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    5 tips to prepare for practice purchase

    So you want to be a practice owner. Do these things first

     

    5. Protect your investment

    The goodwill of the selling doctor can be the largest portion of your investment when purchasing a practice. If the selling optometrist will no longer be working in the practice, it is important to have her sign a non-compete agreement so she doesn’t suddenly become your competitor and take all the patients with her.

    In fact, patient retention should be your primary focus when purchasing an existing practice. The seller should agree to pose for a photo with you that you can mail out in a letter announcing you as the new owner. Ideally, the seller stays on for one to two years to help with the transition so she can verbally tell all the patients how great you are. Even if the seller works only one or two days per week for a period of time, it makes for a very smooth transition and a higher percentage of patients will stay with the practice.

    Congratulations if you’re considering owning your own private practice! In recent years, we’ve seen negativity surrounding private practice ownership due to the Affordable Care Act (ACA), ICD-10 implementation, and meeting meaningful use guidelines. However, despite some of those challenges, private practices provides a wonderful opportunity to provide a high standard of care and excellent customer service that will result in a successful practice that patients will appreciate and will provide you with a great lifestyle. Best of luck with your quest to find your dream practice.

    Click here to check out the latest practice management advice

    Dirk Massie, OD
    Dr. Dirk Massie has two practice locations in the St. Louis metro area. He is the primary consultant at Premier Doctor Consultants.

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