Practice transition is a way of life for small and mid-sized medical practices.
Outgoing physicians transition their practice – and, ideally, its patients – to an incoming physician, typically a new graduate who can maintain high standards of care. The outgoing practice leader has an opportunity to leave their patients in good hands while also laying the foundation for a bountiful retirement.
The incoming physician, in turn, gets a “practice in a box,” saving them years of groundwork.
As buyers, they’re looking for medical practices with strong patient relationships and good brand recognition in the community. But it isn’t as simple as taking the reins of an existing practice and calling it good. A newcomer’s decision is all about one question: “Is this business built to last?”
Practice transition is a tricky situation, and even a successful practice can fail as the torch is passed.
Buyers know that the retiring physician is at the core of the business. Even if they maintain the practice’s name, they’ll still have to build its reputation over again. Being the hand-picked choice of an elder physician is a good start, but it’s only the beginning. Medical practices need to be resilient in other ways.
At the core of that resiliency is the ability to attract and retain patients.
That comes from marketing – a strategy that goes beyond the familiar name and gives patients compelling reasons to choose your practice over another. Without that, the practice simply isn’t as attractive to buyers.
Practice Transition Is a Lot Like Selling a House – No One Wants a “Fixer-Upper”
If you aren’t actively marketing in the run-up to transition, your practice becomes a “fixer-upper.”
The new owner faces the prospect of lean times ahead as he or she tries to win the trust of your existing patients, but doesn’t have the resources in place to bring new ones to the door. That might seem like their problem, but as the seller, it’s yours.
New graduates realize that they won’t have time for all the nuts and bolts of medical practice marketing: They need to hit the ground running with their full focus on providing high-quality care. Moving into an established practice without marketing is like moving into a new house where the roof needs to be replaced.
It might seem like a good deal, but most eager young graduates don’t want to settle.
Especially if they have the financing to choose the practice that’s the best fit for them.
To Wow Buyers with the Vitality of Your Practice, Refresh Your Website Today
The bottom line: If you’re planning to transition your practice in the next two years, now’s the time to update your website. The way you choose to communicate about your practice transition today will be a huge factor in determining whether your patients stick around tomorrow.
In the interim, your website needs to:
- Provide helpful, informative content that answers your patients’ common questions and concerns
- Articulate a value proposition that goes beyond your good name to lay a foundation for the future
- Safeguard your customer PHI and other data with the best information security and data encryption
- Reach out to the next generation with a mobile-friendly design and, ideally, patient self-scheduling
- Streamline the common tasks patients do online with fast loading and clean, efficient navigation
This doesn’t just sound good – it smooths the path to a practice transition that works for you and for the eventual buyer. Not only will you get more offers, but you’re more likely to find the perfect heir for your business: Someone who cares about your practice and its patients as much as you do.
In the long run, that means fewer of the people who relied on you will end up at loose ends, searching for care at a different practice entirely. Without delays or gaps in care, they’re more likely to get the support they need.
And you can rest assured your legacy in the community will carry on.
New York Ave Has the Expertise You Need for a More Successful Practice Transition
Incoming physicians don’t have time for websites or marketing, but they know they’re important. Don’t put them in the position to make hasty decisions that could cost the practice for years to come. Partner with a marketing agency that understands the delicacy of medical practice transition.
New York Ave has helped both outgoing and incoming physicians shepherd medical practices through a number of successful practice transitions. We will help you update your website and marketing with minimal disruption to patients. Contact us to find out more or get started.