When you’re considering purchasing a practice, the seller’s realtor will assure you he has everything in hand and he does……for the seller! The transition realtor’s job is to represent the seller, get as much money for the seller as possible, and as quickly as possible. This doesn’t make them bad people (we work very well with most transition realtors), but it also doesn’t make them your advocate when you’re considering a purchase.
Mosaic’s consultants are NOT realtors and we do not broker practices, but we do advise our clients on the advisability of the purchase. There are so many things that a consultant will review before the deal is signed:
- It’s not just the practice AR we look at….but rather the status of the entire AR to advise how to structure the purchase.
- It’s not what the previous doctor collected that’s important to us, it’s also how much we estimate you can collect in the practice.
- It’s not just how we implement the transition for the patients, it’s also how we do it really well, and how do you split the cost to do it well.
When you take over a practice, you don’t just walk in and start working….there are so many details regarding staff, insurances, payment options, etc., etc., etc., that are all new to you if you’ve never been a practice owner. These are the details a good consultant knows how to handle and these are the jobs we here at Mosaic handle for our clients. We frequently see sad examples of transitions that were done without a good consultant and without any real planning. These transitions are frequently classic examples of what not to do when you buy a practice. The practices are overvalued, the doctors have poor patient transition with poor initial marketing and very inexperienced or old fashioned staff members running the office. From what we hear, they’re all really nice people, but we have very little hope for these practices because the transitions were done so haphazardly. Sadly, some of these were thriving practices at one point….and certainly could have been so again.If you don’t try to fix your own car and you call a plumber when the sink leaks, be smart and call a consultant for one of the biggest decisions of your career!
