How Medical and Dental Practices Can Sell for More Money – 5 Lessons Learned
If you are a healthcare practice owner, it is important to be prepared to sell your practice to ensure you get the highest price possible. While all business owners need to take appropriate steps to sell their business, practice owners must consider additional factors. As a corporate executive focused on practice acquisitions, I have learned that will benefit any practice owner. 5 lessons that are most critical are:
1. Understand Your Payor Mix
Buyers look for opportunities and challenges. Untapped payors in your practice could represent tremendous opportunities. However, this may not be clear to a potential buyer, so it helps if you can provide this information upfront.
2. Review Your Practice Metrics
It is important to understand where volume has increased or decreased. Some providers within a practice are busier than others. These and other metrics will need to be understood by both you as the seller and any potential buyer.
3. Providers are Assets – Stay After Sale
If you currently see patients, a buyer risks losing clients after the sale. If you are willing to work out a meaningful transition plan it can result in more value to both the buyer and you as the seller.
4. Discuss Legal and Compliance Considerations
Be prepared to discuss any legal or compliance issues with a potential buyer. Having these issues under control before a sale is essential.
5. Have Credentialing Files Up to Date
A buyer will need to work with insurance payors to update contracts or obtain new ones after a sale. They will need current credentialing files for all providers.
If you want to sell your practice for more money, you should read my full blog on this topic at The 5 Most Important Lessons I Learned Acquiring Medical and Dental Practices
P.S. If you would like to learn more about how I can help your business, schedule a call here. Schedule Call
P.S.S. Please check out my video on YouTube to learn more on the topic. 5 Lessons from Acquiring Medical and Dental Practices