Want to learn how to leverage your healthcare knowledge to start or grow a business? The Healthcare Boss Academy podcast presents interviews with real-world healthcare entrepreneurs, innovators, and other leading business experts. On each interview episode, your host Jason A. Duprat will deconstruct each guest's playbook for success so that you can learn ideas, strategies, and insights that will help you on your entrepreneurial journey. You can follow Jason's personal journey on his bite-sized "Tactical Tuesday" solo episodes!
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episode 256: #256: Why It's Important to Practice Due Diligence To Protect Your Business From Potential Risks
OVERVIEW:
Being unaware of the law does not excuse you from it. In this episode, Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, talks about the importance of due diligence when taking advice. There are those who claim to be "experts" in their field but, ironically, spread misinformation, even illegal advice that could cost professionals their licenses. After listening to a podcast sharing such grave inaccuracies, Jason shares valuable insights on avoiding misinformation and seeking real professional advice.
3 KEY POINTS
- Always exercise your due diligence when absorbing information.
- Know the "Nurse Practice Act" in the state you're practicing in.
- Get good legal advice. Hire experienced consultants and attorneys.
EPISODE HIGHLIGHTS
- Jason came across a podcast where the host claims to be a "Healthcare Business Expert."
- Ironically, pieces of advice given during the show were utterly inaccurate, even downright illegal.
- The consultant gave poor advice that could potentially cause people their medical licenses.
- One piece of advice was to work as a 1099 Contractor using your clinic's name, which risks the business entity's assets if things go wrong.
- It's important to work with competent consultants who've spent hours studying and are not afraid to admit what they don't know.
- If you don't know the rules of the Nurse Practice Act in your state, you should not be advising anybody. Read the laws word-per-word.
- Do not blindly follow and apply the advice you receive from anyone. Hire experienced consultants and attorneys.
- Invest at least five to seven thousand dollars in attorney consulting before starting your business.
- Thousands of dollars in consultations and legal fees are nothing considering the trouble it will save you from down the line.
TWEETABLE QUOTES
"Get good legal advice. Among tens of thousands of lines of laws, violating just one line could cost you everything." – Jason Duprat
"A good consultant shares what he knows, but a great consultant admits what he doesn't know." – Jason Duprat
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