Buying an existing healthcare practice is no small task. At Crossroads Healthcare Transitions, we work with both buyers and sellers to ensure a smooth transition between practice ownerships. We’ve helped many buyers achieve successful purchasings of healthcare practices. Here are our three best tips for someone interested in buying an existing healthcare practice:
When purchasing an existing practice, make sure you evaluate all aspects of the practice to ensure it aligns with your future goals. Is the location of the office building in an ideal area for you? Are you comfortable continuing or extending the services already being offered by the practice? Is the reputation of the practice one in which you are willing to take over or improve upon? These are all great things to consider when purchasing a practice and will help you avoid being blindsided down the road with unforeseen challenges. Finding a practice that is as close to your vision as possible is one of the best things you can do as a buyer, and we encourage you to sit down and consider what you want out of this purchase far in advance of pursuing a purchase.
Evaluate The Finances
Staying objective when buying a healthcare practice can really benefit you in the long run. The best way to stay objective is to focus on the numbers. Thoroughly evaluate practice appraisals to ensure you know, as is, the value of what you will be purchasing instead of simply the practice’s potential. During the purchasing process, you should receive a prospectus that includes the last three years of tax returns as well as profit and loss statements for the past two years. This document will help you determine which practices are in the best positions to be purchased at this time. Additionally, as a buyer, you can get pre-approved from lenders to ensure that sellers know you are serious about purchasing their practice.
Get Professional Help
Crossroads Healthcare Transitions has helped many buyers navigate the purchasing process. We offer complete services for buyer representation and handle all the details to ensure that your needs are met. If you are interested in purchasing a healthcare practice, it’s good to have someone on your side who knows the in’s and out’s of this process. Our team is experienced in the private and comprehensive handling of these transactions. All buyers must first complete the buyer’s survey on our site. Please contact us for more information on how we can best assist you through this process. We look forward to hearing from you soon.