Setting up a practice is hard work. Last week, we spoke about how to do it correctly. There are a lot of people needed and a lot of prep work needs to be done before getting to the point of launching your practice. We want to help you be in the right position to do it.
If you missed part 1, make sure you check it out.
Nick Schneider is back in The Doctor’s Life Podcast studios with part two of setting up your practice. All episodes of The Doctor’s Life Podcast are available on iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.
Step 2 of forming your Private Practice
Now that you have created your board of advisors, the second step of setting up a practice is putting yourself in the financial position to open up your own Practice. You need Liquidity, Credit, and typically a Banking relationship to fund your start up.
- Liquidity
- This is the most critical piece to planning for your practice. I would plan to have 1 years worth of Overhead in place before starting your practice
- Most of my clients are saving in their cash accounts or short term mutual fund strategies that are conservative with little deviation
- Credit
- Know your credit score!
- How can you improve if you realize now that your missed payments or student loans have negatively impacted your score?
- Payment history,
- Credit balances
- Banking relationship
- Work with a bank that has place physician loans.
- Personal Guarantees
- Interest rate fluctuation
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Go to the previous podcast episode.
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