Create an independent business advisory board

Consider creating an independent business advisory board for your practice. To help you cope with the business of leading your medical practice, do like many companies and hospitals do: Create a board of advisors to give you and your partners expert independent business counseling and oversight.

You face difficult issues, such as contracting with third parties, expanding-or not expanding-your services, measuring and controlling costs, and ensuring satisfied customer responses. Perhaps top people in other fields can teach you important business lessons for your own success.

Critical input from solid business people on matter important to your practice may be invaluable to your group. An impartial medical advisory board will look at your practice through fresh eyes. Take advantage of this to give your practice an extra edge.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.