Medical, dental practices, law firms, architects, consultants, engineers – professionals have many business and financial concerns. As varied as the professions are, so too are their concerns. As these businesses grow, the owners typically continue to be an important source of revenue – whether from billable time or the performance of services. They don’t have the time or expertise to manage the more complex financial and business issues that begin to arise.
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 in the event you cannot work?