25 Apr Medical Practice Transitions: Everything You Need to Know
Owning any type of medical practice requires years of blood, sweat, and tears. Because of this, practice transitions easily become complex as emotions are involved on a personal level. Working with a medical practice transition advisor throughout the process will eliminate much of the stress surrounding a transition. Additionally, a transition advisor will be able to make sure you receive a fair return for your years of hard work.
What exactly is a Medical Practice Transition? A medical practice transition is any transaction that includes the buying, selling, merging, or transfer of any medical practice. Oftentimes, a practice transition advisor is hired to ensure the process is beneficial for each party involved.
So, what do you need to know about medical practice transitions? How can working with a practice transition advisor benefit you in the long run? These questions and many more will be answered throughout this post.
What Are the Primary Types of Medical Practice Transitions?
There are several types of transactions that fall under the category of medical practice transitions. In many of these types of cases, you may not even consider working with a transition advisor. However, in each of the types of transactions listed below, a transition advisor can add great value to the process.
The most common type of medical practice transition is the retirement of the physician. Although you do not need to be a physician to own a medical practice, we find that most of the practice owners who contact us are also the primary physician at their practice.
Even the most rewarding career must come to an end. When you are ready for retirement, a practice transition advisor can help find a new owner for your practice. They will also oversee the transition period, allowing for a smooth process for everyone involved.
Relocation of Office
Another type of practice transition that is far less common is the relocation of an office. Using a practice transition advisor in this scenario will provide you with increased access to practices that are for sale, as well as help you navigate the many facets involved in a relocation.
The third type of practice transition that is common is a medical practice acquisition. Whether you are just beginning your practice or have been working under another physician, acquiring your own practice is a huge step.
A practice transition advisor will work alongside you to ensure that you are making the best business decisions and purchasing a practice that will be beneficial to you in the years to come.
What Type of Practices Use Practice Transition Advisors?
Any type of professional practice can benefit from using a practice transition advisor. A few of the most common types of medical practice transitions are listed below:
- Dental Practice Transition
- Medical Practice Transition
- Chiropractic Practice Transition
- Veterinary Practice Transition
- Optometry Practice Transition
A practice that involves patients and a physician is a candidate for a medical practice transition using a professional transition advisor.
Steps Involved in a Medical Practice Transition
A medical practice transition is a lengthy, and often confusing, process. There are many steps that are necessary to complete for a successful transition. Although each practice transition is unique, here are a few of the most common steps that must take place before the transition is complete.
Assign a Proper Value to Your Practice
No matter the reason for your medical practice transition, you must first work to assign a proper and fair market value to your practice. It is best to involve a professional in this process as they will provide you with insight into how to improve your practice.
A medical practice transition advisor will walk you through the process, providing you with a market value that will benefit you financially while promoting an interest in your practice.
Work Through the Legal Matters Involved
There are many legal matters involved in a practice transition. Between paperwork, financial matters, and even simple customer service, it is important to work through each aspect carefully. A practice transition advisor will provide assistance in each of these areas. They will make sure that you file each document correctly and handle the complex situation appropriately.
Smooth & Easy Practice Transition
Once you begin the eventual transition out of your practice, a medical practice transition advisor will work with both you and the new owner to ensure that the process is smooth and effective. There is nothing worse than abandoning your precious practice feeling ill-equipped for the future. A practice transition advisor makes sure that the transition is a success and beneficial for everyone involved.
Plan Ahead for Your Medical Practice Transition
One mistake that professionals often make is nothing thinking about the details surrounding their medical practice transition until it is too late. Oftentimes, approaching this type of transaction when you have a need for immediacy causes you to take a loss in the potential profit from the sale.
The best thing you can do to prepare for your future is to discuss your plans with a practice transition advisor. Having a plan for your eventual transition set in place years in advance provides you with the best opportunity for financial gain.
Additionally, planning in advance for your medical practice transition allows you to enjoy your last months as a practicing physician in your current position. Many times, last-minute transitions involve overwhelming amounts of stress which minimize the positive memories you could be creating.
As a medical professional, you have worked countless long hours to create a practice you can be proud of. The best way to ensure a smooth, stress-free transition is to contact a professional transition advisor before it’s too late.
Finding a Medical Practice Transition Advisor Near You
Finding a medical practice transition advisor who has experience in your area is highly beneficial. Jaquay Enterprise has been providing high-quality transition services for over 17 years for professionals in and around Oklahoma. With a team of experts, they are ready to walk you through this next step in your professional career. Whether that involves selling, buying, or merging a practice, they look forward to hearing from you.
You can learn more about medical practice transitions or working with a professional transition advisor here.