When you are looking to buy a medical practice there are many things to consider, which include:
• Price and location. A practice in an urban area will have greater value than one in a rural area but will probably bring in more clients.
• Whether the existing equipment is owned or leased, and whether it needs updating.
• Agreements outlining clear intentions are essential
• Consider corporate structure, insurance, practice management and billing, and career flexibility.
Some of the advantages of buying a medical practice that is already established include:
• Experienced staff who know the patients.
• Save time on planning.
• Practices will have equipment and furniture in place.
• The biggest advantage of buying a GP practice is that there is no loss of cash flow compared to building a new practice because there is an existing client base.