It’s important to surround yourself with experts you can trust to help you build a strong foundation for your future practice.
Whether you’re a recent graduate or you have several years under your belt, if owning a healthcare practice is your dream, assembling the right acquisition team is an important first step. Gather professionals you can trust in the below fields to help you build a strong foundation for your future.
When it comes to choosing the right lender, be sure to look beyond rates.
- Speed and ease: The right lender for you will match their process and timeline to your needs. You’re busy building your dream, so search for a lender who will save you time and resources in the loan application and approval process. In most cases, practice ownership comes with an increase in income, so closing delays result in money lost.
- Partnership: A great lender will be your partner after your deal goes through and will even be by your side years later. Ask them about their ability to provide future financing for all your practice needs as well as other products that could benefit you once you get the keys, such as banking products, credit cards and more.
- Expertise: Look for a lending partner who specializes in the healthcare field — they know the industry and can help guide you through this unfamiliar experience.
Most practices are sold through a healthcare specific practice broker. They will help you find the right office for your current and long-term needs, and they’ll handle the heavy lifting of the deal for you like negotiating, working with your attorney and coordinating due diligence for you and your accountant. Most practices are listed exclusively with a single broker so make sure you are reaching out to a few that cover the area you are targeting.
(By the way, our practice marketplace pulls thousands of listings from top brokers across the country and makes it easy for you to find your dream practice and a trusted broker. Browse our current listings today.)
From reviewing contracts, leases and other crucial documents, the attorney you choose will be one of the most important experts on your team. Did you know there are attorneys who specialize in healthcare and, more specifically, healthcare private practice sales? Our advice: Look for a legal partner with experience in your industry; they’re aware of all the little things that a rookie or general practice attorney might not know.
Before you open your doors, make sure you, your new practice and your employees are properly protected. An insurance broker can help you determine what coverage best fits your needs. As a practice owner, some of the most important insurance products are life, personal disability and business overhead expense (BOE) policies, in addition to:
- Medical malpractice insurance
- Business overhead expense insurance
- Commercial property insurance
- Business owners policy
Good news — you don’t have to face tax strategies alone (phew, right?). Find an accountant who specializes in working with healthcare providers and especially someone who has recent experience working with new practice owners. This should be someone you can trust to guide you on:
- Asset allocation
- Setting up financial systems
- Tax strategies
- Strategic planning and growth strategies
Opening the practice of your dreams can be both exciting and scary, but surrounding yourself with experts you can trust will give you the confidence and reassurance you need. Don’t know where to start? We can connect you with trusted experts in your area. Reach out to us at firstname.lastname@example.org.
Already have your team assembled, and ready to kick things off? You can pre-qualify in as little as two minutes, with no effect on your credit score, completely from your mobile device.
All lending is subject to review and approval. This content is for informational purposes and it does not constitute the rendering of legal, accounting, tax, or investment advice or other professional services by Provide or any of its subsidiaries or affiliates, and it is being provided without any warranty whatsoever. Please consult with appropriate professionals related to your individual circumstances.
©2021 Provide, Inc. All rights reserved. Provide, Inc. is a wholly owned subsidiary of Fifth Third Bank, National Association.