The healthcare industry is constantly changing but expense sharing is still an existing arrangement among dentists who’d like to have their own practice but share the every-day costs of running it. The idea is that you team up, so to say, with other dentists and sign a form of expense sharing agreement binding you to sharing the space, the administration costs, staff, equipment, and rent but keeping your earnings strictly separate.
This arrangement offers benefits like having another professional around to cover for you while you go on holidays. Shared practices also create an inspiring professional environment through the exchange of expertise.
How does an expense sharing agreement work well?
Expense sharing agreements need to be arranged with caution, as keeping some things shared but others separate can cause headaches down the line without the right specialist advice. Each dentist’s business strategy is unique and if there’s no general agreement on how the practice is run, there may be disputes among the healthcare professionals in the practice, which can affect the shared staff who are receiving mixed instructions. This can have a negative impact on your practice’s growth and your revenue so it’s important to talk to specialists if you’re considering drawing up such an agreement. This way you can ensure you are prepared for any challenges that might come up.
It’s also imperative that the income and outgoings of the practice are accurately recorded, each dentist’s account is kept up to date and that you’re all clear on tax implications.
Working with an accountant specialising in dentists
This is where accountancy services come in. If you’re considering an expense sharing agreement, specialist accountants for dentists will have the advice you need. If you’re looking to incorporate your dental practice, you can also consult us.
As chartered accountants providing comprehensive accountancy services, Tax Agility has vast experience dealing with the tax concerns of those in the healthcare industry. We’re not only accountants for doctors, we specialise in dentists too, so we know the pressures dentists like you face.
Experienced local London accountants like us will know what to look out for to help your practice run smoothly and with success. We can keep ahead of the adapting dental industry from legislative changes to the challenges of private competition, and treat the parties in the shared practice as the individuals that you are.
Contact us today on 020 8780 2349 or get in touch with us via our contact page.