6 People Every Doctor Should Have in Their Corner
The business side of running a professional healthcare practice is an entirely different ballgame — one that is critical to making the cut as a business owner.
You spend years studying and training in your respective field of medicine. But the capacity to treat a disease won’t prepare you to manage the business obligations of your practice; neither will the ability to interpret X-rays allow you to understand a financial document.
The business side of running a professional healthcare practice is an entirely different ballgame — one that is critical to making the cut as a business owner. That’s why you need a team of business professionals to coach you from all sides. They can help you form a successful business plan and achieve your professional goals.
Here are six business support systems you should have in your corner as you manage your practice.
1. Practice Banker
A banker helps you pursue the financing to get your entrepreneurial dreams off the ground. After you launch your practice, a banker remains an important player in finding ways to meet your ongoing financing needs, from improvement and expansion to relocation. Ideally, select a bank and banker that specializes in professional/medical practice lending to handle all of your loan needs.
2. Practice CPA
To stay on the ball with your financial records, enlist a certified public accountant as a trusted member of your team. Your accountant should have a complete understanding of your practice since he or she will play an integral role in your company. A good small business accountant analyzes and interprets bookkeeping data to create business strategy. Beyond preparing taxes, an accountant can also prepare the documents needed to apply for financing and manage payroll and operational expenses.
3. Practice Attorney
When it comes to legal assistance, you need an experienced attorney who will go to bat for you and your practice. Consider a health care attorney to help you identify and apply for the correct type of medical business entity. A legal professional may also assist with organization formation and governance and obtaining a tax identification number and Medicare provider number.
4. Practice Coach/Consultant
A practice management consultant coaches you on best practices and takes a comprehensive look at your business — from office flow to equipment — to make sure no detail is overlooked. A business coach can also help you build your business by developing a marketing plan and creating community events surrounding your practice.
5. Practice Wealth Advisor
An investment advisor or wealth manager serves as your financial quarterback to keep your finances on track. A successful financial planner, like a successful quarterback, takes calculated risks. However, beware of those who promise market-beating performances. Look for a fee-based financial advisor who has a strong track record of working with medical practices.
6. Practice Estate Planner
Because life often throws curve balls, a comprehensive estate plan is essential to help protect your business interests and beneficiaries. An estate planning attorney can help draft an agreement for another medical professional to manage or buy your practice should you die or become disabled. Without such a game plan, the fate of your practice will be left to probate, a costly and time-consuming process.
Don’t know how to get started launching your medical practice? You can receive support through Zions Bank’s Practice Pathways program. Practice Pathways focuses on lending solutions for entrepreneurial dentists, veterinarians, optometrists, physicians and pharmacists.
Professional healthcare practice financing services include practice acquisition loans; debt consolidation and refinancing; real estate, multi-practice and equipment financing; startup, improvement, expansion or relocation; U.S. Small Business Administration loans*; and working capital loans and lines of credit.
*SBA loans subject to credit approval and SBA approval. Terms and conditions apply. See banker for details.