Buy A Practice

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The time making money should be greater than the time that you are spending money. Smiling african
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Why Buy An Established Healthcare Facility?

One of the greatest benefits of purchasing an established Health Care 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, practice…, can take months. Sometimes this is longer than you can sustain your operational
expenses.

Be potentially prepared for an unknown ‘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 times 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 comparatively to a start-up. A history of revenues from the previous owner will assure the stability needed for loan approval and timely loan payments. 

Often times 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, CPA’s…), 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 his or her ways”.

Good staff may see a new owner as an exciting opportunity for a fresh start and growth.

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 forgot to ask during the due diligence period, as well as ones you would only formulate after years of working experience. 

 

 

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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 30 years of experience in helping clients buy a Practice. We offer our outstanding expertise in the process of buying and ProMed Financial 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?
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Necessary Due Diligence

When purchasing a practice, you are committing to your future. ProMed 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.

Closing

An experienced Practice Transistion Team we will walk you through the final processes to assure a smooth and successful transition.

Red-haired diligent woman in glasses with laptop
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I wasn't sure what practice would be right for me. We all dream and I had mine. ProMed helped me be practical and fruitful in making my decision. They reminded me how important it was to check out the demographics, residential area, local competition, socio economic status of the area and more. I needed someone to guide me through this process. And now, I am looking for a successful future.
Dr ANew York
really appreciated the hands on approach of ProMed. Any questions, any concerns were addressed with complete satisfaction. They spent time vetting and finding the right doctor for my "family of patients". It's not easy to make the decision to sell and because of their guidance and direction we were able to complete the sale very smoothly. I would recommend them for their efficiency and especially for keeping the sale confidential. My staff had no idea until it was the right time.
Dr KTexas
Many times has ProMed come to my rescue in many cases. First it was acquiring a practice acquisition loan, then years later a debt consolidation and additional financing for purchasing the building and acquiring more working capital. It seemed to take little time to complete the process. My experience has been very favorable and have recommended many colleagues to engage ProMed for their professionalism.
Dr McECalifornia
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