By Luis de la Prida
Here’s a hot trend we’re seeing: More and more urgent care centers are being approached by hospitals to see if they’re interested in selling or merging. That’s because when a hospital acquires an urgent care center, it’s a great way for the hospital to bring in additional revenue and manage costs.
But as it turns out, not every urgent care center is ready to handle the call.
Before you start the conversation, take some time to think about your options. This is a big decision. You want to make sure you’re getting the best deal possible. And to do that, you’ve got to prepare. Here’s how to do just that:
Know what you’re selling
As soon as your urgent care center is for sale, buyers will want to know what you’re all about. You need to thoroughly understand the ins-and-outs of your business — and also, give some serious thought to your end goals. Knowing what you want at the beginning can help you formulate a plan to get there at the end.
Dig deep to understand your profitability, practice profile and staff continuity. It’s your job to understand the health of your business. You might also want to ask yourself the following questions:
- Do you want to be part of a hospital system?
- Do you see your practice as part of a large group?
- Do you want to retire outright?
- How long are you willing to continue practicing medicine?
Pretend like you’re doing an internal audit. That way, when it’s time to negotiate a sale — you don’t have to wait until somebody from the other side of the table tells you what you’re worth — you’ll already know. [Read more…]