Christina Rodriguez: In this segment we are talking to Christopher Majdi, with Medical Practice Appraisers and Transition Consultants.
Q: What is your background and qualification?
A: I am a Certified Healthcare Business Consultant and hold a Master of Science Degree in Healthcare Administration. I have been involved in the valuation, sale and financing of healthcare practices for 10 years.
Dermatology Reimbursement
Reimbursement trends are vital to the profitable operation of dermatology practices nationwide. With looming changes in the healthcare system anticipated in the near future, the reimbursement of certain dermatology services and procedures could be potentially cut. The value of a dermatology practice is largely dependent on a consistent revenue stream, making reimbursement and revenue cycle management especially important for potential sellers. Additionally, those physicians contemplating buying a dermatology practice should be equally aware of future trends to ensure ongoing success of practices which they purchase.
Our in-house medical practice appraisal expert, Christopher Majdi, was recently quoted in the Long Island Business News article entitled "Opening a medical practice is all business." The article discussed the dynamics of starting a medical practice and practice sales in the Long Island Market. Our current listing of a respiratory therapy clinic in Nassau County New York was also mentioned. For a reprint of the full article visit LIBN.
The decision to buy a practice
Buying a dental practice is a major step in one's clinical and business career. Many dentists make the decision to purchase after a period of working as an associate to gain experience and build capital. Successfully purchasing and managing a dental practice may also seem like an enormous challenge. While the path to practice ownership can be a natural progression, it may come with challenges for the ill-prepared. The first steps taken after the close of escrow are absolutely critical to ensure a successful transition. Often, new owners of a dental practice lack the necessary experience to simultaneously lead a support team and wear the hat of a business-owner. The ability to balance staff and business demands are vital to the ongoing success of a new practice.
What to consider when selling a practice?
How quickly can I sell my dental practice? How should I price my practice? What amount am I hoping to walk away with at the end of the transaction? These are some of the questions that we commonly hear when talking to selling dentists. There are common features of valuable practices that will help to provide the answers. Some of the following strategies can be implemented which may help maximize the selling price. While pricing strategy is specific to each market, strength and stability of the dental practice for sale is of tantamount importance in any market.