Business Life Cycle Management
Practice Sales & Transitions
Do You Have a Plan? We developed a philosophy and program to allow healthcare professionals to understand, regardless of which life cycle their careers are in, how to do “exit planning” well in advance of when they anticipate transitioning out of their practices. This exit planning road map includes the absolute necessity of being prepared to exit from Day 1, just in case the practitioner experiences a catastrophic reason to leave practice whether that reason occurs shortly after starting a practice or after 40 years of practice or anytime in between. The plan also includes how to value the practice at any time in the Business Life Cycle or when an exit is being anticipated. When considering exit strategy planning, remember this: Hope is not an effective business strategy!
If all you are typically provided with are stale, practice management reports and difficult to interpret financial reports, without receiving a clear opinion on the future financial status of your business, you need to supplement your financial reports with a Forecasts tool that does provide you with all of the information you need. If your existing information doesn’t offer the ability to do What If Scenarios, you need a tool that does. If you are used to being provided with accounting reports but not evaluations of those reports, you need a Monthly Analysis tool that gives you information in a language you understand and in a format so that you can evaluate the financial status of your practice in less than one hour per month.
It’s not your fault that you may not have a thorough grasp of business acumen. Finance and business education courses are rare, if given at all, in the current healthcare universities and the professional curriculums they offer. To move in a positive direction, you need to formulate an operational Business Plan. It has to be written so that everyone (your staff, advisors, bankers, etc.) can understand your vision, be guided along the path toward mutual goals, and be given a plan (road map) to adjust back to the correct path when the way is temporarily lost. As healthcare providers, we understand that if we want to solve the problem, we have to get the right diagnosis.
If you don’t want to own your own practice now or in the future, should you consider working for someone else?
If you are a practice owner, should you consider hiring an associate?
Both prospective and existing associates and practice owners will find value in our services. Our offerings look at both sides of the equation, one from the owner’s perspective and one from the associate’s perspective. Hopefully, by combining both viewpoints and reasoning, these two parties will be able to negotiate and continue to practice so that both parties are happy with the relationship and can prosper going forward.