Though there are practice consultants in many different industries, 75% of practice consultants work with the medical industry. And as intelligent as those individuals with a medical degree are, having a medical degree does not automatically translate into being business savvy. That’s why private practice consultants exist. If you’re fascinated by the medical field but don’t want to spend over a decade in undergrad, medical school, and residency, consider a career in being one of the many talented professional practice consultants that medical professionals rely on to help grow their practice or broker practice transitions.
Practice consultants can make a very good living while working with interesting people in a remarkable industry. Many practice brokers are CPAs and MBAs. Some consultants may have gone to medical school and decided they prefer the business aspect to the medical aspect.
In order to be successful as a practice consultant, you have to know how to manage a professional practice. You can’t very well guide a team of intelligent healthcare professionals if you don’t know what you are doing. Practice consultants provide leadership, guidance, and training.
No matter their professional background, practice consultants need to be organized, they should have great time management skills, and they need to have decent people skills. That includes working as a team because that’s a major part of helping health care practitioners realize their dream of either buying an established dental practice that’s for sale or brokering a professional practice transition so that they can retire.
What do professional practice consultants do?
More and more medical professionals take advantage of the growing private practice consultancy industry. Practice advisory firms like APTUS Exchange assist health care practitioners build valuation for their practice, aid in seamless practice transitions, and so much more.
Some of the things professional practice consultants do include but are not limited to:
Business Practice Analysis
- Assessing a practice’s strengths and weaknesses
- Analyzing productivity, procedures, and systems
- Advise on strategic planning
Business Marketing
- Develop marketing plans
- Create education materials for patients
- Produce newsletters and brochures
Assist with Financial Affairs
- Review coding practices to obtain the right reimbursements from HMOs and insurance agencies
- The doctor’s business and personal tax returns
- Financial planning for the future
Business Training
- Train practice owners to be better team leaders
- Provide tailored training on best business practices
- Guide doctors in how to choose the best team members for their practice
Practice consultants have a lot of knowledge that medical practitioners don’t. And that’s why we’re here. To make sure private practices are successful. If you’re interested in a career as a practice consultant or you stumbled upon our website because you’re looking for an exceptional firm with more than 40 years’ experience helping medical professionals realize their dreams, just know, you’ve come to the right place. Let’s talk about what APTUS can do for you.
