Keeping Your Practice Lean

In this episode, Dr. DJ Verret joins our hosts Dr. Gopi Shah and Dr. Ashley Agan to talk about how to successfully start and manage a private practice.

Dr. DJ Verret starts off by discussing what drew him to private practice and facial plastic surgery after deciding on Otolaryngology as a residency choice. He speaks about the details in starting out and the difficulties of the nuances. One detail he mentions is that it is important to assess all the possibilities of practice models, whether that is practice sharing, group practices, or other such models that may best fit your goals. He continues to discuss the importance of taking advantage of employers, such as CEO’s, about possible arrangements for new practice models. Dr. DJ Verret then moves to speak about experience being an important teaching factor in learning the financial ins and outs. He also discusses aspects that can help setting up a practice, including practice management companies, healthcare lawyers, CPA’s, and ideas about the future direction of the practice.

The discussion continues into the steps taken to start a practice, from creating an EIN for the company to commercial real estate in finding an appropriate practice location. Next steps include considerations for practice equipment specifically for your practice type. Important things to keep in mind when purchasing equipment and location is starting out lean, both space and equipment wise. Given the natural limitation of time, it is better to start small to where a practice is financially manageable. Time management is a key aspect discussed, in deciding how much you want to do on your own vs how much you’re willing to delegate to others.

Dr. DJ Verret rounds off the discussion by speaking about practice management vs clinical time. He discusses how to manage overhead, employee roles, and dedicating time to practice management each week, including tracking practice progress on a quarterly basis. A combination of timely and financial efficiency is key in running a successful practice.