Buy a Practice
Why Buy an Established Healthcare Facility?
One of the greatest benefits of purchasing an established healthcare facility is that you can avoid the waiting period and possibly enjoy the immediate cash flow from existing operations.
Be cognizant that having an ample amount of cash flow for a new business, healthcare facility, or practice can take months. Sometimes this is longer than you can sustain your operational expenses.
Be potentially prepared for an unknown rate of attrition. If you need a loan for your acquisition, have ProMed Financial obtain working capital in your loan, especially if you see any signs of negative cash flows.
Note that our specialized acquisition loan products often have the capability of adding on working capital to your loan request AND additional equipment, if needed.
Loans, for that matter, are more readily available for an acquisition compared to a startup. A history of revenues from the previous owner will assure the stability needed for loan approval and timely loan payments.
Often our listings have been pre-qualified, based on the cash flow, to be able to support the corresponding loan payment.
WHILE THERE ARE MANY CONSIDERATIONS, AND WE ALWAYS SUGGEST CONFERRING WITH LICENSED PROFESSIONALS (Attorneys, CPAs), HERE ARE SOME OTHER POTENTIAL CONSIDERATIONS:
Don’t underestimate the value of a working system with software programs in place as well as administrative systems including personnel and predefined responsibilities. Some new business owners struggle for years perfecting their operating systems. You may be able to improve it, but at least there will be a process you can adopt from day one.
It can take months or years to find and train even one employee. There is, possibly, an unrealistic fear from buyers that staff will abandon them after they purchase. The reality is that employees often respond with enthusiasm to a new owner’s arrival. They may be eager to tell a new owner their ideas for improvement that were perhaps ignored by a previous owner that was stuck in their ways.
Good staff may see a new owner as an exciting opportunity for a fresh start.
The seller will be there based upon a mutually agreeable time period to ensure that the business continues as a matter of pride, and will be a fountain of wisdom and advice (even though you may reject some of it). They will know the answers to questions you may not have asked during the due diligence period, as well as ones you would only formulate after years of working experience.
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Types of Facilities We Work With
We work with many different types of healthcare facilities and specialties, including but not limited to:
- Chiropractors
- Dermatology Clinics
- Family medicine
- General medicine
- Neurologists
- Pain management
- Veterinarians
- Cardiologists
- Dentists
- Gastroenterologists
- Internal medicine
- Optometrists
- Podiatrists
- Urgent care
Secrets of Buying a Practice
Let’s Consider the Options
Buying a practice is not an easy task and can be very challenging. Let the professional guidance of ProMed Financial’s ability and expertise take you through the steps necessary to make the right decision.
We have over thirty years of experience in helping clients buy a practice. We offer our outstanding expertise in the process of buying, and we will be your professional practice transition specialists. Years of experience will provide you the guidance you deserve in making the right decision.
How do you determine which opportunity is right for you when buying a practice?
Take the time to ask yourself these questions:
- How far away do I want to live from my practice?
- How many treatment rooms are important to me now and in the future?
- What are my financial needs?
- Who will provide me with the experienced and professional guidance needed?
Necessary Due Diligence
When purchasing a practice, you are making an investment in your future. ProMed Financial will assist you in finding a practice that fits your needs now and in the years to come.
Once you have chosen a practice that meets your criteria, there are several marketability factors to consider:
- Key personnel
- Employee salary and wages
- Transferability
- And more!
We look forward to helping you through the process of ensuring that your practice is a perfect fit personally, professionally, and financially.
In Closing
Our experienced practice transition team will walk you through the final processes to assure a smooth and successful transition.
