Where to Start When You Want to Open Your Own Medical Practice

For many healthcare providers, the decision to leave employment and open an independent practice is both exciting and overwhelming. The idea of building something of your own, shaping patient care, and creating long-term equity is compelling, but knowing where to begin can feel daunting. The process is more than just hanging a sign on the door; it requires vision, preparation, and the right team of advisors.

Many physicians, dentists, therapists, and other healthcare professionals reach a point where they begin exploring the path to ownership. Making that transition successfully depends on having a clear plan and the proper support along the way. Here’s a structured approach to help you take those first steps with confidence.

1. Define the Vision and Scope of Your Practice

Every successful practice begins with a clear vision that reflects not just your professional expertise, but also your personal values. Before diving into logistics, take a moment to envision the practice you want to build and the kind of impact you hope to have on your patients and the community. Do you see yourself running a solo practice where you call every shot, or a partnership that fosters collaboration? Are you drawn to serving families, focusing on a niche specialty, or creating a welcoming environment that feels different from a larger health system?

The scope you define, including your specialty focus, location, size, and culture, becomes more than just a business plan. It is the blueprint for how you want to practice medicine. That vision will guide every decision that follows, from who you hire to how you finance operations to the type of patient experience you deliver.

2. Develop Financial Projections

Once your vision feels clear, the next step is to bring it to life in numbers. Financial projections help you translate goals into a plan you can act on. Consider the costs of setting up your office, such as equipment, space, licensing, and technology, alongside the day-to-day expenses of staffing and payroll. Then map out how many patients you expect to serve, what your payer mix will look like, and how long it will take to reach breakeven.

These projections are not just a financial exercise; they are the story of how your practice will grow. They allow you to see capital requirements upfront, prepare for risks, and make informed decisions. Lenders and investors will rely on them, and you will use them to guide vendor negotiations and track whether your practice is moving toward sustainable profitability. In short, your projections become the roadmap that connects your vision to real-world success.

3. Address Legal and Structural Considerations

Making the transition from employment to ownership involves more than business planning. It also requires careful attention to contractual and structural details. Non-compete clauses, non-solicitation restrictions, and other provisions in your current employment agreement can significantly impact your ability to open and operate your own practice, which is why it is important to have your contracts reviewed by a qualified healthcare attorney.

Equally important is choosing the right structure for your new entity, since decisions such as LLC, S-Corp, or partnership carry tax and financial implications that affect your long-term success. CRI’s physician group advisors work with healthcare providers to evaluate compensation terms, analyze the financial impact of entity selection, and provide tax-focused guidance that supports overall business goals. We also coordinate with legal counsel when specialized input is needed, giving you a well-rounded advisory team and a strong foundation for growth.

4. Build Your Vendor and Support Network

Finally, think about the people and partners who will help your practice run smoothly. From billing companies and EMR providers to equipment suppliers and compliance consultants, your vendor network will shape the daily experience for both you and your patients. With your financial projections in hand, you will be able to approach these partnerships with confidence, knowing what you can afford, what you need most, and where you can grow over time.

Selecting vendors who understand healthcare is more than a logistical step. It is about surrounding yourself with partners who share your commitment to patient care and operational excellence. These relationships will allow you to focus on what you do best, caring for patients, while ensuring your practice remains efficient and compliant.

Ready to Take the First Step?

Opening your own practice may be one of the most rewarding career moves you will ever make, but it is also one of the most complex. Our Physician Services team provides specialized support in business planning, financial forecasting, entity structuring, and ongoing management, ensuring your practice begins on a strong foundation. Contact us today to discover how we can help you transform your vision into a thriving, sustainable practice founded on a solid foundation of planning and expertise.