Being a business owner is hard work – and something that is not for everyone. For those who have the necessary entrepreneurial drive, as well as the business sense, desire to tackle day-to-day challenges and overall tenacity, becoming a business owner of an independent practice can be incredibly rewarding.
Thinking of going into business for yourself? You might want to consider early on who else you’ll want on your team.
S.W.A.T.: Start With A Team
Building a team from the start might not be top of mind. However, starting with a team can help you more effectively and efficiently address items that you might not necessarily have the background or experience to address on your own. For example, an accountant can help you understand the revenue cycle of a medical practice and an attorney can help you understand how to get your business off the ground.
Starting with a team of advisors can look different for every independent practice. While every advisor might not necessarily need to be employed by your business, you will want to consider developing a strong working relationship with your “advisory team” from the start. When issues or questions arise, having that relationship in place can save you time, money and stress.
Team members to consider consulting
Here are a few team members to consider consulting with in those early days:
- Accountant: An accountant specifically experienced with revenue cycles and cash flows of medical practices can be immensely helpful. Similarly, you may want to consider a biller with medical practice experience.
- Attorneys: Attorneys can assist throughout the entire life cycle of your practice, from getting started to your eventual retirement or exit from the practice. A healthcare law attorney, estate planning attorney and asset protection attorney can all provide the comprehensive legal guidance you’ll need.
- Banker: For those in need of a loan to finance the start of their business, working with a banker to provide this financing is crucial. In many cases, you’ll be able to work with them to consider different financing options.
- Financial Planner: Working with a financial planner or advisor early on can help you plan for the future and understand your options to potentially invest your profit.
- Insurance Broker: Your business will need malpractice insurance, along with other lines of insurance. A broker can sort through your options and provide you with the best quotes to consider, which can save you considerable time and money.
- Strategic Planner: Lastly, a strategic planner with healthcare experience can not only assist with creating your initial business plan, but also with helping you visualize and plan for your business’s development and growth over those first few years.
Every practice will look different, and you might have more or fewer needs, especially right at the beginning. By working with a few key professionals right away, you can feel confident in getting your business off to a strong start.