Category: Practice Formation
Six Ways to Build Your Practice – Part Two
In our previous post, we looked at several considerations to take into account when opening and building a practice. Below are some additional thoughts on some of the challenges facing start-up practices.
Six Ways To Build Your New Practice – Part One
In a recent post, we discussed some issues that a physician or dentist should consider when purchasing a practice. However, for some doctors, purchasing an existing practice is not a feasible option. For others, they may want to start their own practice so they can have more flexibility in how…
Forming A Practice Group Part 3: Planning For The Unexpected
In an ideal world, partners in a medical or dental practice would work until they are ready to retire, then sell their interest in the practice to their other partners or to a new doctor in a seamless transition. Unfortunately, we do not live in an ideal world. Although it…
Forming A Group Practice Part 2: Allocating Income and Expenses
Often, the biggest sources of tension in forming and operating a practice revolve around money. Even when you go into business with good friends, resentment can build when one of your partners is perceived to not be pulling his weight, or taking too much out of the practice. Left unchecked,…
Forming A Group Practice Part 1: Choosing the Right Entity
Whether you are setting up a practice group with friends just out of medical school, breaking off from an existing medical practice, or merging your practice with another doctor’s, there are some decisions you must make when forming a new practice group that can have far-reaching consequences. This series of…