At Healthcare Practice Sales, we understand how important it is to achieve your goals when looking at purchasing allied health practices, be that Chiropractic, Physiotherapy, Podiatry, Speech Pathology, Osteopathy, Psychology, Occupational Therapy or even a multidisciplinary clinic, etc. From first time purchasers to seasoned clinic investors, we here at Healthcare Practice Sales are here to not only assist when selling or purchasing allied health clinics, but also to support and guide you along the way. Here are some tips for those looking to get their allied health clinic purchase off on the right foot.
Find the Right Clinic for YOU to Buy
The success and failure of your practice purchase could hinge entirely on the strategy that goes into finding the right practice for sale. This is your chance to do research into a variety of different factors, some of these are listed below:
• Know your budget and stick to it. Seeking a pre-approval from your bank is a great way to define exactly how much you must play with to buy your clinic.
• Research the right location and style of practice. By spending a little extra time researching the right are and style of practice you are after to purchase early on can save you both time and money down the track.
• Think with your head and not your heart. This is a financial decision, and it needs to be treated that way. Remember you are not looking for a family home; you are looking for an allied health practice with future growth potential.
Know Your Numbers
On top of budget, it is important to understand the variety of factors that could impact your revenue. Room leasing, staff wages, contractor fees, locum fees, rates, body corporate, general repairs and maintenance costs are just a few of the ongoing charges you need to keep front of mind when hunting for a new allied health clinic to purchase. Always ensure your budget does not just account for your deposit and repayments, these ongoing costs tend to sneak up on unsuspecting buyers.
Think Long Term
Allied health practices are long-term investments, and if you are looking to make fast money, purchasing a practice is probably not for you. The longer you can afford to hold on to your practice and build the patient numbers and data base the greater your chances become of turning a profit. But what does all that mean? Essentially you cannot simply rely on and plan around your current situation. It is important to consider outside forces, growth within the practice and changes in your financial situation before you commit to a long- term investment.
If you are looking at purchasing an allied health practice, please contact us at Healthcare Practice Sales today.