Professional Firms
Professional Firms
Medical, dental practices, law firms, architects, consultants, engineers – professionals have many unique financial concerns. As these businesses grow, the owners typically continue to be an important source of billable time and services. They don’t have the time or expertise to manage the more complex financial and business issues that begin to arise.
HeimLantz has worked closely with a wide range of professional firms. On one hand, every business is different and so we take the time to understand your unique circumstances and goals. But experience shows that many practices do face similar issues along the way. We have helped many owners achieve financial success and enjoy far greater peace of mind over the years.
Some needs are industry-specific: doctors wrestle with constantly evolving reimbursement rates, the intricacies of Medicare and Medicaid billing, and the cash flow headaches associated with insurance reimbursements. Lawyers have fiduciary responsibilities with some clients and unique challenges with billing largely in the form of time-based fees. Many more concerns are shared across all professionals – here are just a few:
- How to best protect your assets in case of a legal claim.
- Compensation plans – creating equitable distribution across new partners, retiring partners, or different production levels.
- Fraud protection – busy professionals need checks and balances in place more than many owners – they simply don’t have the time to keep close tabs on the basic accounting functions.
- Disability – How do you minimize risk if you cannot work?
