• You don’t have to start with no patients. The established patient files give you a base of income each month to help pay the bills.
• You don’t have to set up the practice systems. Billing, collections, patient flow, and other procedures are already in place, so you can step in and begin working the system immediately.
Of course, you have to pay for this established practice, So how do you know the practice is worth the price? Let’s say you have found a practice you might want to buy. Here are some questions to ask before you get too involved in the purchase decision:
Is the practice location where I want to be? If the practice is in a town you want to move to and live in for many years, you can proceed knowing that you will be buying a business you can stay with for a long time. If the practice is not exactly where you want to be, you will probably be better off finding a town you like and starting your own practice.
Is the price reasonable? Many doctors have put inflated prices on their practices, for two reasons: (1) They want to get paid for 35 years of work, and (2) They have been counting on using the proceeds of the practice sale to fund their retirement. A practice in which the doctor has only been working a few days a week might seem like a steal, but if the selling doctor won’t come down in price, you will be paying too much for the practice.