Definition: A doctor/therapist who pays an agreed amount over a set time for space from a clinic and can operate this space as he/she sees fit within provincial/state practice guidelines. You run your practice out of another practice location.
(+) Positives
- You’re the owner and will build your own practice immediately.
- Set own hours to take opportunity when existing clinic closed.
- Income potential is great and only limited by the hours you want to work.
- You determine practice operations/procedures& clinical/treatment style / beliefs.
- You hire and fire as you choose.
- You select own equipment to suit your needs.
- Location is established and may get spin off from existing clinic.
- Can keep overhead low by sharing large expenses & access to clinics suppliers.
- Easy access to second opinion when required.
- Have flexibility to relocate the practice.
(-) Negatives
- Initial start up costs/capital required.
- No immediate income and negative cash flow.
- Patient flow is initially small and slow to build.
- You are responsible for and determine practice operations/procedures.
- You hire and fire as you choose, staff may be inexperienced.
- You may be responsible for employee training & all administrative duties.