It’s an exciting time for nurse practitioners in Alberta. This past fall, the provincial government announced changes that will expand healthcare to include nurse practitioner-led clinics. While finalizing the deal has been delayed, these clinics may still be up and running as soon as the end of this month.
If you’re a nurse practitioner in Alberta, this means new opportunities to open up your own clinic. It’s an ideal fit for NPs who not only provide passionate patient care, but also want to branch out into the financial planning and management of their own practice. In this article, we’re offering eight key considerations if you’re thinking about taking this entrepreneurial step, and reminding you of the invaluable support that skilled accounting services like ours can provide.
- Structuring Your Business: If you open a clinic, one of the foundational considerations is what business structure to use. You’ll want to consider whether a sole proprietorship, a partnership, or even a limited liability partnership (LLP) would best suit your goals. There are unique advantages of each of these structures, like differing legal and tax implications. MMT Chartered Professional Accountants has extensive experience working with medical professionals and can offer you expert guidance in making decisions like these, setting you up for success and ensuring you’ve considered necessary legal protections.
- Budgeting: Running your own clinic requires more than just medical expertise. You’ll also need to become familiar with financial management and budgeting. Accounting guidance can help you establish realistic plans that consider your many new financial obligations, from setup costs to ongoing operational expenses. Expert analysis is a prudent way to set the groundwork for informed decisions, contributing to your sustainable growth.
- Securing Funding: Unless you’re independently wealthy, you’ll likely need to look into the availability of funding to support your dreams. This is a common way for entrepreneurs not only to first open their doors but also to sustain their business in the early years. Seek financial guidance so you don’t miss out on valuable financing options like loans, grants, or even private investments. This can be helpful to develop reliable funding support and enable you to confidently manage your financial risk.
- Risk Management: And speaking of risk, it’s not just financial risk you should consider. It’s also essential to understand how insurance can mitigate other risks to you and your stakeholders. Identify your insurance needs clearly and ensure that you put the right policies in place to safeguard your business from unforeseen challenges.
- Tax Planning and Compliance: The tax landscape is complex, and can be challenging for even the most seasoned business owners. Being in the healthcare profession also adds an extra layer of complexity. Seeking guidance from an accounting firm with medical professional accounting expertise can support you in ensuring compliance with relevant tax codes, planning accurately for tax obligations, and maximizing any deductions available to you to reduce your overall tax burden. This is an essential component in ensuring the overall financial health of your clinic.
- Billing and Revenue Considerations: As an entrepreneur, you’ll need to manage your billing and revenue cycles efficiently to ensure the stability of your clinic. We can assist you in implementing and streamlining billing processes and set up accurate coding and billing practices. You’ll benefit from enhanced financial stability, and your patients will enjoy more positive experiences when engaging with your clinic.
- Financial Reporting: Yes, you’ll be required to keep accurate financial records. But take it one step further and enlist accounting support to provide you with invaluable analysis so you can more effectively track the performance of your clinic. This includes generating comprehensive financial reports, analysing key performance indicators, and providing expert insights so you can make improvements when necessary.
- Integrating Technology: Technology can be a boon to business owners, but only if you know how to embrace it efficiently. To stay competitive, ensure that you get accounting support from a firm like ours that can guide you in the integration of technology solutions to streamline your processes, improve accuracy, and increase your overall efficiency. Think about things like how you’ll implement electronic health record systems, or which accounting software will best meet your healthcare-specific needs.
MMT Provides Expert Advice for NPs
If you’re considering becoming one of the first nurse practitioners to launch your own clinic in Alberta, congratulations! It’s an exciting time to be part of this province’s healthcare future. We’re here to support you every step of the way and ensure that you have the accounting expertise you need to be successful in this new financial landscape.
MMT Chartered Professional Accountants has experience in supporting all kinds of healthcare professionals, providing them with the strategic advantage they need to succeed. From deciding on your business structure to implementing billing processes to embracing new technologies, our accounting advice can be a cornerstone in building a new practice that is financially sound.
It’s an exciting time. Get the advice you need to succeed in your new nurse practitioner-led clinic by engaging with us today. We can help you launch your dream practice and pave the way for your continued success in healthcare.