Maximizing Your Medical Practice's Growth: Expert Accounting Insights with Nolan Bradbury In this episode of Medical Entrepreneur, we dive deep into the fundamentals of accounting and financial management for medical practitioners. Host Adam Sewell MD welcomes Nolan Bradbury, a seasoned CPA and expert accountant with over twenty years of experience. Nolan discusses the importance of aligning expectations with reality in business relationships, how to effectively manage your practice’s finances, and the significance of having the right professionals for your business needs. He also provides actionable advice for both new and established medical entrepreneurs, emphasizing the importance of strategic planning and proper financial setup. Whether you’re looking to start your own practice or scale your existing business, this episode is filled with valuable insights to help you navigate your financial journey.
00:00 Understanding Expectations in Relationships
01:09 Introduction to Nolan Bradbury
01:32 Nolan's Background and Expertise
02:29 Challenges Faced by Medical Entrepreneurs
03:31 The Importance of Outsourcing Accounting
05:12 Common Mistakes in Financial Management
12:23 Finding the Right Accountant
17:11 Setting Up Your Financial Ecosystem
23:14 Choosing the Right Financial Software
24:20 Choosing the Right Accounting Software
25:03 Understanding Accounting vs. Bookkeeping
26:38 Structuring Bookkeeping and Accounting Services
28:01 Managing Client Expectations
32:13 Advice for Growing Practices
33:46 Holistic Business Diagnostics
39:24 Entity Structure and Asset Protection
41:53 Advice for Aspiring Entrepreneurs
44:38 How to Reach Out for Help