BCT
BUSINESS CASUAL
TAX
The important questions are not limited to revenue. I want to understand ownership, staffing, cash flow and the decisions the numbers need to support.
Which best describes the practice today?
Preparing to open
Open less than one year
Operating for one to three years
Established for more than three years
Buying into or acquiring an existing practice
Growing, adding locations or adding owners
Considering a sale, merger or ownership change
How does the practice generate revenue?
Select all that apply.
Insurance-based fee-for-service collections
Direct primary care
Concierge or membership revenue
Cash-pay services
Capitation or value-based arrangements
Facility, hospital or medical-director contracts
Teaching income
Grants or program funding
Clinical research
Other
What gross practice revenue do you expect this year?
Pre-revenue
Under $250,000
$250,000–$500,000
$500,000–$1 million
$1 million–$2 million
$2 million–$5 million
Over $5 million
Not sure yet
Approximately how much profit do you expect before paying the owners?
Pre-revenue or no profit expected yet
Under $100,000
$100,000–$250,000
More than $2 million
Do you expect meaningful income outside the practice?
W-2 income
1099 clinical work
Teaching, speaking or consulting
Medical-director income
Practice or investment real estate
Another business
No meaningful income outside the practice
How is the practice owned?
I am the sole owner
I co-own the practice with other physicians
I co-own it with physicians and nonphysician owners
I am buying into a group
Another ownership arrangement
Not sure
How is the practice structured for tax purposes?
Single-member LLC or PLLC taxed as a sole proprietorship; no S-corporation election
LLC or PLLC taxed as an S corporation
Professional Corporation or Professional Association taxed as an S corporation
Partnership or multi-member LLC
C corporation
Multiple entities are involved
No entity has been formed yet
Who currently works in the practice?
Owner physicians
Employed physicians
Advanced-practice providers
Clinical employees
Administrative employees
Part-time employees
Independent contractors
No one beyond the owner yet
What state do you live in?
In which states does the practice have patients, employees, contractors, offices or owners?
Separate multiple states with commas.
Do any physicians regularly provide telemedicine while physically located in another state?
Yes
No
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