3 questions to ask before you decide
Are you thinking about selling your FHO practice? Before you start looking for a buyer, here are three things to think about:
1. What’s your practice worth?
You know what it’s worth to you, but what is its actual market value? Are you comfortable with selling it at the “going rate?” What it’s worth depends on the income it generates month-to-month, of course, but ultimately, it depends on how much a buyer is willing to pay. Factors influencing price can include everything from location to lease obligations, cost-sharing scenarios to the personalities of your partners.
2. What does the MOH say?
When it comes to selling a family practice, the Ministry of Health has very specific requirements. Do you know what you need to do to properly transition your patient roster and your practice to a buyer? Are you prepared to do everything needed to meet those requirements? When it comes to the MOH, transitioning a healthcare practice has many steps. Bringing in professionals like DoctorCare can make it much easier for you.
3. How will your partners feel about the change?
When you’re selling a practice that’s connected to a larger group, that can add complexity, especially when there are different personalities and agendas involved. Let your colleagues know about your plans before you set the wheels in motion – it’s the best way to get their support and cooperation.
DoctorCare can facilitate the sale of your FHO practice.
We can help you with everything from finding the right buyer to complying with MOH requirements. Get in touch for a free consultation.
Want to learn more about buying or selling a practice? Watch DoctorCare’s recorded “Mini-Webinar: Buying & Selling a Medical Practice in Ontario.”