When setting up a new practice, it is important to pay particular attention to financial and tax-related issues to ensure a good start. Medical professionals setting out on this path need advice on many fronts: alongside selecting the right premises, choosing the most suitable software and arranging the necessary insurance, advice should also cover selecting the appropriate legal form, assistance with company formation and help with drafting articles of association and determining arrangements for the distribution of assets and profits.
Negotiations with the previous practice owners or your new partners are key when taking over an existing practice or joining forces with other professionals to form a group practice. Before taking on or joining a practice, it is a good idea to have the practice valued and to seek business and tax advice on the acquisition or merger. If you are joining forces with other professionals, an important issue is choosing the right organisational form, whether that is a group practice (Berufsausübungsgemeinschaft, BAG), multi-site group practice (überörtliche Berufsausübungsgemeinschaft, ÜBAG) or medical care centre (Medizinisches Versorgungszentrum, MVZ).
When setting out on your journey in your own healthcare practice, it is also important to think about the end of your career and – as a self-employed healthcare professional –about securing your assets for yourself and your family. A wealth plan which considers tax requirements and taking an early look ahead to a structured way to retire are helpful here. This includes identifying suitable successors in good time, making contractual arrangements for the handover and ensuring that arrangements are tax-optimised.
