How To Buy A Medical Clinic
Finding a medical clinic for sale and buying one can be a complicated process. There are many steps involved in changing over ownership of medical clinics, urgent care clinics and health care clinics. These types of clinics for sale are good investments but require careful planning and being resourceful.
Client Base
When you find medical clinics for sale, visit them several times during the week for a couple months. Determine what types of clients are visiting the clinic on a regular basis. For example, is the clinic primarily visited by new patient or established patients? This will help you create a solid business plan.
Specialty
If you can find medical clinics for sale that offer specialty services, these often do better than general clinics. General clinics will have a large number of clients but often these are not established patients. Established patients will continue to use the facility for their needs and health care. For example, a medical clinic that specializes in eye care will have patients returning annually for eye exams and others returning for new glasses, contacts and other optical needs.
Duration of the Clinic
How long has the health care clinic that is for sale been in business? Is there advertising and a promotion plan already set forth for the clinic that you can join or follow? Often, a medical clinic that has been operating for a long time will have a large number of established patients that will return over and over to the facility for their health care.
Staffing
Patients do not like a lot of change. When you buy the health care clinic for sale find out if the staff will remain with the change over. It can be difficult to hire nurses, physician assistants and other staff. You want a facility that will have loyal staff that will remain after you have taken over the health care clinic. Trying to completely re-staff a new health care clinic for sale would be extremely tedious and will cost you many of your established patients.
Insurance Coverage
It is important to know the various insurance coverage laws prior to buying a medical clinic. Consulting with a health care attorney will make this part of the take over much easier. Insurance coverage for the facility and for yourself such as unemployment insurance, accidental insurance, malpractice insurance and others will be needed.
Employee Plans
Staff and present employees are enjoying the company benefits. Make certain that you determine who the benefit providers are for the health care clinic or urgent care clinic that you assume ownership. You do not want to lose employees and staff because they are no longer covered by benefits that they were depending on for themselves and their family members.
Equipment
A great deal of specialized equipment goes into operating a health care clinic or urgent care clinic. Determine prior to buying the clinic if the medical equipment will remain with the facility. Is the equipment on rental with maintenance contracts or it is owned outright by the current owner of the facility?
Medical Background
It is not imperative to have a medical background but it will help. You need a strong background in organization, financial planning, investing and accounting to operate the take over of a health care clinic. Someone has to organize staff, maintain patient records and other office tasks. Your primary function will be to make certain that everything runs as smooth as possible.
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01/20/15 at 08:01 PM
I have 50% interest in an urgent care clinic that generated revenues last year in excess of $2 million dollars. Presently, looking for a buyer to buy me out.