Your Team of Professionals
You shouldn’t try to run as a one man team. While it would probably be possible for you to do everything by just reading blogs, articles, and how to’s online, you need to manage your time wisely.
You might be thinking . . . Don’t I have all the time in the world? Sure, but another golden rule is to do what you do best and what you make the most money doing.
For example, should the doctor be sitting in his office trying to figure out the Form 940 or out networking at a business lunch? One referral will easily pay for a CPA to file your Form 940 and the lunch.
One more example, spend hours pouring over your lease and sign it without having a professional look at it? Money saved or future bankruptcy? Maybe money saved, but some leases could have you in a stranglehold should something go wrong.
Lawyer knowledgeable in Medical Practice
Even better would be a lawyer that specializes in your type of practice. For example, a Lawyer that specializes in Chiropractic and medical practice.
Ask about some of their other clients. Ask whether they have experience with leases, malpractice, etc. Ask if they will review your practice paperwork, website, advertisements, etc for legal problems (variable by state).
Making a mistake in any of these areas could lead you to fines and other penalties including those of your state board.
CPA/Accountant with other Medical Practices
Get the names of several accountants in your area.
Ask if they have any medical practices as clients. Medical practice can have its loopholes and tax breaks. If a CPA has several clients then they are more likely to be good at what they do.
Ask what they charge for yearly taxes, petty questions, etc.
Ask if the CPA does the work or if the work is done by an assistant, then reviewed by the CPA.
Ask for a few references if they are willing to provide them.
There are many, many forms and financial paperwork that are due quarterly and annually, not to mention paychecks and payroll taxes.
If you ask me, the system needs to be simplified, but until then you should be focusing on building your practice.
It is possible to do these on your own. I do with my practice, but I am good with money. I am getting to the point when, as I said above, my time would be better spent adjusting patients and networking to grow the practice.
Local SCORE Mentor
Not a lawyer and not an accountant, but a free mind to lean on when opening a business. There is plenty to consider when opening a business and SCORE mentors offer free classes and meetings to help you start your business.
These are personal meetings with only you. There is no catch, they are completely free and funded by our tax dollars.
My only wish was that I had met my SCORE mentor sooner. I was in a whirlwind of taxes and in the final days of signing my lease when we first met. He recommended good business people to work with for things like general liability insurance.
Last but not least, Google.
Google is often my first source for information. We all know how easy it is to type in a question to google. Sometimes we get and answer and sometimes we don’t, but it can save time, money, and frustration.
DO NOT rely too heavily on it though. Opening a chiropractic office, medical practice, or any other small business for the first time will blow your mind.
My advice would be to rely heavily on your FREE SCORE mentor. Double check what he recommends with Google. Ask him about what you found on google.
Most of all, if he recommends getting professional help and you are not confident enough to do it yourself, then you should absolutely get the help he recommends.
There will be many professionals involved in your office that will help you make good, solid decisions about your business. Though you may pay some of them, don’t forget about the free services available to you.
Who was the most valuable professional that helped you start your practice?