Are you having a medical practice and want to board another partner? There are some benefits to splitting your workload by offering more services to the patients or growing your revenue. Keeping a partner can be an excellent investment from both a professional and financial perspective.
You have to ensure you are hiring a partner who knows the culture and importance of your practice. Additionally, there are other considerations to consider when looking for a partner in your medical practice. You can contact a healthcare business attorney California, if you need help regarding a partner in your medical practice.
Importance of having a partner in your medical practice
- Assess your existing structure
It can be irresistible when thinking about hiring a partner for your medical practice to concentrate on the future and set an aim for your future medical practice. The very beginning step is to consider getting an understanding of the structure.
You should analyze the structure because it will help you determine how and if the partner is considering getting an understanding of your existing healthcare practice. At this stage, discussing with your accountant will be valuable. Your accountant will help you glance at the tax effectiveness of your individual circumstances and the legal protections of different structures.
At this stage process, discussing with your accountant is really valuable. Your account will help you look at the tax effectively.
- Determine buy-in value
Next, you have to consider what type of partner would best fit onboard in terms of worth. For example, are they going to pay you for joining, or will they bring their own patients instead for payment?
If you have an already established practice with lots of patients allocated to your new partner when they are on board, then the new doctor will have to pay a percentage of the equipment or plant. Whether the two doctors are coming together, one doctor might have a large patient list and move to a new practice, which means the first doctor will pay to bring this extra work in.
- Have each other’s back
Having each other’s back is essential. Show appreciation for your partner when they are making sacrifices along the way. Do not get caught up in the business early on that you overlook to verbalize and materialize your appreciation in meaningful ways.
Adding a new partner to your practice is a big decision and should not be taken lightly. Do not tackle the process on your own. Ensure that you have proper legal, accounting, and insurance advice before taking on a partner.