Selling Your Practice? You Need These 3 Things First...

Selling-Your-PracticeEventually, you'll reach the day when you want to sell your practice and step away to your well-deserved retirement. The question is, is your practice going to get its full worth on the market?

At DoctorBase, we've seen private practices sell for higher than the local market price, or make it a fire sale after getting beat up by analysts to the point where you can't even fetch a price that'll send you to semi-retirement.

What's the difference between the two? Well, after compiling 3 years of data across 11,500 practices, we've cross-referenced the patterns and trends that M&A analysts (those MBAs hired to make you an offer) ultimately look at when you're selling your practice:

1. Star Rating - It's not just Yelp, analysts scrub the internet for any rating that can be attached to your practice. In the internet age, it's the most accurate way to determine the worth of a private practice.

2. Verified Reviews - Of course, the star rating is only as good as the truth of the reviews behind it. In the era of Yelp, analysts are constantly questioning the validity of the reviews behind a practice. Having more verified reviews with proof of their authenticity guarantees that you'll get a fair price for your practice.

3. Patient Engagement Rates - The magic number is 10%. 10% of your patients should be emailing your practice (if not you directly), stay engaged in their health records, and registering onto your health portal. If you have at least 10% of your patients engaging with your practice, you're guaranteed to drive your price up.

Each year, these three traits are becoming more important than your schooling, residency, and overall experience.

So we've given you the "what," the only remaining question is the "how?"

About the Author

Dr. Molly is passionate about using technology to improve the lives of patients and healthcare providers. She graduated from the University of Illinois College of...

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