Nursing is a highly noble and rewarding profession. From primary caregivers to the patient’s strongest advocate, nurse practitioners work in a mainstream healthcare environment and privately to improve the patients’ health. And even though the profession pays well, working as an independent nurse has its unique benefits. In the US, approximately one in every four nurse practitioners works in private practice.
As a nurse, starting your private practice has its advantages, the foremost being a sense of ownership. If you’re a nurse considering starting your independent practice, listed below are some benefits that will persuade you.
Making a profound impact
Even though being self-employed may not seem like an extraordinary feat, it can result in some life-changing outcomes if individuals make the right decisions. Starting your private practice as a nurse can be one of those rewarding endeavors where you can impact your patients’ lives as someone in charge rather than as an employee. Your options, resources, and efforts are pretty limited as an employee of a healthcare facility. However, working on your own provides greater decision-making power. You can use this opportunity to make healthcare services available to people with limited access to quality care and financial resources.
If you want a head start in your private practice, you must complete your nurse practitioner education. Are you wondering when will nurse practitioners need a doctorate and whether it is even necessary? In that case, a quick search on state requirements to open your private practice will enlist all the legal and academic requirements you must meet before you start. Some states may require licensure, and some won’t. With the correct information, it can become easy to accomplish your goals.
Be your own boss
Don’t we all want some independence and authority when it comes to our career development and profession? Nursing is a profession that has its values built on compassion, strength, and care. Therefore, if you were to have influence, authority, and your own goals, you can bring about an admirable change to the process of patient care delivery. Not having hospital managers tell you the number of patients you should be taking care of allows you to give limited patients more attention. It also enables you to develop a stronger relationship with your patients. Moreover, patients are more than happy to have the same nurse take care of them.
You have a flexible work schedule
Understaffing in healthcare forces nurses to work long shifts round the clock. This inevitably affects their mental and physical health. However, by choosing to start your own practice, you have the liberty to set your working hours. You have the flexibility to decide your working hours and the type of patients you want to help.
By creating your routine, you’ll be able to manage a better work-life balance. You’ll be able to work on other goals that you couldn’t because of a full-time nursing job.
Job security and income growth
Considering that there is a shortfall in nursing staff, full-time nursing jobs in healthcare facilities offer job security and lucrative pay scales. On average, a qualified and experienced nurse can earn up to $90,583 per annum. But if the hospital or clinic gets sued for medical malpractice, things can get pretty ugly.
However, nurse practitioners can earn over six figures per year via independent practice. Starting a private practice is a suitable way of enhancing professional growth with more job security. Plus, you can make good bucks and achieve long-term financial stability/goals. The beauty of having your practice is that no one can fire you.
Are you ready to start your private practice?
Starting your private practice has a few requirements and hurdles to overcome. Therefore, even after you make the entire business plan, you should prepare yourself for the realities of running a business successfully. If you want to avoid too much trouble while setting up, consider the following pointers:
- Maintain your NP license as well as your registered nurse license
- You should at least have a master’s degree or a doctorate. Specializing in a specific area, such as family care or terminal care, will help you decide your niche
- Know the practice regulations for your state
- Before opening your doors, clear third-party reimbursement contracts and negotiate with insurance providers
- Set up a legal team to handle litigation matters
- Have a mentor and build your network
- Stay up-to-date with modern healthcare practices and use them to make your practice more efficient.
Conclusion
When it comes to medical business ideas for nurses, you should be realistic about your expectations but aim for the best. Starting your private practice is a noble option with a few good perks, such as job autonomy, security, and flexibility. It pays well too. The opportunity to use your skills and knowledge as you like and serve your patients on your terms is one of the most significant advantages of starting your practice.
