Hi everyone, My name is Mariana Coronado and I am a rising senior at Georgia Tech. I am a pre-medical student and studying Neuroscience. Being at GT and getting to see firsthand the passion that many of my classmates have for entrepreneurship and innovation, I have recently been doing some of my own reflecting about what kind of entrepreneurial ventures might be possible for me and how that fits into my love for the health sciences.
One thought I had was about running my own medical practice. I like the idea of being able to call something my own and making an impact in my own way. I am hesitant thought that the everyday tasks of running a business might get in the way of me actually practicing medicine.
I was wondering if anyone has any thoughts or experiences with this or something similar? Is it possible to still own something like this without the hassles of running a business taking away from being part of its main objective to help others? Thanks in advance.
Yes. I have seen a number of medical practices of all sizes. And they definitely come with many of the challenges that you find in running a business.
Please forgive that when people come to me with an interest in becoming entrepreneurial, the first thing I do is try to talk them out of it. After all, if I can scare you out of starting something, perhaps you shouldn’t do it!
That said, I also am pulling for you to try, if it’s the right fit and you have the tenacity, capability, and risk tolerance for it. For some people (including me), it’s hard to be anything other than an entrepreneur, whether in medicine or otherwise. And I have a lot of doctor friends that have survived the challenges and done well with their practices.
As you may know, one of the toughest constraints for medical practices (and others now) is finding and keeping good employees. Of course, reimbursement changes, malpractice insurance rates, facilities costs, and other factors may affect your business in ways that might at first seem beyond your control. And like most anything worthwhile, it can be risky and challenging in many ways.
One thought is to work in an existing practice for a time, learn, and perhaps later buy into that practice, or another. At least you might learn many useful lessons and better afford your own practice when you’re ready.
Whatever path you choose, I will look forward hopefully to your great success!