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Everyone who considers buying a medical practice approaches it from a different place, but most are looking to jump right into a full and growing business rather than spend years building one.
Start with what you want before you go searching for what you can get. Is it to jump right into practicing? To learn from a mentor and take over their practice? Is it a specialty practice? Do you have employees? How many days per week are you working, what hours? Practices are often sold like houses, with a down payment and the remainder paid over time. Do you have access to capital for a down payment?
Do you have good enough credit to qualify for a loan? Even if the seller is holding the loan, they will always check your credit first. Determine this by asking the seller:. Are the patients accustomed to certain treatments or techniques that you know or can learn quickly? Ask the seller specifically for a few areas where they see potential. How long would they be willing to stay on to train you and get you rolling? Attrition is Boat And Stream Questions Asked In Ssc Cgl Inc a big fear for buyers, and the seller needs to address it.
A seller needs to be very specific because there are various ways to appraise a medical practice. You should be able to see, at minimum, the last three years Boat And Stream Practice Questions 12 of tax returns as well as profit and loss statements for the past two years. If you have good credit, are they willing to hold the loan? Your primary task in the beginning is to get a sense of the seller.
If you decide to buy, worry less about the patients moving over and more about how you get along with the seller. Are they someone you feel you can work with and trust over several months or even a year? The rest is a negotiation. Asking the right questions will get you closer to finding the best practice for you. Considering private practice? Here are 6 things to think about.
Micropractices: Small footprint, big changes for patient care, DOs say. Going solo: Why I started my own practice based on exercise and nutrition. Pingback: Buying an Existing Practice vs. Jason Luban helps medical professionals buy and sell practices. Get specific about what you want Start with what you want before you go searching for what you can get.
Further reading Considering private practice? Here are 6 things to think about Micropractices: Small footprint, big changes for patient care, DOs say Going solo: Why I started my own practice based on exercise and nutrition.
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