Venturing out on your own to start a new medical practice is exciting, yet daunting all at the same time. You won’t be able to go at it alone. That’s why we recommend working with a few trusted experts when opening up a medical practice to help you establish a foundation that your practice can stand on for years to come.
Who Should You Hire When Opening a Medical Practice?
Three of the most important professional service providers that can support your new medical practice include:
- An attorney: support with malpractice insurance and help navigate medical legal issues that will inevitably arise during the life of your practice.
- A banker: access to necessary funding to seed your practice and then capital resources to support ongoing growth.
- A CPA: such as us our team at Caudell & Associates, will keep score and help guide you on the path to profitability.
The key is to start building your team of professional advisors when you are ready to start or buy your new practice. Whether you are right out of medical school or choose to work contract for a few years before practice ownership, view that as a valuable time to build your team. By giving yourself ample time to vet candidates, you’ll be able to carefully select advisors, ask others for input and advice, and make informed decisions without feeling hurried to enter into a relationship that you’re not certain about.
Before you open your doors, the most important thing is to pick advisors that you like and that you trust to help you achieve your goals. You need professionals in your corner who understand your goals, communicate in a way that you understand, and that you like and trust.
How Our CPA Firm Supports New Medical Practices
We offer business advisory, outsourced accounting, and tax compliance services to medical practice owners. We like to kickstart things with our six-month Practice Made Profitable program that is specifically tailored to the practice management needs of start-up medical practices.
We created Practice Made Profitable as a bundle of solutions that address common challenges that new medical practice owners face. We take an interactive approach by focusing on your goals rather than our recommendations. We spread out the following steps over a period of six months so that you have time to consider options and craft approaches that fit your vision for the new practice:
- Establish mission, vision, and values.
- Manage your expectations as business owner.
- Manage your team of employees and office staff.
- Manage your business and create a business plan.
- Manage your processes (e.g. medical billing).
- Manage your practice.
Using Technology to Keep Score
We are committed to implementing technology that makes your job and ours easier. After the initial Practice Made Profitable engagement, we will work toward setting up online systems that work together to make it easy to keep score, review performance, monitor cash flow, and track progress toward profitability.
- Select the ideal online accounting system to sync your bank and credit card statements.
- Set up a payroll system that syncs with your accounting system and allows for employee self-service.
- Integrate a 401(k) provider that syncs with payroll and eliminates manual effort.
We offer a secure client portal to exchange documents with clients. We also collect signatures through electronic means, e-file tax returns, and use technology in other ways to help create efficiencies running your practice.
Contact Caudell & Associates to Discuss Your Medical Practice
Our goal is to build a long-term relationship with medical practitioners in the Greater Houston area. We want to get involved in your new practice, spend time getting to know you, understand your goals, and help you on the path to profitability.
As you start to build a team of experts to support your new medical practice, reach out to Caudell & Associates to have a conversation. We are a specialized medical CPA that supports many physicians with business, tax, and accounting services. We’ll be here for you when you need us. Call us when you’re ready.