Medical practices provide healthcare services for individuals. These can range from single-doctor private practices to massive hospitals with hundreds of physicians on staff. The most common format for private practices is usually a group of 2–5 doctors working together. There are over 500,000 doctors in the United States, including over 50,000 psychiatrists and approximately 30,000 cardiologists. Private practices can offer general medical services such as checkups or specialized visits related to cancer, diet, internal organs or physical therapy.
Americans spend a lot of money on health care. In fact, a majority of doctors see between 11 and 20 patients each day. The healthcare industry has experienced phenomenal growth in the last 50 years, increasing from a $24 billion market to over $3.5 trillion today.
Private practices can be attractive because they allow for increased freedom compared to working in a hospital, such as setting your hours, choosing your patients and adhering to your code of ethics. You decide how much time to spend with your patients, and you have more flexibility for adapting your schedule.
The first requirement for running a successful medical practice is having the education needed to excel. Your reputation as a doctor, dentist, pediatrician or other specialist is key for building a strong customer base. If you have skills that patients love, then it makes sense to buy a medical practice so people know who to go to for help.
Several factors affect the value of medical practices, including the location, the size of real estate and the number of loyal customers you obtain from the transaction. State-of-the-art equipment and attractive furniture can also make it easier to get a strong start in business. You may also want to research what policies local insurers have towards working with private practices.