Q:  What steps should I take right now to mitigate the financial hardship my practice is facing?   

A:  Start here…

1. Check our website regularly for updates. (Click here for Covid-19 updates)

2. Obtain or renew a Line of credit.  Ask for $100,000. 

3. If your office hours are shortened, consider Texas Work Share Program 1^st, then unemployment for your staff.

4. Contact your lender about getting loans deferred.

5. Contact your landlord and see if they will allow a deferment or other arrangement.

6. Contact major vendors and ask for deferral of payments due. 

7. Contact your credit card company and see if they will allow a deferment and/or interest free period.

8. If you provide health insurance and must lay off staff temporarily, contact your provider to see if the coverage will remain in place or what steps you need to take in the interim.

9. If you typically make a retirement contribution early in the year, delay that contribution.  You typically have until 9/15 or 10/15 to fund a retirement plan other than an IRA or ROTH.

10. If you can personally afford to skip some paychecks, consider doing so.  This will reduce payroll taxes and leave cash in the practice to support your employees and pay fixed expenses.

11. This is temporary so give thought to staff retention, patient communication and a plan for ramping up production once you are on the other side.