I am leaving my practice because of inflexibility with my family needs. I am looking at starting a new practice with a colleague and friend. I have been asked by the hospital where I will be practicing for a proforma of my projected expenses and income. I have been in a multispecialty group since I left residency and have little experience with how to figure out what I should expect for costs. I have an idea of the revenue I could expect when fully up and running. Any advice about starting a practice is appreciated.

I have started 2 practices. Start up costs can vary considerably from city to city and state to state. Basically, look at how you spent your money on taxes last year and add deposits for new buildings, new licenses, health inspections, biomedical waste, equipment, furniture, marketing costs, additional insurance coverage for the new building, build out...these would all be in your business plan. Have a meeting and discuss it with your business partners, share the work, and come up with the figures. That's the expense side.

Devi
www.prescribinginformation.com

For the income side, if you market well, lecture frequently, and actively join the Chamber and other networking groups, you'll be up and running in no time. Give yourself 3-6 months to peak if you execute your business and marketing plan well. Hope this helps.

Devi
www.prescribinginformation.com