Using Locums to Start and Fund a Successful Private Practice
Two talented urologists were unhappy with their employment in a major metropolitan area and sought to start a private practice together. They faced many challenges, including:
- Being compensated >60% of MGMA avg. salary.
- Being located in area where cost of living and business costs are extremely high, precipitating substantial capital.
- Their patient and physician referral bases were partially established, but not enough for them to fully support their expenses from day one.
UrologyLocums.com strategized with both doctors, developing a plan that met their financial goals, without taking away too much from their burgeoning practice.
- Develop a 30 day/ month consistent schedule for a period of 6 months to start
- Obtain licensure in states with the highest number of locums needs
- Ensure credentialing and payor enrollment in complete as soon as possible
- Gradually wind down from 30 days/ month to zero once home referral base established
UrologyLocums.com’s ability to custom-tailor a solution for these urologists allowed them to establish a successful, self-funded practice in a highly competitive metropolitan area.
- Worked a total of 200 days of locums over a 9 month period
- Earned over $500,000 to procure office space, equipment, etc.
- Stopped working locums entirely once established
- Now a successful two-urologist group with $0 in outside funding