Wednesday, September 30, 2009

Listing Highlight - San Diego Primary Care Practice for Sale

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We recently listed a Family Practice in San Diego County, California . This practice was one of the more impressive practices I've seen in a while (my motivation of course is to facilitate the sale of this place, so this is also obviously a plug as well). To be honest though, this practice was magnificently efficient, well-designed, technologically advanced, and aesthetically pleasing. These are qualities which I don't usually focus on because I typically concentrate on earnings and other factors that drive economic value. What made this place notable was the fact that it had a solid vision and mission. This was visible throughout the practice in virtually every detail imaginable. This is what made all these factors gel together and stand out for me. Processes, systems, equipment, procedures, layout, etc were all selected and designed in a way that was tuned into the greater purpose of the practice...to deliver excellent, timely care with the experience being pleasurable for everyone involved. That's just plain awesome. I'm sure there are equally efficient, technologically advanced, and aesthetically pleasing practices out there where employees, patients, and doctors are all miserable. A lot of the business and strategic planning advice you read about seems like fluff until you see it successfully implemented and it blows your socks off. My point is that it's doable...and that's empowering knowledge for any practice or business out there. Find your vision and immerse yourself in it.

Tuesday, September 29, 2009

Small Business Administration to Ease Limits on Loans

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Earlier this year the SBA put a 250k cap on the amount that could be financed for intangible assets in an acquisition loan. Looks like they're raising the cap to 500k (with a review process for amounts in excess of this). The cap increase will definitely help to get more deals done. The primary value of most healthcare professional practices is in goodwill intangible assets.

Ronald Feldman called the cap the "antistimulus". The SBA's move to implement a cap on goodwill during the midst of the financial turmoil earlier in the year was mind-boggling to most, because it created additional hindrance to funding in a time of need for many small business deals. I understand the desire to curb sellers from inflating intangible asset values, but there's probably a better way to accomplish this, and the timing wasn't so great either. Here is the link to the full article from the Wall Street Journal:
http://online.wsj.com/article/SB125348578905126173.html?mod=dist_smartbrief

Lean and Six Sigma in the Medical Practice

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Lean process improvement and Six Sigma are interesting concepts, especially in healthcare. I've written papers about both of these methods albeit in a very academic context as part of my Master's program. Lean and Six Sigma always struck me as techniques that would work best in large organizations with thousands of iterations in a process or series of processes; it's more difficult when you have a smaller sample set of data to work with. In addition, smaller organizations have less resources to track data, complete root-cause analysis, implement process improvements, and set a program like this into perpetual motion. Finding a way to bring these ideas into smaller organizations like medical practices is genius. Obviously, medical practices DO have thousands of iterations in processes...medical charts, script writing, billing, coding, etc. I'm thinking of picking up "Mastering Lean Six Sigma for the Medical Practice, by Frank Cohen and Owen Dahl." Will let you know how it is. Owen Dahl, by the way, is a fellow colleague in the NSCHBC and was my instructor for the CHBC certification course...very knowledgeable guy!

Monday, September 28, 2009

New Website

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Hello everyone. We have just redesigned the Transition Consultants website and I couldn't be happier. The new site can be found here: Transition Consultants. The old site is still up (Old Site) and will be phased into the new site over the next few months.

The website redesign is more than an aesthetic overhaul. It is part of our bold, new web strategy which is truly meant to serve our client's best interest. The most noticeable result will be increased exposure of our existing listings of medical practices for sale and optometry practices for sale to a larger pool of potential buyers. This will also assist with our buyer-specific assistance in conducting targeted practice searches based on detailed acquisition criteria. It will also allow us to continue serving physicians with streamlined practice financing and appraisal/valuation services. Please check out the site and contact us with comments, suggestions, praise, hate mail, etc!!! :) We pride ourselves on being straightforward and professional, so your brutally honest feedback is much appreciated!! Thanks. -Chris Majdi

Here are the links to various subpages:

Sell a Practice
Buy a Practice
Medical Practices for Sale
Optometry Practices for Sale
Practices Wanted
Appraisals
Financing
About Us
Contact Us
Articles
Links
News Feeds