Pay Attention to Details when Selling Your Practice

The healthcare industry is in a state of confusion and has been for the past 15 years. Physicians are faced with dwindling reimbursement rates, demanding administrative tasks, and changing federal and local rules and regulations. On the flip side, hospitals and healthcare networks are interested in pur- chasing physician practices. Should you consider keeping the status quo, turning over many of the administrative headaches, or just retir- ing all together? As a provider, should you take over or continue a solo practice, join a multispecialty group, or become an employee of a hospital? Buying or selling a practice can be life changing. The process is complex, and involves legal, tax, accounting, valuation, and psychological issues. It takes time and due diligence. It involves an entire team of professionals, which can and should include accountants, lawyers, and consul- tants all of whom specialize in this area. The intent of this article is to establish a starting point on wlhere and how to begin. It addresses major issues that should be considered in the beginning of this complex process. Whether you are a buyer or a seller, you will face many of the same processes and questions. A host of legal and practical issues will confront you, and this article explores your options.