As a solo practitioner, you need to be able to manage people, finances, practice development and all of the other responsibilities of the practice, but when you are done with all of that, it’s your time that typically goes un-managed. Most practice consultants would agree that if you’re not in
Obstacles to Building Wealth: Not Running the Practice as a Business
The Bureau of Labor Statistic reports that, of the nearly 700,000 physicians currently in practice, one half are in private practice, meaning they’re in business for themselves. But, if you were to ask these sole practitioners how well they run their businesses, the vast majority would concede that
Business Overhead Expense: A Real Risk that Needs a Real Solution
Any medical or dental practice that relies on one or two people to generate revenue is especially vulnerable to financial problems in the event of a disability. Disability income benefits are usually sufficient to replace a disabled practitioner’s income, but are typically insufficient when it comes
Year-End Tax Planning for Physicians
Tax planning for physicians is a year round endeavor. Typically, it is not until they approach the year-end until they have a better understanding of their financial situation as it relates to profits, cash flow anticipation, expense allotments, and their tax consequences. Taking the opportunity to