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If you're considering selling your practice to a hospital or healthcare system, this checklist by the Medical Economics staff will help ensure you get the best deal you can and have a successful transition from owner to employee.
what to consider when selling your practice negotiations: a checklist c Know your benchmarks, how much c Would the billing process, personnel, or money you want to make, and how your service change? Is the acquiring entity’s billing productivity would be tied to compensation. team competent? If not, would it affect your pay? c Verify the financial health of the entity that would be acquiring your practice. c How would your authority over your staff change? c Inquire about current or pending litigation against the organization that would be c Would you be able to choose your own acquiring your practice. staff members, or would they be assigned to you without your input or control? c Obtain and understand the new work schedule, call schedule, and daily productivity c Would your current staff members be that would be expected of you. retained? Would they be paid and offered benefits by the purchasing organization? c Obtain and understand the proposed personal compensation model and payment o c T whom would your staff members schedule. report? c Will the entity pay for good will/intangible c What rights would the buyer have to call value, or will it pay only for the value of on you for information? your used tangible assets? What will be the c What would be your financial reporting tangible assets versus good will allocation and financial audit rights? price? (Obtain advice from a certified public accountant regarding the tax effects.) c Who would collect your accounts receivable? Who would get the money? How c Check on the terms of getting out of or would debts sent to collections be handled? transferring your office lease, whether you plan to stay there or relocate.
"Checklist: Negotiating to sell your medical practice"