If you are considering the purchase of a medical practice, it is complex and time consuming endeavor. For many physicians, the purchase can be an excellent investment but not in the traditional sense. So what do you need to consider when buying a medical practice?
- Complete review of revenues and expenses
- Are the demographics of the patients suitable for the long term?
- Are the services and procedures executed at this practice within your skill set?
- Are you happy with the actual location of the practice, and the appearance of the facility?
- Will the changes required to the facility and staff substantial enough that it makes sense to consider other practices?
- Where are the referrals for that practice coming from?
- Determine whether is will be a asset purchase or stock purchase – there are pros and cons to each approach
- What are the regulatory implications and pitfalls involved
The expertise of a qualified health lawyer is necessary in order to enable the parties to properly structure the transaction so as to meet regulatory requirements and to avoid violating the law. Seeking the advice of an attorney is critical and one should use knowledgeable and experienced advisors. Find an attorney who is personally well versed in both healthcare law and practice purchase and sales. Talk to Jay Ziskind, who has been named in “Best Lawyers In America” and has been Board Certified in Health Care Law since 1995.