Starting a Medical Practice? Build This Non-Medical Team First

Are you starting a medical practice? First of all—congratulations! It only took… what? A decade-plus of training to get here? (Let’s not count too closely.)

Finally starting your medical practice is the light at the end of a very long tunnel, but the reality is it can also feel quietly overwhelming.

Clinic space, EMR/EHR, employees, scheduling – and then there’s the part no one really talks about: the non-medical team that makes your entire financial life function.

I’m not talking about nurses or admin staff. I’m talking about the professionals behind the scenes who protect your time, your income and your sanity.

Here are the 4 (maybe 5) key players you need.

1. Accountant: Your Financial Head Coach

When you’re starting and running a medical practice, your accountant is the head coach.

They see the big picture and the fine print. A great one will coordinate with your lawyer, banker and potentially your financial advisor. And ideally, they are familiar physician finances without you having to explain what a billing number is.

Yes, they file your taxes. But they can help with so much more:

• Help structure your business
• Advise on incorporation
• Manage bookkeeping and payroll
• Guide how much to pay yourself
• Help you plan for personal and corporate taxes

If you’re incorporating, this becomes even more important.

The best way to find an accountant? Ask your soon-to-be colleagues. Look for someone familiar with physicians or small businesses.

Then meet them in person. We all know credentials are important, but so is the vibe check.

2. Lawyer: Necessary (Especially If You Incorporate)

If you’re incorporating, you need a lawyer. Full stop.

When starting a medical practice with a corporation, you’re legally creating a business. That requires a bunch of start up and annual paperwork.

Your lawyer also becomes important for:

• Updating corporate structure
• Shareholder agreements
• Employee contracts
• Wills
• Advance directive

Pro tip: Ask your accountant who they recommend. Not necessary, but if your lawyer and accountant already work well together this makes your life even simpler.

3. Insurance Agent: Protection for You, Your family +/- Your Corporation

Insurance deserves its own deep dive (coming soon), but here’s the brief overview:

When starting a medical practice, you will likely need multiple policies – disability, life, professional liability, likely critical illness. Depending where you practice, malpractice insurance may be something you join nationally (CMPA in Canada) or you set up privately (US).

An experienced insurance agent helps you determine what and how much you actually need.

Going into meetings with some idea of the different types of insurances really helps reduce the overwhelm. And keep in mind, upselling exists in every industry.

4. Banker: Your Quiet MVP

Technically optional. Practically? Very helpful.

Once you transition from trainee to attending, your banking has more layers. Business accounts. Corporate accounts. Credit cards. Lines of credit. Maybe a mortgage (or two).

Having one banking professional as your point of contact can save you hours of frustration.

Some banks offer private or physician banking programs. You don’t have to sign up – but it’s worth at least understanding what’s available as your financial life grows.

(5). Financial Advisor: Optional but potentially powerful

Firstly – “financial advisor” is a broad term that can mean a lot different things. And not everyone needs a dedicated financial advisor.

Sometimes your accountant or banker covers basic planning. Many physicians benefit from a dedicated advisor, particularly for long-term investing and retirement strategy. Many choose to direct their own finances. There’s a lot written about this in the physician finance world.

If you’re exploring this route, (personally) recommend getting a base understanding to ask good questions. You don’t need to become an expert, but understanding fee structures and commission models matters.

If you feel like you have no idea about finances much less physician finances, you’re not alone. I found this super intimidating. Turns out though, once you get a lay of the land it isn’t nearly as difficult as the MCAT.

My favourite physician finance resources are The Prudent Plastic Surgeon, The Loonie Doctor and The White Coat Investor. All physician lead websites.

Financial literacy doesn’t have to be your new hobby. But when you’re starting a medical practice, having a basic idea of how the money flows is important. You’ve worked real hard for it, after all.

Start You Medical Practice Right: Build Your Team Early

The non-medical professionals behind your practice (read: business) shape your long-term freedom just as much as your clinic note templates.

Find people you trust. Ask colleagues. Take your time to make sure it’s the right fit.

Getting your team in place is one of the keys to building your great practice, so you can have a great life.

More detailed breakdowns of each role are coming soon.

Is there someone on your non-medical team who’s been invaluable that I didn’t mention?