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How to Achieve Maximum Success with Experts

What You Must Take Into Consideration Prior to Selling Your Medical Practice Are you searching for a way to escape the regulatory as well as the administrative burdens that are associated with running a practice? Probably, you think of joining the ranks of so many practice owners who have sought refuge through selling their practices. You should know that unless you are totally prepared for the changes to come, an escape plan could result to a big regret. You must know that becoming employed can seem like it is the logical decision for a physician. There are so any doctors who like to go out of their practices since the hospitals wish to expand their referral networks and their competitive advantage and they want to buy. Such may look like a win-win situation. You should know that after the hospital would purchase your practice, it cannot be avoided that your office will have a different appearance and feel. It won’t be a small business anymore but rather a piece of something which is much larger. This is actually not a bad thing so long as you are prepared for this. Due to this, here are the things that you must consider before you sell your medical practice.
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Get to know the strategic goals first. Know that purchasing practices might be part of the goal of the hospital to participate in one of the many health reform initiatives like the accountable care organizations. A hospital can be setting into a motion some strategies for growth in the long run. Know that role your medical practice will be expected to play can give you a good insight into the potential changes that may happen later on.
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You should ask what will happen to the existing technology. When you and the staff have experienced a challenging EHR system implementation, then the thought of experiencing this process again perhaps makes you shudder. However, that might be what you should do if the new owner would like all of the facilities using the same EHR. Switching the systems could also be a good thing if this means that you will have access to the IT staff of the hospital. Know the authority which you will have. There are so many hospitals which have realized post-acquisition that operating an ambulatory practice is definitely much different from operating the hospital and they are not that good in doing this. What this means is that there are several hospitals out there that may want to continue managing the daily operations of the practice even if you are ready to give up their responsibility. Moreover, some hospitals may place one without ambulatory experience in charge of operations. Hence, before signing the paperwork, you must have a frank discussion regarding this and come up with a post-acquisition management method.