Factors to Consider When Selling a Medical Practice A known fact is that there has been a sharp increase in recent times for hospitals that want to buy medical practices and some physicians that want to sell their practice at times do not know the value of their practice and as such do not know …
Factors to Consider When Selling a Medical Practice A known fact is that there has been a sharp increase in recent times for hospitals that want to buy medical practices and some physicians that want to sell their practice at times do not know the value of their practice and as such do not know how to benchmark that value when negotiating with the prospective buyer and they are also not knowledgeable on how they can increase their bargaining power. Getting more than one bidder is an excellent move to increase the bargaining power of a medical practice and this can increase the buying value of the medical practice and this can simply be done by reaching out to likely prospects and making them aware that one is selling their medical practice. Examples of prospective buyers include hospitals and this can be done by informing the administrator that they are selling a practice because it may happen that the hospital may be creating a group or it may give the practice to someone else that wants to practice in the same community and they may even be interested in the seller staying on a salaried physician. Another key prospects are the competition and these are the groups or solo practices that are in the same specialty and they are likely to be a buyer for the practice if they want to expand by bringing someone else to take over the practice. The truth is that the seller needs to know that only their EHR system has value whereas charts have no value because most physicians are technologically savvy and some of the potential buyers may not want to be left converting all the charts to the EHR system after buying the practice and thus the physician needs to convert to an EHR system.
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An important fact to state is that the seller needs to prepare for two sales in the practice facility especially if they have space in a practice building of they own an office space, they have to make two sales, one for the practice and the other one for the facility, and there are ways to go about this. One is to sell the practice and lease the office space because this method overcomes the resistance to ownership at the time since the seller becomes the property owner and after the sale the medical practitioner can place the property under the care of a property management firm and they would collect rent and maintain the facility on their behalf. The other option is to sell the practice and still lease the space but with the condition that they can buy it at some time in the future and the third option is to sell both the practice and the space to the buyer but if the buyer is not interested in buying the space the seller can look for a buyer especially if the medical practitioner selling has no plans of remaining in the community.News For This Month: Resources