There are two types of practices the nurse practitioner entrepreneur can open:
- The practice that sees patients regularly.
- The practice that sees patients very infrequently or just one time.
When you are setting up a strategy to start your practice from scratch or expand and scale your current practice, be mindful about what service line you are going to provide and how often you will see patients for it.
Niche service lines that require the patient to come back are ones that can grow and scale over the long term.
Niche service lines that are more “treat and street” in nature are ones that tend to stagnate and only will generate so much income. They are hard to scale, but it is not impossible to do so.
While both types of practices have their own advantages and disadvantages, it is CRITICALLY important for the nurse practitioner entrepreneur to understand what type of practice they are wanting to build so they can develop realistic expectations.
If you want to build a practice that has real long-term growth potential, then focusing on services that require the patient to come back regularly will be what you want to pursue. This type of practice will develop recurrent and regular income, works great with a concierge subscription model, provides more in depth-services, tends to be higher liability, and requires more time and energy. But you can make a VERY healthy long-term income when you see patients regularly and it can flourish into a full-time practice, if you want it to.
If you want to make some quick cash, provide low liability services, and just have a fast “treat and street” type practice where you do not develop any type of real relationship with your patient, then focus on a service line where you see the patient very infrequently. The upside of this is that it is quick and easy to start, the visits are usually short and sweet, and it does not take significant energy. It is generally a quick cash transaction and makes for a great part-time practice.
With that said, what services fall into each category?
Regular follow up:
Primary Care and Chronic Disease Management
General “Wellness” type practices
Nursing Home Rounding
Treat and Street:
Telemedicine “Store and Forward” type services where patients practically purchase simple prescription products from your site utilizing asynchronous telemedicine visits.
IV Infusion and Vitamin Injections
Yearly Medicare Home Assessment Visits
Ketamine Infusion (short treatment cycles)
Dermatology (acute and short-term treatment)
Medical Weight Loss (short treatment cycles)
While these lists are not all-inclusive, this covers the majority of mainstream and niche service lines a nurse practitioner can provide.
Everyone needs to look at the above and determine what it is that they want to do, ESPECIALLY if you are just getting started as a nurse practitioner entrepreneur. Do you want to develop relationships with your patients or just see the patient one time and be done?
If you already have a practice, determine what service line you want to add to your current practices offering. Do you want to add a service line that will require more of your time or something that is fast, easy, and can generate some fast money, or even generate a passive income? I think most of you are pressed on time, so select a “treat and street” service line if you simply just need to add extra revenue to your practice.
I know personally, I am more of a treat and street type of nurse practitioner, which is why medical cannabis calls to me. Additionally, men’s health eventually turns into more of a treat and street practice once you get your patients testosterone levels dialed in and only follow up with them every 6 months.
So, ask yourself:
Are you a more holistic nurse practitioner, do you want to develop long term relationships with your patients, and would you like to build a practice that can grow for the long term? Then focus on the regular follow up service lines.
Or are you a nurse practitioner that likes quick visits, doesn’t really care about building long term relationships with their patients, and is looking for more fast paced and quick cash service lines? Then focus on the “treat and street” type services.
There is no right and wrong answer! Everyone has different styles of practice.