When you begin your career as a healthcare professional, you will benefit from being an associate as you learn the ins and outs of managing a practice. As you gain more experience you may want to have a practice of your own. At that point you will need to decide whether to start a new practice or purchase an existing one.
“While it is true that starting a new practice does provide some control over the scope and philosophy of the healthcare services delivered, there are also benefits to purchasing an established practice, including avoiding start-up costs and other financial factors,” says Sarah Adams, vice-president of Small Business at RBC.
Adams outlines the following points to consider when making your decision.
Benefits of starting a new practice:
• The image and values of your practice are under your control.
• Implement New ideas can be implemented while minimizing resistance to change with existing staff.
• You can hire the team you want who share your vision.
Benefits of purchasing an existing practice:
• You have ready access to the experience of colleagues who participated in building the practice.
• An active client base allows you to earn income more quickly.
• Upfront costs are reduced with move-in-ready premises and existing staff.
More information is available at www.rbcroyalbank.com/business.
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