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Things You Have to Consider Before You Sell Your Medical Practice Are you in search for a way to get rid of the regulatory as well as administrative burdens that are linked to operating a practice? Probably, you are thinking about joining the ranks of the many practice owners who have sought refuge through selling their practices. You should know that unless you are totally prepared for the changes to come, an escape plan could result to a big regret. You must know that becoming employed can seem like it is the logical decision for a physician. There are several doctors out there who want to go out of their practices because the hospitals would like to expand their referral networks and also their competitive advantage and they would like to buy. This can appear like it is a win-win situation. You should know that after the hospital would purchase your practice, it cannot be avoided that your office will have a different appearance and feel. It will not be a small business anymore but instead a piece of something that is a lot larger. Such is not a bad thing so long as you are ready for it. Due to this, here are the things that you must consider before you sell your medical practice.
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You have to know first your strategic goals. You have to be aware that purchasing a practice might be part of the hospital goal in order to participate in one of the health reform activities like the accountable care organizations. The hospital can also be setting into a motion that are strategies for long-term growth. You must know that the role of the medical practice will be expected to play can provide you with a good insight into the potential changes which may happen later on.
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You must also ask what will happen to your existing technology. If you and the staff have experienced such challenging EHR system implementation, the thought of experiencing such process again probably makes you feel scared. However, this might be what you should do when the new owner still like the use of the same EHR. Switching the systems could also be a good thing if this means that you will have access to the IT staff of the hospital. Get to know the authority that you are going to have. There are many hospitals which have learned post-acquisition that running the ambulatory practice is a lot different from managing a hospital and they are not quite good at this. What this means is that there are several hospitals out there that may want to continue managing the daily operations of the practice even if you are ready to give up their responsibility. Also, some of the hospitals may place one who has no ambulatory experience in charge of the operations. Hence, before signing the paperwork, you must have a frank discussion regarding this and come up with a post-acquisition management method.