Author: Dana Jacoby

 

Making the decision to sell or merge your medical practice is a huge step in your professional and financial life. And while every merger or acquisition is unique, there are some key considerations to keep in mind when making the decision to sell your practice. By following a roadmap that outlines best practices for mergers and acquisitions and by partnering with an experienced healthcare consultant, you can develop short and long-term strategies for financial and operational success.

 

Read More: Merger & Acquisition Consulting

Use A Roadmap

When starting a new chapter for your practice in the form of a merger or acquisition, it’s important to start with the destination in mind. At Vector Medical Group, we can provide you with a roadmap for success and to give you an idea of what to expect every step of the way. A roadmap to acquisition involves many steps, such as letters of intent and negotiation. But there are a few key steps that are especially important to your decision-making process when considering a sale of your practice. 

Concept Phase

This is your brainstorming and reflection step. Before jumping into the process of selling your medical practice, it’s important to answer some key questions. Determine what your post-acquisition goals are, and ask yourself the implications of merging at this time. Vector Medical Group also consults during this phase, and we can review your short and long term goals to determine if a merger is the right step for your practice. If a merger or acquisition makes sense, then VMG can assist you with feasibility assessments and merger structures. 

Due Diligence 

It’s critical to ensure that a potential partnership is a good fit. At Vector Medical Group, we take the due diligence process seriously, and we know that thorough investigation and review of performance and marketplace are crucial to the overall success of a new partnership. We’ll closely examine the potential partner’s finances, mission, activities, programs, culture, operating practices, and more to determine if a potential partnership is a good fit for your practice.

 

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Transition Successfully 

Once you’ve completed your merger or acquisition, it’s important to ensure continued support for your practice. A healthcare consultant like Vector Medical Group can help ensure a smooth transition by:

  • Clarifying roles
  • Teambuilding
  • Creating working committees 
  • Cancelling registration of entities that no longer exist
  • Negotiating new contracts

You might be feeling a range of emotions upon selling your medical practice – excited, scared, sad, hopeful. It’s also important that you feel secure in the knowledge that the transition will continue to be successful – and that’s why VMG’s team of experts provide support throughout the entire process. 

 

Learn More: Succession Planning In Healthcare

Partner With A Consultant

You’re about to make a lot of decisions about your practice’s financial and operational future, but the best decision you can make when considering selling your practice is to partner with an experienced healthcare consultant like Vector Medical Group. Our consulting firm brings over two decades of experience in the healthcare, investment, and finance fields. By providing the latest industry trends and forecasts and discussing your roadmap to success, we’ll help you decide if a merger or acquisition is right for your business. 

Interested in learning more about selling your medical practice? Book an introductory consultation with Vector Medical Group today!