Tuesday, 30 May 2017

Guidelines For Selling A Medical Practice

Selling of a medical practice can be done effectively if you follow a series of phases logically without omitting any steps. It includes the phases, such as appraising the practice; identifying the requirements; advertising the practice; arranging for the interviews; preparing the earnest money contract; negotiating the deal; removing the contingencies and preparing the closing documents.

Practice transition is not an easy task. Medical practice for sale involves certain steps. You can achieve a successful sale of the medical practice by the arrangement each of these steps carefully.

o Appraising the Practice:  First of all, you need to assess the value of the medical practice. This can be done through comprehensive appraisal that assesses the fair market price of the practice. For the assessment it involves information such as hours worked, call coverage, the tenure of the staff, overhead expenses, competition, gross income, the hospital admits, referral lines etc.

o Identifying the Requirements: The next step is to analyse the requirement of a service in the community. The patients can then identify a sub-speciality service that in turn can boost a practice. This certainly enhances the marketability of a practice. You can then identify and contact the niche physicians who would be interested in that medical practice.

o Promoting the Medical Practice: The third step is contacting the required physician through direct mail, physician files, advertisements in the specialty journals, cold calls, etc.

o Arranging Interviews: You have to then make arrangements for the interviews with the interested physicians and discuss all important matters elaborately.

o Preparing the Contract: It includes all the proposals in writing and the aspects of the transactions from the tax allocations to the introduction period.

o Negotiation of the Deal: It is important to negotiate the terms and the price of the transaction to create a favourable situation for both the prospective buyer and the seller.

o Removing Exigencies: It is mandatory to eliminate all types of emergencies related to a particular event, such as CPA reviewing financials, the arrangement of the adequate financing etc.

o Preparing the Closing Document: It is important to prepare the closing document that contains all the terms that both the parties agree upon.

If you are interested in selling a medical practice, you should get in touch with the Jardine Ludbrooke Brokers. It is a company owned by David Ludbrooke and Nicky jardine that offers assistance in selling, buying, establishing, financing and managing medical practices.

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