Know WHEN and WHY to Sell or Merge Your Practice and Services
With the current economy still unstable and the Affordable Care Act causing panic among some in the medical community, more and more physicians are considering selling or merging their practices and services. While doing this can certainly be beneficial, if it’s not done right, you could end up costing yourself financially and in terms of your reputation as a medical professional. Below are some considerations to keep in mind if you are thinking of selling or merging your practice or services:
First and foremost, you need to think about the actual reason you want to sell or merge. Have you considered all available solutions? Is your reason a financial one that could be solved in some other way? Are you wanting to merge in order to provide better patient care? Determining your reason before making any decisions is crucial to the success of a sale or merger.
Once you’ve determined that a sale or merger is the best course of action, you should begin planning. Planning before taking any type of action can greatly affect your odds of success or failure. This means determining what your strategy will be, even if you don’t have a specific partner in mind or if you do not have a potential buyer lined up. Do you need to get rid of the practice as soon as possible or can you wait? Do you want to merge with a practice that offers a specialty in order to add to your current offerings or are you interested in a similar practice for expansion? During your planning, it would also be a good idea to consult with a member of our medical consulting team for added assistance.
Throughout the process of a sale or merger, you need to document everything. From the first meeting with a potential partner through to the last day that the practice is yours alone, you need to keep records of all decisions, and these records need to be signed and available to all involved parties. Failing to keep accurate records, such as medical billing during the transition, could cause your entire deal to go wrong when you least expect it, so ensure that everything taking place is communicated clearly and agreed upon before taking any action.
Interested in Selling or Merging? Synergy MSO Can Help
As a medical practice management and medical consulting firm in Dallas, TX, Synergy MSO is available to help physicians sell or merge their practice and services. The experienced professionals at Synergy MSO can guide you through each step of the process, making things easy and efficient. With your specific goals in mind, Synergy MSO can help you to craft a strategic plan of action that will give you the best outcome.
To learn more, contact Synergy MSO today at 214-550-1469.