News For This Month: Professionals
What You Must Take Into Consideration Prior to Selling Your Medical Practice Are you looking for a way to get rid of the regulatory and administrative burdens which are linked to running a practice? Probably, you are thinking about joining the ranks of the many practice owners who have sought refuge through selling their practices. You must know that unless you are completely prepared for the changes to come, the escape plan could lead to a big regret. You must know that becoming employed can seem like it is the logical decision for a physician. There are so any doctors who like to go out of their practices since the hospitals wish to expand their referral networks and their competitive advantage and they want to buy. This may look like a win-win situation for you. You have to know this though that after a hospital would purchase your practice, it is inevitable that your office will have much different feel and look. It won’t be a small business anymore but rather a piece of something which is much larger. Such is not a bad thing so long as you are ready for it. Due to this, here are the things that you must consider before you sell your medical practice.
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You have to know first your strategic goals. You have to be aware that purchasing a practice might be part of the hospital goal in order to participate in one of the health reform activities like the accountable care organizations. A hospital can be setting into a motion some strategies for growth in the long run. Know that role your medical practice will be expected to play can give you a good insight into the potential changes that may happen later on.
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You must also ask what will happen to your existing technology. When you and the staff have experienced a challenging EHR system implementation, then the thought of experiencing this process again perhaps makes you shudder. But, such might be what you must do when the new owner like all the facilities with the use of the same EHR. It can be a great thing to change systems when this means that you can have access to the hospital’s IT staff. Get to know the authority that you are going to have. There are so many hospitals which have realized post-acquisition that operating an ambulatory practice is definitely much different from operating the hospital and they are not that good in doing this. What this means is that there are several hospitals out there that may want to continue managing the daily operations of the practice even if you are ready to give up their responsibility. Also, some of the hospitals may place one who has no ambulatory experience in charge of the operations. You must have a post-acquisition management method before signing up the documents.