Common Pitfalls in New Practices: #7 Recap and Key Takeaways
By Dr. Ugochi Okoroafor, Board-Certified Orthopedic Surgeon | Owner, Niche Hand Surgery and Orthopedics
What I Wish Every New Physician Knew
Starting a medical practice is one of the most rewarding things I have done. It is also one of the hardest, and the early mistakes are the ones that cost you the most.
Over this series, I’ve walked you through the pitfalls I see most often in new practices. Here they are in one place, with the simple steps that help you avoid each one.
Common Pitfalls in New Practices
1. Drowning in Debt
Many new physicians take on more debt than the practice can carry in its first year. Save money beforehand, be ready for an initial pay cut, and consider side work during the transition so the practice has room to grow.
2. Failing to Take Ownership of Your Practice
It’s easy to hand off the business side and focus only on patients. Stay informed, document your processes, and review your operational numbers regularly so you always know how your practice is really doing.
3. Overhiring
A big team feels like progress, but payroll is one of the fastest ways to drain a new practice financially. Start lean, cross-train your staff, and add people as patient volume actually grows.
4. Overcommitting on Office Space
A large, fancy office is tempting, but it locks you into rent you may not be ready for. Sublease or pick a smaller space first, keep renovations modest, and start with a shorter lease term.
5. Overspending on an EMR
The most expensive system is not always the best fit. List your must-have features, focus on the core tools you use every day, demo and compare options, and choose a budget-friendly system that meets your real needs.
6. Overlooking Tax and Legal Expertise
Doing your own tax and legal work rarely saves money in the long run. Find a qualified accountant and attorney who know healthcare and can work with you long-term, since their guidance prevents costly mistakes.
Start Strong and Build Something That Lasts
Every practice is different, but these lessons apply almost everywhere. Avoiding these six pitfalls will help you you start strong, protect your finances, and build a practice that can last.
I learned this while building Niche Hand Surgery and Orthopedics. My hope is that this series helps you focus on what matters most, which is caring for your patients.
If you are starting your own practice, use this list as a guide. A little planning now will save you a lot of stress later.
Looking for medical practice startup or practice management advice? Book a consultation with MD Independent.