7 Questions Commonly Asked About Selling a Physical Therapy Practice
Exploring the possibility of selling your physical therapy practice can come with many questions or concerns. No matter what your reason is for selling your practice, knowing the options available to you, and having the right questions answered can make all the difference in your experience. Here are the most common questions we receive from those interested in selling their physical therapy practice:
HOW DO I BEGIN THE PROCESS OF SELLING MY PHYSICAL THERAPY PRACTICE?
First, sit down and think about what your vision is for the practice. Determining your goals before you begin the process will help set you on the right track toward achieving your mission. What does an ideal scenario look like for you?
Sell the practice and retire quickly
Transition to a part-time clinician role where you see select patients on your schedule
Stay with the practice in a leadership role, and plan to retire in a few years
Find a partner committed to growing your practice and brand, invest your time into solidifying your company for the long-term
Consider these and any other scenarios that appeal to you. Then, begin the conversation. Each potential buyer will be different in what they can offer, so it is essential to find a group that aligns with your vision and makes you feel most comfortable with the process. Finally, purchasing companies will likely provide a simple list of needed documentation, such as recent financial records. Having these items in order will allow the process to move forward more smoothly.
HOW MUCH INPUT WILL I HAVE IN THE DECISION-MAKING OF THE PRACTICE?
We know many providers are interested in moving away from the administrative tasks that come with owning a practice and are interested in focusing on full-time patient care. Some may be looking for a phased approach to retirement. Both paths are attainable. Having an open conversation about your desired positioning in the practice is an essential part of the process.
HOW WILL THE DAY-TO-DAY OPERATIONS OF MY PRACTICE CHANGE?
The goal is to ensure your patients receive seamless and exceptional care throughout the transition process. Partnering with a company to manage your practice will help to streamline hiring, credentialing, and billing as well as improve the digital tools and marketing of your practice.
IF I SELL MY PRACTICE, HOW CAN I BE SURE OF ITS CONTINUED SUCCESS FOR THE FUTURE?
As an independent company backed by a self-funded investment and operations group, our mission is to invest in the success and growth of private practices like yours. Our team of healthcare, finance and real estate leaders have a collective century of expertise that brings invaluable insight and resources to the table. We will work with you to determine your vision for the practice and guide you through the process of achieving those goals. If we identify that there is a need in your region, we can discuss expansion options that can help to better meet the needs of your patients and put your practice in a position for future success.
CAN I REDUCE MY HOURS AND CONTINUE TO SEE PATIENTS?
You are welcome to stay on as a clinician and design a patient schedule that is ideal for you. Joining a partnership or selling your practice means reducing the time and effort spent on administrative tasks, allowing you to focus on patient care.
WHAT HAPPENS TO MY PRACTICE’S NAME/BRAND IF I SELL?
We think there is power in keeping your trusted name and brand. We will help you reach your professional goals, while the brand your community has come to depend on remains the same.
IF I OWN MULTIPLE PHYSICAL THERAPY PRACTICES, DO I HAVE TO SELL THEM INDIVIDUALLY, OR CAN I SELL THEM TOGETHER?
With the benefit of maintaining your brand, we can acquire your network of practices and discuss the best strategic plan for each office moving forward. If you own the real estate of the practice(s) and are interested in a full sale, we may open the discussion of Noon purchasing the real estate. We blend financing solutions with our deep-rooted understanding of medical real estate and traffic patterns to find the right solution for your practice(s) and to better serve your patients.
As an independent company ourselves, we believe in building relationships and trust with our physical therapy partners. Motion Therapy Partners offers the unique opportunity of flexibility in the selling process, working with you to build a customizable roadmap that fits your goals. Our team can help you explore the full scope of your options, including management support and future growth, and walk you through every step of the process.
Contact us today to start the conversation!
