If you are a medical doctor, there may be times when you thought of adding a partner to your medical practice. Owning a medical practice is owning a business where you are the chief operating officer, the chief executive officer, and the president of your business. Whether you have a small practice with just one secretary or larger practice with several physician assistants, nurses, technicians, and office personnel, the fact is that if you are the sole owner of your practice, you have many responsibilities besides tending to your patients. As your practice grows and your patient list multiplies, you may want to think about adding a partner to your medical practice.
Adding a partner to your medical practice has its pros and cons. First, adding a partner to your medical practice will require sharing the revenues and may require you to split your salary and net profits with the new partner or new partners. On the flip side, your liabilities will be shared as well on slow months where the practice is operating at a loss. Adding a partner to your medical practice can also relieve you from coming up with all of the operating expenses, and your new partner can share the cost of buying new equipment and supplies to your growing practice. Initially, adding a new partner to your medical practice may have a reduction in income and profits, however, as your new partner becomes used to your practice and your practice becomes to grow and become more productive, your practice will become to a break even point and eventually become productive and start to grow.
Adding a partner to your medical practice is a business investment. Initially your salary will sustain a reduction and profits will be suffer due to your new partner. However, adding a partner to your medical practice will pay off because the wait time for routine medical appointments will be reduced and more patients can be seen in a day which turns into more revenues and happier patients. You do not have to worry about referring your patients to other physicians if you add a new partner to your medical practice during busy seasons. You do not have to turn away new patients. There are many doctors who are unable to add needed surgery and refer high priced high profit surgeries due to clinical responsibilities if you have a partner.
Any physician can add new employees and grow their medical practice without adding a partner. However, one of the greatest benefits of adding a partner is because the partner will not just help you with your clinical responsibilities and duties, but the partner with share the responsibilities of operating your business. Adding a new partner will take half the load of being the chief executive officer of your medical practice. You can take vacations for extended periods and know that your other half, a licensed physician, will run the business and take charge of all of your employees and be able to handle any medical emergencies as well as business emergencies. A partner will care and not just worry about collecting a paycheck. The partner will do everything possible to run the medical practice with a stellar reputation and think of ways of growing the medical practice. There are pros and cons of adding a new partner to your medical practice, but if you have an entrepreneurship mentality, adding a new partner to your medical practice is something you should seriously think about.