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I recently bought a new practice (through Medical Mavin) from a retiring podiatrist of 40 years. The practice in itself is very viable. However, his methods of treatment and the practice are very outdated. I expected that the practice would need an overhaul when I bought it. Medical Mavin suggests to wait for at least 2 patient cycles before starting any changes/improvements. I believe this would be counterproductive. The methods of the retiring podiatrist and the office itself are very inefficient, from old equipment to not maximizing office space. I'd prefer to begin updating, improving, renovating the practice immediately. Any input or advice would be greatly appreciated. Thanks.
You are quite correct in your assumption that waiting two patient cycles would be counter productive. If you have the capital to improve the practice my advice would be to begin the work immediately. If you don't you will spend the next 5 years on top of the two patient cycles digging yourself out from under the retiring practitioner.
You are bound to lose goodwill; it is inevitable. This is human nature when younger, new blood takes over from the old, reliable model but you will gain far more from having a squeaky clean office that smells new, looks new and is a safe and modern enviromnent. This stamps your mark on the standards immediately.
Be productive in your approach. Market yourself and inform the present patient caseload of your plans. They will relish being involved from day one. Inevitably your fees will have to rise due to the investment but your patients immediately see the reasons why. I can guarantee that those you lose will come sniffing back in a year or two (if you have room for them) when the recommendations fly about the smart podiatrist with a smart practice-"you know the one that took over from the old guy that was there for years. Never did a thing for the practice...can't quite remember his name!"
Thank you very much for your reply. That's exactly the advice I was hoping to hear. I'm going to jump in feet first this week to start improvements (no pun intended).
It sounds to me like you are going to thoroughly enjoy this adventure.
I speak from the heart and from the experience of making the mistake of not altering things immediately. It took me a full 5 years of trying my best to please everyone before I realised my critical mistake then another 5 years to dig myself out.
Forums are a wonderful place to gain advice. How I wish back in the eighties there had been such a source of experience....
Given the array of important considerations when it comes to buying into or out of a practice, this author provides key insights into the pros and cons involved in this decision-making process.
Bought new practice....
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