Steps on buying a practice

[DRZIVAR]

Hello all I am a new and upcoming physician looking to take a step toward being more independent. I am looking to overtake a practice from a retiring physician or even buy an office or an old practice. I am having difficulties searching online for such opportunities. My first choice is to tag along with a retiring physician and gather some experience at the same time and get to know the patients. Anyone has any resourceful leads or comments or websites or insights they can share to make my search more efficient?

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[deleted87716]

If a retiring doc is selling his/her practice, beware. A medical practice has essentially no actual value aside from the accounts receivable, which you typically won't be allowed to keep. If there's real estate involved, that's really all you're buying.

There's an old joke about medical office space that goes:
Q: What's the difference between medical office space and an STD?
A: You can get rid of an STD.

 

[JustPlainBill]

And watch the real estate side of things also --- I lost a friendship/mentor relationship coming straight out of residency over stuff like this ---

Long story short -- mentor had 1/2 of a building that was no longer being used with 3 exam rooms in it -- previous physician had retired and area sat empty for a while --- mentor used pull with hospital to recruit me out there with the idea that I'd rent office space from him and get his overflow --- well, turns out there was some behind the scenes maneuvering to try to get me to commit to take out a loan to purchase 1/2 of a 1980s building in need of repair with no separate entrance and then we split the electric/water, etc.


When money is on the table, people get weird --- I've seen families screw each other over a social security check ---

 

[mabinante]

I have a contact that occasionally finds docs that are trying to sell their DPC practices. I think he just had one for sale in a small town in MA. Where you looking?

 

[DRZIVAR]

I have a contact that occasionally finds docs that are trying to sell their DPC practices. I think he just had one for sale in a small town in MA. Where you looking?

I am in Georgia and my license is in Georgia I want to know of steps and ways you can find these doctors. I can not just google primary care offices and call every one and ask if they are hiring or if they are retiring. Can you help me somehow with the search??

 

[geauxg8rs]

I am in Georgia and my license is in Georgia I want to know of steps and ways you can find these doctors. I can not just google primary care offices and call every one and ask if they are hiring or if they are retiring. Can you help me somehow with the search??

I am sorry but why can't you google and cold call like you described?

If there is a town you really want to be in, make some calls. You don't know what someone might say

 

[Doctor4Life1769]

And watch the real estate side of things also --- I lost a friendship/mentor relationship coming straight out of residency over stuff like this ---

Long story short -- mentor had 1/2 of a building that was no longer being used with 3 exam rooms in it -- previous physician had retired and area sat empty for a while --- mentor used pull with hospital to recruit me out there with the idea that I'd rent office space from him and get his overflow --- well, turns out there was some behind the scenes maneuvering to try to get me to commit to take out a loan to purchase 1/2 of a 1980s building in need of repair with no separate entrance and then we split the electric/water, etc. --- that ended when my wife and an interior designer


When money is on the table, people get weird --- I've seen families screw each other over a social security check ---

Agree ...my director who is my mentor also said the same thing

 

[cabinbuilder]

I am in Georgia and my license is in Georgia I want to know of steps and ways you can find these doctors. I can not just google primary care offices and call every one and ask if they are hiring or if they are retiring. Can you help me somehow with the search??

Why don't you look on the websites of some larger recruiting agencies: Delta, Merritt Hawkins, Comphealth, etc All of those websites have pages and pages of permanent and temporary jobs. Just remember that you don't ever pay a recruiter for anything. The entity looking to hire a physician pays the recruiter.

 

[Ericslv]

Hello all I am a new and upcoming physician looking to take a step toward being more independent. I am looking to overtake a practice from a retiring physician or even buy an office or an old practice. I am having difficulties searching online for such opportunities. My first choice is to tag along with a retiring physician and gather some experience at the same time and get to know the patients. Anyone has any resourceful leads or comments or websites or insights they can share to make my search more efficient?

Get a job.
Learn about business. Because if you are asking about it in here you have lots of learning to do about business.
Get out of Debt/put away for retirement.
Save your money.
Start your own. In that order.

Or, Get ready to make lots of mistakes and lose lots of money before you make any.

 

[FamilymedMD]

Don't buy an existing insurance oriented practice. Many independent family docs will be lucky if they can give away those practices (and the responsibility for all those charts for years to come) to the local hospital when they retire or give up.

Work as a hospitalist or as an employed outpatient doc for a year or two to get known in the local community. Watch for noncompetes. Then start a DPC.

 

[Transition Consultants]

You can always try contacting a practice broker. They can help you find exactly what you are looking for in terms of location and specialty.

www.transitionconsultants.com

This website is a good place to start.