Healthcare is one of several client industries that Sobul, Primes & Schenkel has had the privilege of supporting from the very first day.
One of the specific areas of healthcare that the firm has developed unique experience with is the multi-practitioner practice. A multi-practitioner practice is where a number of physicians choose to participate together in a single business entity. Sobul, Primes & Schenkel has worked with a number of these entities to optimize their business efficiencies and profitability.
Along with timely financial reporting, tax planning and other essential services, our firm has extensive experience guiding the thinking around appropriate compensation for partners. This is a key area for the success of a multi-practitioner practice, where the numbers need to be equitable for all parties. This not only includes actual compensation for partners but also addresses the transition of partners in and out of the practice. It can be a daunting task to bring someone new into the practice at a fair level of compensation, and even more daunting to have a retiring partner exit in a way that leaves all partners happy. We’re here to make those transitions simple and fair.
One of the first tasks facing any group of physicians is choosing the form of business entity they want to structure their practice. One of our healthcare clients asked us for guidance in this area because they were concerned about maintaining fairness with partners that felt impartial. Sobul, Primes & Schenkel was able to help this practice set up their compensation plan, with special attention on the calculation of future buy-ins and buy-outs for partners either entering or retiring from the practice. Our firm was also able to set up retirement plans for the partners so that leaving the practice was more a lifestyle choice, and not a source of financial worry. The result has been peace of mind for the partners, and the opportunity to focus on what they care most about — practicing medicine.