Physicians often under-value their practice just like any business owner can. The trap is easy to fall into since most practitioners feel the value is in their own work and the rest is part of the process. This is true and yet there exists plenty of opportunity to treat the practice like a business asset, manage its opportunities as such, and reach valuation goals well beyond the normal sale price. When it comes to business a medical, dental, or optical practice is no different from any other and because of the high cash flow and potential for many employees, would do well to be treated more like a large corporation.
- Record keeping method and technology
- Retained earnings and benefits
- Legal ownership
- Retirement plans
- Medical equipment
- Patient analytics
- Key employees
- Earnings reports
- Real estate
Each one of these requires much attention to detail, especially when it comes to tax strategies. The list may seem simple but when you really understand what something like Earnings Reports can do for you, it’s a true eye opener. Real estate has dramatic tax advantages as well, depending on your legal designation.
At Ecspex we focus on these and much more, bringing a variety of strategies and potential solutions to the table.
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