Retirement is approaching: The average age of all doctors is now 54 years. Many of them are established with their own practice and are concerned with the question of what should happen with the practice in the future. If there is no family member to whom the practice can be transferred, it usually results in a sale. However, this process is complex, not least because of the assessment of practical values. In addition, making sales intent visible also plays an important role. Where can you advertise to make buyers aware of your practice?
Practice exchanges: Here you can sell your practice
Have you decided to relinquish your practice and are now looking for a successor? An advertisement on a subject-specific practice exchange makes your concern visible and can connect you with buyers. With THP AG For example, find a stock exchange aimed at dentists. Podiatrists can visit the website of Federal Association of Podiatrists advertise their practice.
Do you practice outside large metropolitan areas? Then you can start your practice at Landarztboerse.de offer. Regardless of where you advertise, it is necessary to set a purchase price. For this, an assessment of practical values is essential
Practical value: How to find the right price
Before selling your practice, you should determine the practice value to find out what price you can (and should!) charge from the buyer. In principle, the value of your practice results from the tangible or net asset value and the intangible value, also known as “goodwill.”
The net asset value of a practice includes:
- Technical equipment
- Mobiliar
- EDV
The intangible value of a practice comprises various aspects, such as:
- Location or location
- patient base
- competitive situation
Valuation methods
There is currently no legally binding method or provision. There are therefore many methods for determining prices. The best known are the new Federal Medical Association method based on the “Guideline for the Evaluation of Medical Practices” and the modified income value method.
On the website Der-niedergelassene-arzt.de you will receive detailed information about the procedures.
Online calculator to determine your practice value
You can get an initial assessment of the value of your practice online, even without an expert. On the company's side MMP You can determine an approximate value by entering your operating income, expenditure and other value-influencing factors. However, don't be discouraged if the calculated figure is below your expectations. You can increase value through targeted measures.
Important: The calculator does not replace a professional valuation by an appraiser and is only for guidance!
Tips for increasing your practice value
Since a practice fee is usually planned five to ten years in advance, despite your sales request, you probably still have enough time to increase the value of your practice through targeted measures.
Long-term opportunities to increase value
You will still benefit from the lucrative effects of long-term measures during your working life and at the same time make your practice more attractive to buyers.
For doctors with a little patience, the following measures are recommended:
- A wide IGEL offer: Individualized healthcare services are increasingly being asked for by patients. By offering an appropriate offer, you and therefore also your successor have higher sales potential.
- Qualified practice staff: Since the staff must also be taken on, interested parties look closely at the competencies of the workforce. Committed employees with additional qualifications benefit not only your practice, but also your sales project.
- More demographically balanced patient base: A colorful mix of young and older patients is more attractive to young doctors with takeover interests than an “outdated” patient base. For example, you can draw the attention of new patients to your practice with targeted online marketing measures.
- existing collaborations with specialists, laboratories and hospitals: Collaborations in particular can increase the intangible value of your practice.
If you don't have time for long-term measures to increase value, you can pursue comparatively short-term strategies that influence the price of your practice in your favor.
Short-term opportunities to increase value
In order to increase the value of your practice in a shorter period of time, there are three options in particular, which, when combined, have the full effect:
- Improving practice management: Efficient processes in your practice relieve your staff and enable your patients to have a pleasant visit. Through standardized processes — for example during reception — you can make optimal use of existing resources and reduce waiting times.
- Modernization of technical equipment: Prospective practice managers are reluctant to invest in a practice with outdated equipment. So if you still have a few years until handover, it may be worthwhile for you to overhaul the technology selectively or completely.
- Digitalization of bureaucratic processes: Through digital solutions such as electronic health records or tools for digital anamnesis Like Nelly, you make everyday work easier for yourself and your employees. Modern technical solutions also leave a positive impression on your patients — just as they do on buyers.
Add value to your practice with Nelly
Nelly makes your practice management easier and more efficient and saves you and your staff many hours of work when taking anamnesis, which you can invest in patient care. Nelly thus increases value on various levels:
- Having more time for treatment contributes to the satisfaction of your patients.
- Happy patients are more likely to recommend you to others.
- They provide for a larger patient base, for which buyers are happy to pay extra!
That's how Nelly works
Instead of printing out documents and having them signed by hand, the anamnesis is carried out paperless via your patients' smartphones. Auch signatures for many documents In this way, you can obtain legally and GDPR-compliant data. And that's just with one click. Now you too can create a digital workflow in your practice. We advise you non-binding and free to your individual case!
The personal names used in this article always refer equally to all persons. Dual naming and alternate names are omitted in order to improve readability.
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