Practice buy-in offers often sound like a bargain when they really aren’t. How do you know if the practice is worth the stated value? Even when it’s a good financial offer, it may not be the best career move for you right now. Roger Bonds walks you through your options, helps you explore the pros and cons, and teaches you what questions to ask.
For example, how is this practice being managed, and will you have a true voice in it? Will you have input into the approval of new partners, or even the hiring and firing of your own staff? How and what kind of debt is the practice carrying, and will you have any control over the acquisition of new debt? What are terms for buying out the senior partners or for leaving the practice? Will you be part-owner of the real estate and assets, and if not, why? Obviously these are important issues that can cause major headaches down the road—DON’T ASSUME THE EXISTING PARTNERS WILL LOOK OUT FOR YOUR INTERESTS!
NEED A SECOND OPINION? If you've already worked with someone who didn't give you the best advice and was unqualified to counsel you for your career in the medical field, then PhysicianCareerAdvisor.com can help review your unique physician employment contract the right way!
Remember, this is a medical practice management and human resources function. Our unique expertise leads the industry.
This service begins with a telephone interview to discuss your situation, followed by a review of your buy-in offer, practice operating agreement, and practice valuation. It then includes one telephone consultation per week for up to three months or until a satisfactory contract is signed, whichever comes first. If necessary, an additional three months may be purchased at a discounted price.