Doctor in hallway holding stethoscope

How SMARTPro Delivers Short-Term Successes

March 16, 2021

How SMARTPro Delivers Short-Term Successes

Synopsis
3 Minute Read

SMARTPro delivers short-term advantages while positioning you for long-term success.

The best time to start planning for what comes next is right now. While preparing for your transition out of practice may still be a long-term focus, developing a solid plan today will give you that long-term peace of mind, provides you with the ability to adapt to the challenges and opportunities that may arise unexpectedly over the coming years, and deliver significant short-term benefits.

There are three ways to ensure long-term success while gaining a short-term advantage: developing a solid emergency plan, creating a strategy for managing your practice equipment, and bolstering your cyber security measures.

Protect practice value with an emergency plan

Over the years, you’ve put in countless hours to build up a successful practice. Once you’ve started hitting your goals and setting new ones, it’s easy to believe the good days are here to stay until you move on from the practice. But an emergency or unexpected event has the potential to upend what you’ve built and impact your long-term plans by reducing practice value.

While you can’t predict if or when events like this will happen, you can build a plan that protects your practice – and your future. We can help you determine how your practice will adapt to potential situations, including identifying who could support the practice on interim basis, establish who manages operations like payroll and vendor relationships, and centralize important documents so your family has what they need.

Equipment management plans

Purchasing the right equipment at the right time is a unique balancing act. You’re aiming to maximize the lifespan of your current equipment while ensuring your practice has the best tools for helping patients. With a transition on the horizon, you’re also trying to align the purchase with your exit.

Equipment management is an important component in preparing for the next step because modern equipment adds to your practice value. We work with you to develop a plan, including the finance/leasing terms, that benefits your operations in the short term and helps you increase the worth of what you’ve built.

Strengthen your cyber security

Cyber crime continues to rise. Falling victim to an attack can disrupt operations for a significant period of time and result in the loss of patients. Maximizing returns from the practice in the years leading up to your transition is likely a key component in your retirement plans. Loss of patients, and the resulting cash flows, can significantly impact those long-term plans, but also create an unnecessary exposure to risk in the immediate term, both financially and reputationally.

You’ve worked too hard to leave your practice vulnerable to situations like this. A strong cyber security plan protects your practice and family today, as well as help to maximize value on exit. We can help you get there.

These are only high-level introductions into these topics and every practice is uniquely positioned along the professional life cycle. To learn more about where your practice stands in the transition journey and the steps you can take to build and protect practice value, take our SMARTPro assessment.

Insights

  • Performance

    April 20, 2021

    Valuable tax planning tips during a pandemic

  • Progress
    British Columbia Provincial Parliament Building

    April 20, 2021

    2021 British Columbia Budget Highlights

    British Columbia Finance Minister Selina Robinson tabled the Provincial Government’s 2021 budget on April 20, 2021.

  • Performance
    Building with a Canadian flag in the foreground

    April 19, 2021

    UPDATED: New Information on the B.C. PST Rebate for Select Machinery and Equipment

    Incorporated businesses can now apply online for the B.C. PST rebate for select machinery and equipment, which now includes Class 38.