5 Key Takeaways on the Road to Dominating Professionals

What You Must Take Into Consideration Prior to Selling Your Medical Practice Are you in search for a way to get rid of the regulatory as well as administrative burdens that are linked to operating a practice? Probably, you think of joining the ranks of so many practice owners who have sought refuge through selling … Continue reading “5 Key Takeaways on the Road to Dominating Professionals”

What You Must Take Into Consideration Prior to Selling Your Medical Practice Are you in search for a way to get rid of the regulatory as well as administrative burdens that are linked to operating a practice? Probably, you think of joining the ranks of so many practice owners who have sought refuge through selling their practices. You must know that unless you are completely prepared for the changes to come, the escape plan could lead to a big regret. You should know that becoming employed can look like it is a logical decision for the physician. There are so any doctors who like to go out of their practices since the hospitals wish to expand their referral networks and their competitive advantage and they want to buy. Such may look like a win-win situation. You have to know this though that after a hospital would purchase your practice, it is inevitable that your office will have much different feel and look. It won’t be a small business anymore but rather a piece of something which is much larger. Such is not a bad thing so long as you are ready for it. Because of this, here are some of the things that you must think of before selling your medical practice.
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You should know first the strategic goals. You must know that buying a practice might be part of the hospital goal to participate in one of the health reform initiatives such as accountable care organizations. The hospital may also be setting into a motion some strategies for long-term growth. Know that role your medical practice will be expected to play can give you a good insight into the potential changes that may happen later on.
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You have to ask what will take place to the present technology. When you and the staff have experienced a challenging EHR system implementation, then the thought of experiencing this process again perhaps makes you shudder. However, this might be what you should do when the new owner still like the use of the same EHR. It can also be a good thing to switch systems if this means that you will be able to access the IT staff of the hospital. Find out the authority that you will have. There are so many hospitals which have realized post-acquisition that operating an ambulatory practice is definitely much different from operating the hospital and they are not that good in doing this. This means that there are some of hospitals out there which are interested about continuing the management of daily operations of the practice though you are prepared to give up their responsibility. Moreover, some hospitals may place one without ambulatory experience in charge of operations. Hence, before signing the paperwork, you must have a frank discussion regarding this and come up with a post-acquisition management method.

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