Nurse Practitioners: When to Take the Next Step and Start Your Own Practice

For nurse practitioners, the option of being able to open up your one practice is one that allows you to advance your career and find more autonomy as a professional. Though you may have toyed with the idea of starting your own practice before, it can be difficult to know when it’s the right time to do so.

For nurse practitioners wondering how to open their own practice, having some guidance around which points to consider can help make the transition less daunting.

Understand the Laws in Your State

While opening your own practice might be something you see in your future, your home state might not feel the same way. Different states have different laws regarding how autonomous a nurse practitioner can be. If you find that your state doesn’t allow you to practice with full autonomy, it may be time to start thinking about moving to a state where you can.

The barrier of having to move can be a significant hurdle for many nurse practitioners looking to open their own practice. If you have a family, this will probably require having to coordinate with everyone in order to make the move possible. Though this can be difficult, for those in states that have stricter laws pertaining to nurse practitioners, it’s the only way to legally operate your own practice in the United States.

Finding Funding

Once you’ve either made sure that nurse practitioners can have a full practice in your state or have moved to a state where this is the case, it’s time to think about how you will fund your private practice. Though your private practice will be in the medical field, it still requires the same type of funding as a start-up business.

This will include money for a location, paying staff, along with a number of other costs. It’s important to think deeply about how you will fund your own practice before making any huge decisions. If you fail to raise the right amount of funding, you may not have access to all of the resources you need to successfully open your own nurse practitioner practice.

Know Your Specialty

When you make the leap and open your own practice, you’ll want to be certain about your specialty. If you’ve had thoughts about one day switching your specialty or pursuing a more advanced one, then it may not be time to open your own practice yet. Nurse practitioner specialties can vary greatly, and being happy with your specialty is essential for a smooth transition into practicing independently.

It can also be helpful to look at what specialties are more in need in certain places. Many areas, particularly rural areas, are typically in need of family nurse practitioners and pediatric nurse practitioners. As such, it can be important to remember that different nurse practitioner specialties will be more in demand in different places.

Understand the Business Side

Opening your own practice as a nurse practitioner will involve a tremendous amount of business knowledge along with knowledge of medical practices. Before embarking on this next step of your career, it’s essential that you’re familiar with all of the details of the process, such as setting up a billing system and creating business forecasts.

If you find that the business side of opening your own practice feels overwhelming, it may be a good idea to partner with someone who has experience in the field. Finding an experienced guide to help you navigate the process can significantly increase your chances of opening a successful nurse practitioner practice. In addition, having someone with industry-specific technical knowledge will also likely be a great resource for growing your practice to be more profitable and sustainable.

Get Advice from Others Who Have Made the Leap

One of the most powerful and useful resources at your disposal as a nurse practitioner is other nurse practitioners who have successfully started their own practices. These individuals know better than anyone else how difficult it is and the emotions that one may feel before doing so. In addition, these professionals will be able to tell you mistakes that they regret, allowing you the opportunity to successfully avoid them.

In addition to advice on how to actually go through the process of opening your own practice, professionals who have done it themselves can help you determine if you’re ready. You may need more professional experience in an organizational setting or a little more time to become more comfortable with your specialty. No matter where you stand in your nurse practitioner career, others who have opened their own private practices are an amazing resource for insight into the process.

Taking the Next Step

Unfortunately, there’s no silver bullet for knowing when you’re ready as a nurse practitioner to open your own practice. The timing will depend on your unique situation and your willingness to commit through the process and force your vision into existence.

While it can be scary, if you’re convinced that the time is right, there’s no doubt that you’re capable of starting your own practice and finding success independently as a nurse practitioner.