Matthew Gallogly advises clinicians starting private practices to test demand before spending money. Rent equipment from colleagues, sublet space from existing providers, and work weekends first. Don't buy a $150,000 machine or sign a long lease until you know patients will come.
So what are you going to do if you don't have a list? Remember, the whole goal is we want to prove that people want what you're offering. How in the world are you going to do this if you don't have a list? Let's say you've left the hospital, you've left the ER, you're starting from scratch, okay, and you're opening up your clinic. Now here's some of the big mistakes that people make. Hey, I'm Matthew Gallogly and I'm a maverick. Well, what is a maverick? A Maverick goes against the grain. We find our own way. And if you're sick and tired of being pushed around by the insurance companies, come join us. We'll show you the way out, and you'll love medicine again. They go out and they get a ton of training beforehand, and they invest in a bunch of machines, and they sign too long of a lease, okay? And they wind up with 2,500 square feet, 4,000 square feet, and they don't know if it's going to work or not. I can't tell you how many clients Or doctors, I should say, I've talked to over the years that I have said, "Please, for the love of God, do not buy a $150,000 machine." And they go and they buy a $150,000 machine, and they have crickets, and they have no money left to market their facility. So here's what you do. Remember, the whole goal is we want to prove that people want what you're offering. Okay? So before you go and invest in a bunch of machines, let's say you need a machine. Let's say you need an ultrasound or. CRM probably isn't a good example, or maybe you need like a laser. Find one of your friends that has one and borrow theirs for the first 10. Let's just see if we can get this going. Let's keep your expenses low. Don't sign a long-term lease. Sublease space from like a chiropractor or a med spa or a family practice office or something. Do not go on the hook for a lease. Most, I will tell you, Dr. Nabi, Dr. Jameers, Dr.— I mean, the list goes on and on. They all started very humbly with like subleasing space in a med spa on Fridays and Saturdays 'cause they were closed and those were the days that they could work. Okay? So those are some bonuses.
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