Tools for Success in Private Practice
13 August 2019 (online)
Some people are born to be business owners and I am one of them. I always knew I wanted to own my own business even before I had any idea of the profession that I would pursue. I started my practice the day after I graduated with my MA, and while I was certain that I had the tenacity to survive in business, my degree in audiology did not provide me with even the basics of how to run a successful practice. That was some time ago and things have changed in that students today have usually gathered the fundamental knowledge necessary to operate their own practices by the time their degrees are conferred upon them, but even experienced practitioners seek new and fresh ideas to strengthen their practices.
Hearing healthcare is definitely facing challenges especially when it comes to shrinking reimbursements, increasing advances of third-party payer programs, and shortages of qualified providers, but despite these and other obstacles, private practice continues to offer opportunity for those who desire autonomy and are willing to accept the additional challenges posed by operating and sustaining their own businesses. Throughout my years in practice, I have sought advice from experienced and successful business people in an effort to keep my practice current, productive, and profitable. What I have learned is that business is business, no matter what type of business you are in. There are no secrets or short cuts to developing a successful business. It's all hard work, but in the end, private practice can offer advantages over being an employee.
While it is not covered in this issue and has been well covered in other publications, I want to stress the need to track key performance indicators of a practice. Keeping a very close eye on business metrics is instrumental and necessary to identifying the state of the business and maintaining profitability.
In compiling this issue of Seminars in Hearing, I sought colleagues who have unique talents and experience in the areas that pose the greatest challenges we face in hearing healthcare at this time. I hope readers find it helpful and of value. I truly believe that the independence that private practice affords is well worth the additional time and effort needed to operate a successful business.