Setting up a practice has probably crossed your mind at least once. But how do you go about doing it? You need the right people and the right situation to be able to pull off setting up a practice.
What makes a practice more successful than another one?
Nick Schneider is back in The Doctor’s Life Podcast studios with some advice on setting up a practice and how to make sure it’s done in a right way.
All episodes of The Doctor’s Life Podcast are available on iTunes, and on SoundCloud. If you have an Android device, you can download a podcast player (I recommend Podcast Addict), and it will pull from iTunes. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.
How do you set yourself up for success as a self-employed physician?
– You must first view yourself as a business.
– The reason a corporation has longevity and typically outperform individual investors is due to the board of directors they have to drive the buying behavior.
– Unfortunately, most physicians allow emotions to drive their decisions leaving them pursuing the wrong investments and underperformance.
I suggest you start creating that board today. Who should it consist of?
– Physician Advisor- Someone in you specialty who has already been through the ups and downs of a business owner.
– Financial Advisor- work with someone who has the capacity to analyze your entire situation, not just your investments.
– Accountant- you will certainly want a good accountant to manage your taxes and deductions
– Lastly, an attorney who works specifically on physician contracts to make sure you are getting the correct reimbursement.
There are some additional practice management and malpractice specialists you will want to work with as the business comes closer to fruition. In part 2, we will be discussing how to position your assets for that transition!
Need help with something else?
Get Your Free Disability Insurance Quote! It’s easy!
Go to the previous podcast episode.
Subscribe to our email newsletter for expert tips about finances, insurance, employment contracts, and more!
