Healthcare Practice Management

When should you offer equity to associate doctors? How can you determine the fair market value of your practice? For many practice owners, bringing on new associate doctors can propel growth and serve as a future exit strategy. However, keeping associate doctors engaged in your practice can be difficult without offering a financial incentive.  In […]

Do you need help in your practice? Have you considered hiring your spouse or child to complete office work? Hiring family members, especially children, can lead to payroll tax exclusions and business deductions for wages paid. In this article, we’ll explore the tax implications of hiring family members in your practice, including the specific IRS

How often do you convert potential patients? Patient conversion rates can vary by practice type. For example, dentistry has a 59.8% average conversion rate, while cardiology has a 74.9% prospect-to-patient conversion rate. Can your practice do better?  Prioritizing conversion rates, even for elective procedures, has a direct impact on your revenue and patient retention rates.

Whether you are looking to jumpstart your career or expand through a strategic acquisition, purchasing a practice might be something you’ve considered. There’s more thought that goes into a practice purchase than just the expected revenue. In fact, non-monetary items, like staff and patient demographics, compliance and legal issues, and future plans, can all influence

When we recommend to our clients to make your practice “investment grade”, we mean more than what most people assume. Most people go right to the idea of maximizing the sale value upon exit. That’s true for us, but even more importantly, a practice that rises to the level of investment grade brings numerous benefits

Did you know that for every 1% increase in retention, there is a 4% increase in your patients’ lifetime value? Effective patient retention not only keeps your staff’s schedule busy, but it also helps you run a growing and profitable practice.  Patient retention measures your ability to keep patients returning for services and care over

Are you properly managing your practice’s overhead costs? Are you noticing that you are having to work harder for the same take home pay? You are not alone. The costs of running a practice continue to increase. For most medical and dental practice owners, overhead costs play a crucial role in profitability and growth. After

Choosing the right path for your career in the medical or dental field is an important decision. Whether you’re a recent graduate or an experienced professional looking to take the next step, you typically have two options: buying an existing practice or starting your own from scratch. Each option has its advantages and disadvantages, and

There are new reporting requirements that impact most small business owners such as yourself. Small businesses that are registered to do business in any U.S. jurisdiction and those that do not qualify for an exemption are required to report Beneficial Ownership Information, (otherwise known as “BOI”), to the Financial Crimes Enforcement Network (FinCEN). The penalties

Is your practice making the most of its insurance network affiliations? As a doctor or dentist running your own practice, the decision to switch from in-network to out of network / fee-for-service can be a game-changer. Doctors and dentists operating private practices must assess the advantages and drawbacks before making the switch. If you’re pondering