But there is more to succession planning than setting a timeline: The condition of your practice matters. Many doctors nearing retirement age make the mistake of neglecting their practices. They employ outdated equipment longer and disregard regular capital expenditure. Instead of making regular improvements, these doctors leave the practice for sale as-is. Potential buyers may find the office undesirable if it is not well kept. Yet the sale of a business requires more than new furnishings and fancy equipment. Ultimately, it is about the efficiency and profitability of the practice.
Is your practice performing at its best? Are operations as efficient as possible? Whether you plan to sell your practice soon or in several years, it makes sense to optimize its performance. Successful practices generate greater income, attract more qualified buyers and sell for higher prices. This has always been the case. But now it is imperative that doctors treat their practices like true businesses. In today's healthcare environment, efficiency is the key to profitability. Physicians are positioning their practices for a new era of healthcare—one of reform changes, reimbursement cuts and organizational realignments. Medical practice consulting services are available to address concerns such as: billing and collections, personnel management and patient satisfaction. Improving these facets of operations will lead to greater profitability and marketability for your practice.
Additionally, consultants provide strategic planning services to physician-owners who will continue practicing medicine. PPACA, EMR, ACO—how familiar are you with these acronyms? It is crucial to stay abreast of healthcare reform changes affecting your practice. Our consultants will help you become competitive in the post-reform environment. If you plan to retire or sell in several years, you have time to optimize your practice. It may make all the difference in attracting the right buyer, partner or organization. More importantly, it will allow you to sell on your own terms.