Medical school has prepared you well to be a great doctor, but has it prepared you to run the business end of a great medical practice? You can treat glaucoma, deliver a baby, or perform a root canal, but can you recognize the acceptable patient billing methods for saving taxes or know whether your employees might be receiving kickbacks from suppliers?
Our industry expertise comes from years of working with medical practices ranging in size from $350,000 annual revenue up to $35 million annual revenue. We have consulted with doctors from their start-up days (whether buying an existing practice or starting from scratch), through to their exit strategy, and everything in between. And while we have special expertise in optometry practices, we also work closely with general practitioners, dentists & orthodontists, surgeons, ob/gyns, and even veterinarians.
- Recovered $60,000+ of prior years’ income taxes paid, which was a result of poor planning by the prior CPA firm. This money will end up in the doctors’ pockets, instead of in the IRS’ pockets.
- Assisted a young veterinarian with the economics of purchasing a practice. Her attorney told her it couldn’t be done. We stepped in, worked out the numbers, and gave her the accurate information she needed to make an informed decision. In her first year in practice, she took a reasonable salary, doubled the bottom line as compared to her predecessor, paid extra principal on the loan to buy the practice, and still had $100,000+ cash in the bank at the end of the year. We can’t take credit for all of that, but without our consulting in the negotiation of buying the practice, she might have deemed it impossible and would still just be an employee dreaming of a chance to own a practice someday.