Advisors needs to familiarize himself not only with medical coding and billing practices, but also the experts in these fields.
Advisors also have to be able to help doctors choose a suitable type of corporation and the best employee benefit plan, he says.
All doctors should have a business exit strategy, Berry says. A younger doctor can be brought into the practice with the idea that he will buy the entire practice at some point or that he will buy the business one part at a time.
To make this attractive, the advisor needs to help the doctor set up the most efficient practice possible, and that requires knowledge of the medical field, Berry warns.
“The financial advisor can help the doctor get his practice to a more profitable state, but he needs to talk to doctors and know their problems,” Berry says. “We can make health care better through wealth care.”