At present, there has been an increased activity in the hospitals and are interested in purchasing medical practices. Well, there can be several firms out there that have performed several practice evaluations for the physicians who like to know the value of their practice as the benchmark to negotiate with the hospital. Probably, you have seen a number of ways that the physicians were able to improve the bargaining power and they were leading to better rewards. Here are some things that you must take into account.
One is that you should get more than one bidder. When you are considering the sale of your medical practice, then you should consider this tactic. You have to contact the likely prospects that you have and let them know that you are thinking about selling your practice and you like them to know about this before you sell.
It is also very important that you let the hospital administrators know your plans. They can be forming a group or they may want to provide such practice to someone who is interested to practice in the community. They may or may probably not be interested in your staying as a salaried doctor. Also, you have to contact every group or a solo practice in your specialty. You have to inform them of your plans. Read more great facts, click here.
Also, you must know that your EHR system comes with a value but the paper charts don’t. Moreover, if you own the practice facility, you have to be ready for two sales. When you own the practice building or you have ownership to the office space then you actually have two sales to make that is for the facility and the practice. What you can do is that you can sell the practice and have the space leased. This would overcome resistance to the ownership at this time. What this means is that you are now the landlord. After the sale, you could get the property in the hands of a company with property managers and they will be the ones to collect the rents and also maintain the facility.
You can also sell the practice and then sell the space. When the practice buyer isn’t interested in owning the facility, then you can think about finding a buyer. This is a good thing to do when you are not going to stay in the community. Take a look at this link https://en.wikipedia.org/wiki/Practice for more information.