Before selling your practice, bringing on a new partner or investor or entering into a new practice management relationship or joint venture, you should first determine if there are any business or regulatory risks present in your practice, as they could jeopardize your transaction or put a portion of your proceeds at risk.
Many dermatologists are approached by parties interested in acquiring a practice. Knowing ahead of time what questions you should ask—and how to answer their questions—can turn a simple inquiry by them into a wealth of information for you.
Nearly 40% of doctors in the U.S. are aged 50 or older, and one in four are 65 or older, according to the American Medical Association. For these baby boomers, retirement is a fast-approaching reality. As they ponder their next life phase, doctors who own private practices face several challenges unique to the profession.
There are more than 50 policies that medical practices may have to implement to comply with the Health Insurance Portability
and Accountability Act (HIPAA), so it’s no wonder meeting these requirements may appear overwhelming, especially for smaller practices with limited time and resources.
Physicians are some of the hardest working individuals in the country. Years of rigorous training culminate in long hours at the practice. Even physicians can overlook the importance of protecting their ability to earn a living. When something as trivial as a sprained wrist can prevent a doctor from completing their daily tasks, disability insurance becomes a real consideration.