Thrive Primary Care offers evidence-based primary care that addresses the physical, mental, emotional, and spiritual health of each patient. Located in Hughesville, Maryland, Thrive’s care provider is Jen Mohler, PA-C, CPAAPA. Mohler founded the practice in 2021 because she wanted to address concerns and health challenges specific to her community, which include combating racial health disparities, the obesity epidemic, and also a need to increase personal and societal wellness. Thrive empowers patients to make long-term lifestyle changes in order to reduce their risk of future disease through a patient-centered approach to wellness.
The practice is made up of Mohler who is a physician assistant, as well as the owner of the business and three other employees: an office manager, a medical assistant, and a part-time employee who works from home and assists with billing, referrals, and medications.
Thrive’s Financial Needs
Mohler is a first-time small business owner. Cash flow is the number one concern for a small healthcare business because services must be provided before bills can be issued and insurance companies can reimburse the practice. Additionally, there are significant upfront costs such as keeping vaccines in stock as well as having medical equipment on hand for when it is needed.
When Mohler established Thrive, she was leaving a large practice where she did not have access to or input on any financial decisions. She didn’t yet have the knowledge and experience to know how to properly set up her business legally or structure it in a way that was most financially advantageous. Additionally, Mohler knew other physicians who had made missteps in calculating their taxes, and she wanted to avoid those financial mistakes.
How BradyRenner Helped
According to Mohler, Matt Brady was an essential resource when she established her practice. Brady’s years of experience with other startup businesses informed his estimations for when Thrive would move into the black, as well as how to craft a long-term financial plan for Mohler’s business.
Mohler met with Brady to establish an S-corp, the best corporation structure for her business. They discussed her budget, her forecasted cash flow, and how to recoup her initial investment, planning as well for larger goals such as property investment.
For Mohler, having someone to walk her through following all the tax rules was essential. Before establishing her practice, Mohler relied on self-guided tax software, but knew that business taxes were far more complicated. Because her personal finances overlapped with the business taxes, she asked Brady to take over both. Brady was also able to direct Mohler to a payroll tax firm in order to maintain accurate payroll taxes.
Because BradyRenner handles the taxes and accounting, Mohler is able to focus on providing healthcare to her patients. In quarterly meetings, Brady and Mohler review Thrive’s financial statements, and she relies on Brady’s experience to guide her and encourage her. Mohler credits BradyRenner with how quickly she has been able to make Thrive financially successful and get out of personal debt from establishing the business.
BradyRenner understands that Mohler is not looking to expand providers and that she wants to focus on securing the financial future of Thrive. She appreciates how well BradyRenner understands Thrive’s mission statement and supports her goal of taking the best care of her patients.
The small business experts at BradyRenner CPAs stand ready to help you establish the right foundation for your business or practice, and walk you through all the stages of your business’s financial life, from investment planning to tax preparation and exit strategies. Give them a call today to learn more!