Here are five hints to improve bargaining power and successfully sell a physician practice, according to a Physicians Practice report.
- Find multiple bidders. Let local hospitals and competing groups know you plan to sell.
- Understand the value of EHR. Practice evaluation is significantly affected when records remain in paper form, rather than making the switch to EHR.
- Understand the sale specifics. If a physician also owns the practice facility, prepare for two sales. A physician in this position can sell the practice and lease the space or sell both the space and practice.
- Negotiate employment agreement. Practice sales, especially to a hospital, may involve an employment agreement. Physicians should negotiate for compensation based on their performance, rather than the performance of the new owners.
- Provide marketing services. As the practice passes to new ownership, offer transitional marketing services by introducing patients and other members of the medical community to the new owners.
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