Boutique Medical Practices are a New Trend in Medicine
A boutique medical practice, Parsley Health, is set to debut its first location in downtown San Francisco later this month. It’s a growing trend in Northern California and around the country. An increasing number of physicians are practicing concierge medicine and opening boutique practices as a way to avoid dealing with insurance and reimbursements.
These doctors charge their patients a fixed fee on an annual or monthly basis for around-the-clock access and full coordination of care. They have fewer patients to see than the traditional reimbursement model requires—and these patients pay cash for that doctor access. While there are pros and cons with this type of business, you should be prepared before embarking on such a big move.
Selling your old practice
One of the most important things you’ll need to do is sell your former practice. Hiring an experienced business consultant can be a wise decision to help you with this task. Depending on how that practice is structured, you’ll want to offer your new services to as many of your patients as possible. That could mean negotiating with your former partners and agreeing to a transition due to a non-compete clauses in your partnership contract. You might not have this option or you may be able to discuss it with them.
Either way, telling your patients about your move to a concierge practice can be one of the most difficult components in your transition. Andrew has experience with selling existing medical practices in and around Sacramento, and he can advise you on your introductory message to recruit established patients to your new practice, as well as on the numerous details that must be accomplished.
Boutique Medical Practice – Some of the details
When thinking about a concierge practice, you need to consider your staff—both from their point-of-view and your need for extremely customer-oriented employees. This could me some changes in roles, responsibilities, and the number of employees you need.
You may want to survey your current patients to determine if this 24/7 concierge medical service is something they’d really like?
In addition, you need to consider the menu of services you want to offer to patients and the fee structure. Much of this initially will be based on your patients’ needs, as well as their willingness and ability to pay for a premium-level of care.
Moving from a traditional medical practice to a concierge practice is very hard work. Andrew can help you plan with a timetable and benchmarks in order to keep the project on track and help you to maintain continuity with your practice. Remember, you’re going to be setting up a whole
new business structure and at the same time trying to sell you old medical practice. Plus, you can’t quit your day job of treating patients!
Get some help
Many of these issues in the sale of a boutique medical practice can be addressed with proper planning and the assistance of an experienced medical practice broker. Andrew is a business expert and has negotiated hundreds of business transactions including many medical practice sales in cities throughout the Sacramento Region. He’s worked with physician practice owners in El Dorado Hills, Davis, Citrus Heights, Rancho Cordova, Folsom, Elk Grove, Roseville, Rocklin, and Cameron Park. Andrew can help you with your thought process on deciding on an appropriate concierge medical practice structure and guiding you through the process of selling your old one.
Let Andrew Rogerson assist you with the sale of your Sacramento area medical practice. Take the time to speak with Andrew about the details of your sale. You can also visit our website services. Contact Andrew via email or call him at (916) 570-2674.