Is Private Practice for Every Nurse Practitioner?

Capturing the rising sun at the Angkor Wat complex, Siem Reap, Cambodia.

“The Secret to Success is to Know Something Nobody Else Knows”-Aristotle Onassis.

Owning a private practice can be an enticing prospect for many nurse practitioners (NPs), offering autonomy, (more) control over patient care, and frequently much higher earnings. However, it's not a path suited for everyone. Various factors, including financial considerations, business acumen, personal preferences and goals, and professional goals, should be carefully weighed before embarking on this journey.

For some nurse practitioners, particularly those with a strong entrepreneurial spirit, owning a private practice may be a natural fit. These NPs often possess the drive, determination, and risk tolerance necessary to navigate the challenges of business ownership. They may also have a clear vision for their practice and a desire to innovate within the healthcare industry. Doing something no one else does or doing it differently often breaks the mold and lays the groundwork for a truly successful nurse entrepreneurship endeavor. I DID NOT have an entrepreneurial spirit but my situation gave me the guts to do it. My kids’ livelihood depended on it.

However, not all nurse practitioners have the requisite skills or inclination to succeed as business owners. However, I think most people can learn these. Not everyone wants to learn how to be a business owner (and work ON their business, instead of IN their business), and that’s ok! It is also a myth that there is a lot of financial risk involved. I believe this is especially untrue if you follow the Elite NP model! I started my first business with less than $1000.

Furthermore, running a successful practice involves much more than just clinical expertise. Business management skills, such as budgeting, marketing, strategic planning, and compliance with regulatory requirements, are essential for sustainable growth. Nurse practitioners who lack experience or interest in these areas may find themselves overwhelmed by the administrative demands of running a business. With the right supports in place, it really is not that complicated but can be understandably off-putting. I find that many NPs overthink it and get stuck in analysis paralysis. There’s never a perfect time to start your business but there are 1000 reasons you could come up with to wait!

Additionally, owning a private practice can be emotionally and mentally taxing. Navigating the complexities of healthcare reimbursement, managing staff, dealing with regulatory compliance, and handling patient complaints are just a few of the stressors that practice owners may face on a daily basis. For nurse practitioners who prefer to focus solely on patient care without the added burden of administrative responsibilities, working in a traditional clinical setting may be a better option. I find that even in the “cushiest” of jobs, there is often an administrative load that NPs are taxed with, UNPAID. This is another reason why NPs start their own businesses. They can at least have control over their administrative work burden and be compensated how they want!

For me, it has not been easy BUT it has been easier than EXPECTED. I know I have had a couple nights of fitful sleep and excessive worry from time to time. Overall, I have had a healthy dose of stress that I have been able to keep in check (more on stress-tolerance skills later). Not all stress is bad and it has been largely what keeps me going. It’s a kick in the ass! A motivator!

Ultimately, whether owning a private practice is the right choice for a nurse practitioner depends on a variety of factors, including their individual skills, resources, goals, and risk tolerance. While some NPs may thrive as practice owners, others may find greater satisfaction and success working within a larger healthcare organization or in a collaborative practice model.

If you are unsure and want to explore your options, contact us today for a coaching session. I am traveling in Southeast Asia but look forward to meeting you soon.

9 Year old World Explorer Experiencing the Majestic Angkor Wat