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 clause 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 of 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 be 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 like.
In addition, you need to consider the menu of services you want to offer to patients and the fee structure. Much of this initiative will be based on your patient’s 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 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 your 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.
Final Take
Selling your medical practice in California doesn’t have to be difficult.
By following these four tips – understanding what buyers are looking for, knowing what they’re willing to pay, looking for buyers in the right places, and negotiating the best price – you can increase your chances of finding the right buyer and getting the best price for your medical practice.
Are you ready to sell or need some help deciding? Contact us today at this toll-free number (844) 414-9700 or simply email us at support@rogersonbusinessservices.com
Rogerson Business Services: Why Hire Their Expertise
Overall, by working with a qualified medical business broker during your sell-side process, you can feel confident that all aspects of selling your medical practice in California will be handled with care and expertise.
With their help, you will be able to sell your medical practice at top dollar. Here are some of the valuation tactics that Rogerson Busienss Services, expert brokers in California help you achieve your goal:
- How To Increase Company Valuation? 4 Value Drivers You Need To Know
- What is Quality of Earnings Analysis: Sell a Business Due Diligence in California
- Adjusted Financial Statements When Selling a Business in California
- SDE Adjustments To Make Before Selling a Business in California
- How Do I Calculate The Value Of My Business To Sell In California
- What is My Business Worth? | Valuing and Selling Your Business
- How Much is a Business Worth to Sell | Determine Business Worth
- Income Approach Valuation | Finding Business Worth Easy
- How To Value A Business Quickly: Best Business Valuation Formula
- Seller’s Discretionary Earnings (SDE) Valuation | Selling a Business in California
- Financial Due Diligence When Selling a Business
Do you have any questions about how to value a medical practice? Leave a comment below and we’ll be happy to help!
Conclusion
If you are thinking about valuing and selling your medical practice in California, then working with a medical broker is a great option. A medical business broker can help you get the best price for your medical practice by doing things like valuing your medical practice business correctly, finding the right buyer, and negotiating the best terms. If you are ready to sell your medical practice business, contact Rogerson Business Services today.
Andrew Rogerson is a certified business broker based in Sacramento, California. Call Toll-Free at (844) 414-9700 or email him at support@rogersonbusinessservices.com services the whole state of California.
This is part of the tips for Doctors wishing to sell their California medical practice and retire series ->
There is no question that health care is a critical part of our society and economy. It not only helps individuals stay healthy, but also maintains the overall productivity of businesses and contributes to the overall quality of life. Well I really apreciate you writing this article and reflecting on the importance of the medical community and its practitioners.