Three Steps to Create Your New Telemedicine Practice
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This is a quick-start guide for physicians and healthcare professionals interested in creating their own practices. You should be able to sign up for these services in an evening, and be up and running within a week.
Form your Business Entity with Northwest Registered Agent for $39
Establish Payroll and HR systems with Gusto
Get an Accountant and Bookkeeper with Bench
Step 1: Form Your New Business with Northwest Registered Agent for $39
A common question, and first hurdle for many, is not knowing how to form the business entity.
It is critical to form the business as soon as possible, so your practice is considered a separate legal entity from you as a person!
In addition to staying organized, this helps you keep your personal life confidential and separate from your new practice. A common mistake is to register the business to a home address, which then becomes public record and is searchable by the public, including disgruntled patients. Do not use your home address!
Stay At Home Docs recommends Northwest Registered Agent for forming your new business. Their industry-leading Privacy By Default® philosophy protects your personal information from the public record. You can register your new business to one of Northwest’s several addresses nationwide,
Step 2: Establish Payroll and HR with Gusto
Payroll and HR services are available from Gusto at an affordable, per-person cost. Avoid expensive compliance mistakes.
Setting up your HR and payroll the right way can help avoid fines and lawsuits down the line. Gusto sets the standard in payroll processing and human resources management services for small businesses such as your new Virtual Private Practice.
Payroll Services: As the business owner, you will be able to focus on running your business, while Gusto handles paying your team, including W-2 employees and 1099 contractors. Employees get access to a self-service portal where they can upload documentation, complete trainings, manage their benefits, and set up next-day direct deposit.
HR Services: Gusto provides both the tools and expertise to meet the human resources needs of your medical practice. You will have access to templates for job descriptions, offer letters, termination requirements, and an employee handbook builder. You will also receive live, unlimited advice from SHRM and HRCI-certified experts with years of experience.
Step 3: Get an Accountant and Bookkeeper with Bench
Bench Accounting helps small business owners like you save time and money doing your bookkeeping and income taxes by providing dedicated experts and easy-to-use financial software—so you can focus on growing your business.
You will be paired with a dedicated team, that can handle your bookkeeping, tax preparation, and financial compliance needs. This is a great solution if you have multiple sources of revenue outside of your new medical practice.
Effortless Bookkeeping
Say farewell to the complexities of managing your practice's finances. With Bench Accounting, you can effortlessly streamline your bookkeeping processes. Our team of dedicated experts will handle all your financial needs, ensuring accuracy, compliance, and peace of mind. No more sleepless nights worrying about missing tax deadlines or reconciling your bank statements – we manage it all, leaving you free to focus on caring for your patients and growing your practice.
Customized Accounting Solutions
At Bench, we understand that each physician's practice is unique. That's why we offer personalized accounting solutions that cater to your specific needs. Whether you require assistance with invoicing, expense tracking, or financial reporting, our experts will create a tailored plan to suit your practice's requirements. We adapt our services to your workflow, ensuring seamless integration and minimal interruption to your day-to-day operations.
Real-Time Financial Insights
Gain valuable insights into your practice's financial health by utilizing Bench's real-time reporting features. With our easy-to-use dashboard, you can access financial statements, track revenue and expenses, and monitor your practice's overall profitability. Our intuitive interface empowers you with the data you need to make informed decisions and drive your practice to new heights of success.
Compliance and Tax Support
Navigating the complexities of tax season can be a daunting task. But fear not! Bench Accounting specializes in tax support for physicians. Our team stays up-to-date with the latest tax regulations, ensuring that you're always compliant. We'll handle your tax filings, deductions, and documentation, allowing you to maximize your savings and minimizing your stress.
Unparalleled Support
Bench is committed to providing exceptional customer service. Their friendly and knowledgeable support team is available to answer any questions and concerns you may have along the way. Whether it's clarifying a financial report or helping you understand a tax concept, Bench is your trusted accounting partner, dedicated to your success.