Summary for practice owners
Attorney Steve Kaufman discusses buying and selling a medical practice from both sides of a transaction. For a buyer, the appeal of an existing practice can include established patients and revenue, plus equipment and existing processes. Those same inherited systems can also be difficult to change, so diligence needs to assess whether the practice is one the buyer can operate successfully. For sellers, the episode stresses preparation: clean up financial records, understand accounts receivable and liabilities; and make the business easier for a buyer to evaluate. The discussion recommends using professional advisers such as accountants or lawyers to review payer mix, billing practices, staffing, contracts, plus the group's assets and obligations. It also explores transaction structure, including the distinction between acquiring assets and taking on a company's existing liabilities. Owners should give attention to contracts and leases, continuity of the practice location; and provider employment arrangements. The episode further emphasizes that a sale involves people and plans, not only price. Sellers need to decide how long they want to remain involved, while buyers should consider whether the seller's continued presence fits the practice's future and how staff might respond to a change in control. For anesthesia groups, these themes translate into reviewing hospital relationships, clinician retention; and the operational handoff alongside financial terms. The interview's practical lesson is to start preparation early and avoid handling a complex transaction alone. Its range of examples helps owners make a working checklist before seeking bids or making an offer. Each transaction has distinct legal and financial details, so the episode is best used as an agenda for professional advice instead of a template for deal terms.
Owner takeaways
- 4:25 Compare the acquired practice's revenue and infrastructure with the burden of inherited systems.
- 8:04 Inventory assets and liabilities before setting transaction expectations.
- 10:12 Assemble accounting and legal support for diligence.
- 18:40 Review the lease and provider contracts as part of the deal.
- 24:23 Get experienced help before negotiating a transaction.
Why it made the list
A detailed buyer-and-seller discussion with useful diligence prompts; it has 602 views and 12 likes.
Next steps
Check how ready your practice is for a transition with the exit readiness score. If your practice website needs work, see our website plans.
Related videos
This video is published by RevDive on YouTube. Anesthesiologists.com is not affiliated with the creator; and inclusion is not an endorsement by either party. Watch it on YouTube.
