Setting up A Professional Practice: Medical and Dental Professionals
Whether you are an all-purpose physician, pediatrician, dentist, or any other doctor, there are plenty of advantages to starting your own private practice. Not only does this give you the freedom to work with who you choose but it also gives you the flexibility to work on your own schedule. Despite this, it is important to realize that starting a professional practice is just like starting any other business, which means you need to make a profit.
Remember You Are in Business
One of the biggest challenges professionals run into when they are starting out on their own is the simple fact that they are running a business. This means having the right marketing in place, hiring all of the right professionals, paying your employees, and following all of the right business laws. Sorting through all of this can be a hassle, especially if you are not familiar with business on your own.
The first place to start therefore, is to consult with someone more familiar on structuring a business. It is important that you come up with a viable business plan for your private practice, accounting for all of the potential variables. Consult with an accountant, lawyer, marketing team, and anyone else you might need to get started. If you are unsure about what else you might need, remember to ask your Boston business attorney to get additional guidance.
You Need Proper Incorporation Documents
Part of starting your own practice is ensuring that you can legally operate in your local area. In Massachusetts, this typically means setting up a PLLC. To do so, you must file the appropriate paperwork with the Commonwealth of Massachusetts. Just as you need the proper medical licensing to operate as a doctor, you also need the proper business licensing to run your own private practice.
Ultimately, starting your own private practice can be extremely rewarding, but failing to plan well will result in disaster. Remember that no matter how good of a doctor you are, it does not necessarily mean that you can tackle the business world on your own. Be sure to use the resources available to ensure your business starts off right. When you find that you have questions about properly setting up your professional practice and wish to consult with a Boston business attorney on ways to ensure you have everything properly in place, contact Jeffrey Cymrot of Sassoon & Cymrot for individual guidance and consultation.