If you started medical school with the hopes of opening your own practice someday, you've probably been anxiously waiting for that day to arrive. Now that it has, you'll need to decide between starting from scratch or purchasing an existing medical practice. If you've decided to purchase an existing practice, here are four questions that will help you choose the one that will be the most beneficial to you in the long run.
Is There an Established Patient Base?
When purchasing an existing medical practice, the first question you need ask will be about the patient base. Does the practice have an established patient base? Purchasing a practice that already has an established patient base will allow you to walk into a practice that is already seeing patients on a daily basis. From that base, you'll be able to expand and add to it with new patients that will join your practice.
Are You Comfortable with the Services Provided?
One of the issues with purchasing an existing practice is that you'll be taking over from an established physician. That means you'll be taking over the services that they provide. Before you agree to purchase an existing practice, make sure you're comfortable providing those services. If you aren't, you might want to consider choosing a different practice. Purchasing the practice and then discontinuing those services could cause you to see those existing patients leave the practice in droves, which would leave you the task of reestablishing your practice.
Do You Like the Location?
This is important. Before you purchase an existing practice, you need to make sure that you like the location. After all, you'll be spending the better part of your days there. Before you make a decision, walk around and take a look at the neighborhood. Make sure you're comfortable with the location, the neighborhood, and proximity to the hospital you'll be providing treatment through. Close proximity to local hospitals will allow you to get there quickly when necessary.
Will You Need to Make Substantial Changes?
When it comes to purchasing an existing practice, you'll also need to consider the changes that might need to be made. For instance, will you need to make changes to the current staff? Will you need to make changes to the existing building? Practices that may require substantial changes may not be to your advantage to purchase. Instead, choose a practice that is more suited to your particular needs.
For more information, talk to companies like Paragon Health Capital.
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