When the well runs dry: Be prepared if your practice runs out of cash
Of course we don’t “plan” on it happening, but we should have a plan nonetheless. Running out of money in private practice does happen, and as this post from the Independent Urologist points out, this has an obvious (and usually immediate) impact on a partner’s take-home pay. It pays to be prepared and this post has some great ideas for how to be ready should a cash crisis strike your practice.
If you have savings or a source of income that can last 1 year, you can go off on your own. Otherwise, I don’t believe that this is a viable option, unless you have an established practice, a loyal patient and referral base, and an unenforced no-compete clause. In that instance, you may be able to become cash positive in 2-4 months. Here’s how to start.