Are you planning on retiring in the near future? If so, you’re probably thinking long and hard about whether or not you should just close up your medical practice or sell it to another physician. Both options have their pros and cons and it really depends on your preferences. Thankfully, if you are thinking of selling your medical practice, My Retired Doctor is here to offer some advice and assistance!
Keep reading for three tips on selling your medical practice.
- Get more than one bidder
- Provide the option to stay on as an employed (part-time) physician
- Convert your paper records to an EHR system
One of the most important things to consider when selling your medical practice is to get more than one bidder. In fact, the more, the merrier! Many times, physicians have a number in mind when selling their medical practice and if the first bidder is willing to meet that number, they’ll close the deal. However, by waiting a bit and soliciting more than one bidder, you can actually drive up the price of your practice significantly. Even if the price doesn’t change, this still gives you more power to choose between bids and negotiate on certain aspects like timeline, staying on part-time, and other aspects of the sale.
Some physicians that purchase a medical practice like to have the seller stay on as a part-time physician. Be prepared for someone to ask this of you and have weighed the options. Could you do two days a week until they got settled, or maybe three? Perhaps you are just willing to be on call if the other physician calls out sick or wants to go on vacation. They might not need or want you to stay on in any capacity, but you should be prepared for the request and have a well thought out answer.
When a physician searches for a practice to buy, they often give preference to one that has an Electronic Health Record System in place. Younger doctors don’t want to deal with and manage paper records, which is why you should seriously consider digitizing your medical records to create a digital database. The good news is that My Retired Doctor can help you do that!
Contact My Retired Doctor for help converting your paper records to digital!
If you do not have an EHR in place, My Retired Doctor can help. For over 27 years we have been digitizing medical records with our high-resolution imaging software. We can digitize all or just some of your medical records, making your practice more attractive to potential buyers when it comes time to retire. Give us a call today at 877-328-2343 to request a quote on our medical record scanning services!
To learn more about the reliable document management services that we offer, visit us on the web at My Retired Doctor.