One of the most common ways to grow a medical practice is through the acquisition process. That’s because when one practice acquires another, both can reap the rewards offered by a larger patient base, increased revenues, greater access to resources, and reduced costs through economies of scale.
But mergers, buyouts, and similar physician practice acquisitions are very complex. Each one must be carefully planned, negotiated, and executed so that both parties benefit from the transaction. Otherwise, one or both practices could be saddled with exorbitant costs or other adverse effects – which could potentially destroy the newly merged entity.
How TriCPS Helps Practice Acquisitions
TriCPS provides medical consulting services to health care businesses that are thinking about buying a medical practice or being absorbed by another office. Our staff is well-versed in all the components that make up a practice acquisition, and we can make sure that your transaction progresses smoothly and is structured so that your practice receives the maximum benefit.
TriCPS starts by valuating your entire medical practice to see what it is worth. In order to do that, we work closely with you to examine your operations, analyze your historical financial data, discover your core competencies, and learn what makes your business tick. Then we see how your practice can be positioned in the marketplace in order to provide a viable opinion on the overall value of your business.
Next, TriCPS helps to identify other medical practices or health care facilities that might be a suitable partner for your business. This may include acquiring a solo practitioner or smaller office as well as selling your medical practice to another company or hospital. If an acquisition appears to be feasible, TriCPS will handle any structural documentation, oversee the formation of any partnership agreements, and negotiate with all parties to make sure you and your practice are compensated fairly.
Transitioning Into a Hospital-Owned Practice
In recent years, TriCPS has helped many private practices undergo the transition into a hospital-owned practice. That’s because more and more physicians are seeking greater compensation stability, reduced reporting requirements and administrative duties, lower overhead and operating costs, and a shift in focus toward patient care and away from operating a business.
If you are thinking about converting your private practice into one that is owned by a large health care facility, you’ll need a partner that can advocate for your interests and negotiate with the bevy of lawyers and administrators who are employed by the hospital. TriCPS is dedicated to helping you secure the most beneficial arrangement possible when transitioning to a hospital-owned practice in and around Miami, West Palm Beach, or Fort Lauderdale, as well as anywhere in the United States.
So before you begin the process of acquiring, merging with, or selling to another medical entity, make sure you let TriCPS help you navigate this intricate and lengthy process. Call TriCPS today at 954-351-0336, or contact us online to set up a free one-on-one consultation.