those characteristics is common among students looking for a place to hang their shingle, said Dr. Jonathan Kerr, the first student to sign on to Belleville's program. Since signing earlier this year, Kerr has worked closely with the mayor and has become an ambassador for the program.

 

"They're all looking for a place where they're going to be happy," Kerr said.

 

Kerr explained when potential program recruits are brought to Belleville, there is a conscious effort to give them a taste of the entire community.

 

Students are taken out for dinner - usually with a local physician, a city councillor and the mayor- as well as given tours of City Hall, Belleville General, and other places of interest in Belleville.

 

Accompanying Habteselassie on his tour was Said Hassen, another international student. Hassen is currently writing his exams to be able to practice medicine in Ontario. He, too, stressed the importance of the community.

 

"As a physician, I look for a place where I will be comfortable and has a friendly environment. You want friendly people and a nice town," he said.

 

Habteselassie did not hide his appreciation for the introduction to Belleville. In fact, he said, he was impressed by the community's approach to the program.

 

"I'm actually surprised because [the mayor] called me back after I inquired," he said. "You can tell the commitment to attracting doctors. This is a really great effort for recruitment and retention. I think it's a positive idea."