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Things You Have to Consider Before You Sell Your Medical Practice Are you searching for a way to escape the regulatory as well as the administrative burdens that are associated with running a practice? Perhaps, you think of joining the ranks of a lot of practice owners who have sought refuge by selling their practices. You should know that unless you are totally prepared for the changes to come, an escape plan could result to a big regret. You should know that becoming employed can look like it is a logical decision for the physician. There are a lot of doctors out there who want out of their practices as the hospitals want to expand their referral networks and also their competitive advantage and they are eager to buy. This can appear like it is a win-win situation. You have to know this though that after a hospital would purchase your practice, it is inevitable that your office will have much different feel and look. It will not be a small business anymore but instead a piece of something that is a lot larger. That is not a bad thing so long as you are prepared for it. For this reason, here are some of the things that you should think of before you sell your medical practice.
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Get to know the strategic goals first. You have to be aware that purchasing a practice might be part of the hospital goal in order to participate in one of the health reform activities like the accountable care organizations. A hospital can be setting into a motion some strategies for growth in the long run. You must know that the role of the medical practice will be expected to play can provide you with a good insight into the potential changes which may happen later on.
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You have to ask what will take place to the present technology. When you and the staff have experienced a challenging EHR system implementation, then the thought of experiencing this process again perhaps makes you shudder. However, that might be what you should do if the new owner would like all of the facilities using the same EHR. It can be a great thing to change systems when this means that you can have access to the hospital’s IT staff. Know the authority which you will have. There are a lot of hospitals that have learned post-acquisition that running the ambulatory practice is so much different from running the hospital and they are not that good at this. This means that there are some of hospitals out there which are interested about continuing the management of daily operations of the practice though you are prepared to give up their responsibility. Also, there are some hospitals that would place one without ambulatory experience and manage the operations. Before you actually sign the documents, you should discuss things thoroughly and have a post-acquisition management method.

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