There are many steps to acquiring the healthcare practice you’ve always dreamed of owning. We’ve narrowed down that list to just four to help get you started.
Step one: Pre-qualify for funding.
So you’ve decided you’re ready to own a healthcare practice, but don’t know where to start? Begin by having a conversation with a lender who specializes in practice finance to learn what costs you can expect (did we mention this is exactly what we do?) — and come prepared with your production history, as your capabilities should align with the type of practice you’re looking to acquire.
“Your lender should also be able to help guide you in the right direction of other areas of your practice purchase,” said Bryan Chambers, Provide national sales manager. “For instance, in regard to protecting yourself and your future business, we recommend you consider these foundational insurance coverage options: life, personal disability, business overhead expense (BOE), medical malpractice insurance, commercial property insurance, and a business owners policy.”
At Provide, we can quickly get you on your way to owning your dream practice. Our online financing experience is streamlined, saving you time so you can focus on what truly matters: your patients. To get started, pre-qualify in as little as two minutes, with no impact on your personal credit score.
Step two: Assemble your team of trusted experts.
Dental or veterinary school taught you how to be an excellent doctor, but you probably didn’t learn much about owning your own business. That’s ok — there are many experienced experts who specialize in healthcare practice acquisitions who can help you throughout your entire experience. We can connect you with trusted CPAs, attorneys, brokers, real estate agents, and more in our network so you can build your practice acquisition team and get started.
Step three: Find the right location.
Owning a business, especially a dental or veterinary practice, means putting down roots. Where do you want to live until you reach retirement? An urban practice might be great if you’re looking for more complex patients and access to newer technology and research, and don’t mind living in an apartment that’s within walking distance to your office.
Opposite of city living, owning a healthcare practice in a rural area has its own appeal. Because doctors are harder to come by in small towns, you might find yourself earning a higher salary the farther you are from the city. In addition to the clinical work you expect, you may also have the opportunity to make house calls (and subsequently get to know your patients on a personal level).
Prefer something in between? A suburban practice could be just what you need. If you want room to spread out and are looking for great schools for your family, you can easily find both those things in the suburbs. The need for physicians is still high in these areas, so you may find your earning potential more attractive than in a city.
“In addition to the location of your future healthcare practice, it’s important to look beyond things you want — and focus on what you need — in your practice,” said Chambers. “Don’t get distracted by an updated office and new technology. Make sure you’ve reviewed the cash flow and that the practice you are about to purchase is in a position to succeed.”
Step four: Start thinking about how you will market your new practice before you open your doors.
Especially if you’re new in town, now is the time to start building valuable relationships. Show community members that you care: Attend local events, volunteer, introduce yourself to neighbors, and/or join a local club or association. Show residents how important the community is to you personally, and it will pay off professionally.
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.
All lending is subject to review and approval. Provide, Inc. is a wholly owned subsidiary of Fifth Third Bank, National Association.