Over the years we’ve spoken to a wide range of medical professionals, many of whom have always dreamed of having their own practice. If that rings true for you, if you’re looking to take that next step, the first question you need to ask yourself is:
Do I want to buy an existing practice or start my own from the ground up?
This isn’t an easy decision to make by any means, but the most important thing is that you understand the ins and outs of each. We’ve prepared a list of 9 factors for each – starting up or buying in – for you to consider.
Well, almost. If you buy an existing practice, you won’t have to do as much work when it comes to business systems or standards as those should already be in place, or a long way there – that’s a real bonus if you ask our opinion because it means you can get straight on with patient care.
Existing patient base
Another great part of buying an existing practice is that you can hit the ground running and start seeing patients immediately by carrying over the patient-base of the practice.
Financial log book
If you buy an existing practice, you’ll be able to analyse past financial statements and get a good reading for what to expect in the future. It will also make business planning and development much easier when you have all the past information at hand.
You can make a profit from day one